Mytilineos Energy & Metals has entered into an agreement with Westbridge Renewable Energy Corp. to acquire five solar projects in Alberta.  

The companies announced the transaction in a news release Thursday, which will be completed through a share purchase by Mytilineos of all outstanding equities of five Westbridge subsidiaries. 

The subsidiaries include Georgetown Solar Inc., Sunnynook Solar Energy Inc., Dolcy Solar Inc., Eastervale Solar Inc. and Red Willow Solar Inc. 

Evangelos Mytilineos, the chairman and chief executive officer of the Greek company, said in the release that the transaction builds on the company’s “policy of expanding its renewables business internationally.” 

Mytilineos said the move takes “early advantage of the motives that the Canadian government is granting to new renewable developments.” The announcement also marks the largest renewable energy investment to date for the Athens-based company’s energy business unit, Mytilineos said. 

 

Canada’s Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit could provide a refundable tax credit of around 30 per cent for some renewable energy projects, the release said.

The projects are expected to have a cumulative capital expenditure investment of $1.7 billion, equally distributed over four years, the release said. Construction of the projects is expected to be completed between 2026-27. 

"The capex investment for the projects includes this 30 per cent tax credit from the Canadian government (up to $430 million based on the estimated eligible capex of the projects),” the release said.

The group of projects are expected to produce 2.1 terawatt-hours each year, around enough renewable energy to power 200,000 homes in Canada for one year

“Today’s announcement indicates a high level of confidence in the quality and consistency of our work, and we look forward to driving value for our shareholders as we continue to execute our business model and strategy,” Stefano Romanin, the director and chief executive officer at Westbridge Renewable, said in the release. 

The announced transaction marks the first portfolio monetization for Westbridge, according to the release.

“We look forward to advancing our existing pipeline and originating and acquiring projects in markets where we see significant opportunities for advancement,” Romanin said.