TORONTO , Sept. 7, 2023 /CNW/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (" Westbridge ", " Westbridge Renewable " or the " Company ") is pleased to provide an update on the transactions previously announced June 1, 2023 and June 5, 2023 . On June 1, 2023 , the Company announced entering into five definitive agreements (each a " Share Purchase Agreement ") for the purchase by Metka-EGN Ltd. (" Metka ") (a subsidiary of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) (" MYTILINEOS ")) of all the issued and outstanding shares of each of the following subsidiaries of Westbridge : Georgetown Solar Inc. (" Georgetown "), Red Willow Solar Inc. (" Red Willow "), Eastervale Solar Inc. (" Eastervale "), Dolcy Solar Inc. (" Dolcy "), and Sunnynook Solar Energy Inc. (" Sunnynook ") (collectively, the " SPVs ") (the " Transactions ").

The projects of the SPVs are comprised of the following (each, a " Project ", collectively, the " Projects "):

• Georgetown – Solar power plant with a capacity of up to 230MWac (278 MWdc) located in Vulcan County, Alberta ;
• Sunnynook – Solar power plant with a capacity of up to 270 MWac (332 MWdc), located in Special Area No. 2, Alberta ;
• Dolcy – Solar power plant with a capacity of up to 200 MWac (246 MWdc), located in the municipal district of Wainwright, Alberta ;
• Eastervale – Solar power plant with a capacity of up to 300 MWac (274 MWdc), located in the municipal district of Provost, Alberta ; and
• Red Willow – Solar power plant with a capacity of up to 225 MWac (280 MWdc), located in Stettler County No. 6, Alberta .

Westbridge continues to progress each of the Projects. The Georgetown and Sunnynook Projects have obtained Alberta Utilities Commission approval. The Company posted the Generating Unit Owners Contributions ("GUOC") with the Alberta Electric System Operation (the "AESO") for Sunnynook, Dolcy and Eastervale on August 24, 2023 , satisfying requisite conditions under the respective Share Purchase Agreements. Each of the Transactions will close upon reaching ready to build status, fulfilling closing conditions of the Share Purchase Agreements and obtaining TSX Venture Exchange ("TSXV") final approval. The Company has received confirmation from the TSXV on July 25, 2023 , that in the Transactions' state at the time of review, shareholder approval is not required to complete the Transactions in accordance with Exchange Policy 5.3. The first Transaction is expected to close in the first quarter of 2024 with the remaining Projects to reach ready to build status and eligible to close in 2024 and 2025.  The material terms of the Share Purchase Agreements may be subject to change and are subject to further review of the TSXV.

On August 3, 2023 , the Generation Approvals Pause Regulation was enacted through a concurrent order-in-council by the Alberta Government. The regulation prohibits the AUC from issuing approvals from August 3, 2023 , to February 29, 2024 (the "Pause Period" or the "Pause"), for new hydro developments or power plants that produce renewable electricity, subject to certain exceptions for small power plants, isolated generating units and micro-generation. The regulation does not affect amendment applications, letters of enquiry, time extensions, approval transfers or final project updates for previously approved projects.

On August 22, 2023 , the AUC released a statement confirming that it will continue to process existing applications and new applications during the Pause Period however, approvals of such projects will not be granted until the Pause Period expires. The Georgetown and Sunnynook Projects have already received AUC approval, so the Pause does not impact these projects.

Scott Kelly , Executive Chairman of Westbridge Renewable, commented, "We remain confident in achieving ready to build status on our flagship 278 MWdc Georgetown project and our 332 MWdc Sunnynook Project. Both Projects have already received power plant approval from the AUC and are not subject to the pause. We are encouraged that the AUC will continue to accept and process applications during the Pause period."

Mr. Kelly continued, "Our partners, MYTILINEOS and Leyline, remain supportive of our work as we diligently progress toward construction as anticipated. Notably, we have successfully posted additional GUOC payments, a significant step on the path to construction, while our other ongoing projects are also continuing to advance. Additionally, our origination team has a strong pipeline of projects we are actively developing in Canada , the U.S. and Europe . We remain firmly committed to advancing our energy projects while staying true to our origination strategy."

Luis Laguna , MYTILINEOS' Regional Managing Director for North America , stated, "MYTILINEOS is enthusiastic about our collaboration with Westbridge . We are committed to this partnership and to completing the transactions. We are enthusiastic about continuing our work on the approved projects and eagerly anticipate the upcoming phases of the pipeline. AUC's decision to continue accepting and processing applications during the Pause period contributes to continued investor confidence in Alberta . Our ongoing investments in Alberta have the potential of creating important temporary and permanent job opportunities and helping the Province reach its carbon neutral goals."

Accalia Point ( Texas ) has completed the full interconnection studies and is currently working towards negotiation of an interconnection agreement with Sharyland Utilities, a Texas -based electric transmission utility, to advance the project towards its construction phase. Environmental field studies and preliminary design has been completed, and title work is ongoing.

Fiskerton (UK) submitted the Planning Application in July 2023 to the local planning authority for approval to construct and operate the battery energy storage system.

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada , the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain, as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

For More Information, Contact:

For more information, please visit: www.westbridge.energy | Twitter | LinkedIn

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this document contains forward-looking information and statements including, without limitation, anticipated satisfaction of the conditions to close the Transaction (including achieving Ready to Build status) and the timing thereof, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including completion of the Transactions as proposed or obtaining TSXV approval for the Transaction, as there is no assurance the Transaction will be completed as planned or at all . Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include risks and uncertainties relating to Company's ability to complete licensing requirements, general business, economic, competitive, regulatory, policy and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's management's discussion and analysis dated March 30, 2023 and other disclosure documents available on the Company's profile on SEDAR+ at www.sedarplus.ca. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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SOURCE Westbridge Energy Corporation

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TORONTO , June 7, 2023 /CNW/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (" Westbridge ", " Westbridge Renewable " or the " Company ") is pleased to announce its participation as a founding member at the inaugural Canadian Climate Investor Conference, taking place on Thursday June 8 ^th , 2023, in-person at the Hyatt Regency Toronto.

Scott M. Kelly , Executive Chair of Westbridge Renewable Energy is scheduled to present at 9:45 a.m. where he will discuss the recently announced Definitive Agreement with MYTILINEOS Energy & Metals, the recent financing secured through Leyline Renewable Capital, and the recent approval from the Alberta Utilities Commission for the Company's Sunnynook Solar PV and Battery Energy Storage Project.

Attendees can expect to gain a comprehensive understanding of the strategic direction the Company is poised to take following the Definitive Agreement, as well as further insight on its evolving business model.

Entry to the conference is free for investors, registration is required in advance at the link below.
https://www.eventbrite.ca/e/canadian-climate-investor-conference-tickets-609825182537

The Canadian Climate Investor Conference will bring together growth oriented, publicly traded clean energy and technology companies, and climate conscious investors, to share ideas and to discover ways to accelerate the deployment of capital needed to build a more sustainable future for Canadians.

This conference is organized by founding members RE Royalties, Westbridge Renewable Energy Corp, UGE International, ReVolve Renewables, Solar Alliance, Evergen Infrastructure, Electrovaya, Clear Blue Technologies, , Synex Renewables, Carbon Streaming, Green Impact Partners, Good Natured Products, Diirt Environmental, Taiga Motors, Northstar Clean Technologies, and RecycLiCo Battery Materials who will be presenting at the conference. Founding partner sponsors include the TMX Group, Integral Wealth and Water Tower Research.

The conference welcomes climate and impact focused institutional investors, financial institutions, portfolio managers, retail investors, advisors, and professionals to learn and discuss directly with companies on solutions to create a clean and secure future, address critical climate mitigation issues, and increasing clean energy and technology investments.

Westbridge Renewable looks forward to engaging with investors and stakeholders who share a vested interest in the renewable energy sector.

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada , the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain, as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

On behalf of the Board of Directors,

For more information, please visit: www.westbridge.energy | Twitter | LinkedIn

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future, including obtaining requisite permits, entering into an interconnection agreement, if at all, the completion of the design and commissioning of the Project by Q2 2025, if at all. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive, regulatory, policy and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's management's discussion and analysis dated March 30, 2023 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

SOURCE Westbridge Renewable Energy Corp.

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TORONTO , June 6, 2023 /CNW/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (" Westbridge ", " Westbridge Renewable " or the " Company ") is pleased to announce that its majority owned subsidiary, Sunnynook Solar Energy Inc. (" Sunnynook "), has obtained Power Plant and Battery Energy Storage System (" BESS ") Approval (Decision 27971-D02-2023) and a Substation Permit and License for the Rose Lynn 1072S Substation (the " Substation ") (Decision 27971-D03-2023) from the Alberta Utilities Commission (the " AUC ") for its project, Sunnynook Solar + Energy Storage (the " Sunnynook Project " or the " Project ").

The Sunnynook Project is the second of five Alberta projects of Westbridge to receive power plant and BESS approval from the AUC. The approvals allow Sunnynook to construct and operate the Project, located in Special Area No. 2, Alberta . The Project consists of a solar power plant with an approved capacity of up to 270 MWac, BESS with capacity of up to 200 MWh and the Substation. Approval is granted subject to provisions by the Hydro and Electric Energy Act and the Alberta Utilities Commission Act . It is anticipated that applications to the AUC relating to interconnection approvals will be filed in Q4 2023.

Maggie McKenna , Director and COO, commented, "We are pleased to announce the successful attainment of AUC approval for our Sunnynook project, marking yet another significant milestone for our organization. This achievement, combined with the previously obtained approval for Georgetown , means that we now have secured AUC approval for two out of our five projects in Alberta . This progress is a crucial step forward in advancing the Sunnynook project towards the Ready-to-Build stage. We extend our appreciation to the development team for their diligent efforts in making this accomplishment possible."

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada , the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

On behalf of the Board of Directors,

www.westbridge.energy

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Certain information set forth in this document contains forward-looking information and statements including, without limitation, management's business strategy, management's assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future . Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. This news release contains forward-looking statements about constructing and operating the Project, and the ability of the Company to achieve the aforementioned and are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, general business, economic, competitive, regulatory and permitting risks, policy and social uncertainties, changes in laws, market risks, operating history, competition and additional financing upon terms acceptable to the Company or at all, and the other risks identified under the headings "Risk Factors" in the Company's management's discussion and analysis dated March 30, 2023 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com . The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.

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SOURCE Westbridge Renewable Energy Corp.

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TORONTO , June 5, 2023 /CNW/ - Westbridge Renewable Energy Corporation, a Canada -based renewable energy company (TSXV: WEB) (OTCQX: WEGYF) (FRA: PUQ) (" Westbridge Renewable " or the " Company ") provides supplemental information to its press release entitled "Westbridge Renewable Reaches Definitive Agreements with MYTILINEOS to Monetize 1.4 GW Alberta Solar PV Portfolio" issued on June 1, 2023 (the " Initial Press Release ") regarding the entering into of the arms' length definitive agreements (each a " Share Purchase Agreement ") in connection with the purchase by Metka-EGN Ltd. (" Metka ") (a subsidiary of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) (" MYTILINEOS ")) of all the issued and outstanding shares of each of the following subsidiaries of Westbridge : Georgetown Solar Inc. (" Georgetown "), Red Willow Solar Inc. (" Red Willow "), Eastervale Solar Inc. (" Eastervale "), Dolcy Solar Inc. (" Dolcy "), and Sunnynook Solar Energy Inc. (" Sunnynook ") (collectively, the " SPVs ") (the " Transaction ").

The projects of the SPVs are comprised of the following (collectively, the " Projects "):

• Georgetown - Solar power plant with a capacity of up to 230MWac (278MWdc) located in Vulcan County, Alberta (the " Georgetown Project ");
• Sunnynook – Solar power plant with a capacity of up to 280 MWac (332 MWdc), located in Special Area No. 2, Alberta ;
• Dolcy – Solar power plant with a capacity of up to 200 MWac (246 MWdc), located in the municipal district of Wainwright, Alberta ;
• Eastervale – Solar power plant with a capacity of up to 300 MWac (274 MWdc), located in the municipal district of Provost, Alberta ; and
• Red Willow – Solar power plant with a capacity of up to 225 MWac (280 MWdc), located in Stettler County No. 6, Alberta .

The purchase price (" Purchase Price ") in respect of each SPV is calculated as the product of $167,500 (in respect of the Georgetown Project) or $165,000 (in respect of the other Projects) multiplied by the relevant Project's actually installed maximum solar PV direct current capacity and is subject to standard working capital and indebtedness adjustments and adjustments in the event interconnection costs exceed estimates. As of the date hereof, the aggregate Purchase Price in respect of all of the Projects is estimated to be between $217,000,000 and $346,000,000 . The Purchase Price in respect of each Share Purchase Agreement is paid as to: (i) a deposit on execution of the Share Purchase Agreement (representing an aggregate $6.6 million received to date by Westbridge ), subject to repayment plus 15% interest thereon if the Projects do not reach Ready to Build status and the closings do not occur, (ii) up to 95% on the relevant closing date, and the balance within 30 days after commercial operation of the relevant Project.

Subject to battery energy storage system commercial operations being achieved prior to the 6 ^th anniversary of commercial operation of the relevant Project, Metka will also pay to Westbridge an amount equal to the product of $50,000 multiplied by the MWh of installed capacity of the BESS system.

In addition, in the event a Project qualifies for a clean technology or clean electricity investment tax credit (an " ITC "), with or without a BESS system, on or before the 6 ^th anniversary of commercial operation, the Purchase Price will be adjusted to an amount up to $220,000 multiplied by the MWp of the Project.

Closing of the purchase and sale of each SPV is conditional upon, among other things: obtaining approval of the purchase and sale by Westbridge shareholders, the TSX Venture Exchange (" TSXV "), and the Alberta Utilities Commission (" AUC ").

Until closing and commercial operation of the Projects, Westbridge will retain ownership of the SPVs and will be responsible for the advancement of the Projects. The anticipated closing dates for each of the Projects are one in late 2023 and the remainder in 2024.

The sale of the shares of each SPV is not conditional on the sale of the shares of any other SPVs.  Accordingly, the Transaction is expected to occur in multiple closings as and when the conditions to satisfy the purchase and sale of the shares of each SPV are satisfied or waived.

Westbridge Renewable Energy Corp. originates, develops, and monetizes best-in-class, utility-scale solar PV projects. Westbridge has a portfolio of projects in three key jurisdictions, Canada , the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means Westbridge can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Forward-Looking Statements

Certain information set forth in this press release contains forward-looking information and statements including, without limitation, anticipated satisfaction of the conditions to close the Transaction (including achieving Ready to Build status) and the timing thereof, power plant and BESS construction, capital expenditures, commercialization, Project qualification for investment tax credits, electricity capacities, and management's business strategy and assessment of future plans and operations generally. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Westbridge . Although Westbridge believe that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, the inability to satisfy the conditions to closing the Transaction (including obtaining TSXV, AUC, and AESO approvals and achieving RTB status), regulatory and permitting risks, changes in laws, market risks, operating history and competition. The forward-looking statements contained in this press release are made as of the date hereof, and Westbridge does not undertake any obligation to update publicly or revise any forward-looking statements or information, except as required by law.

SOURCE Westbridge Renewable Energy Corp.

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TORONTO , June 1, 2023 /CNW/ - Westbridge Renewable Energy Corporation (TSXV: WEB) (OTCQX: WEGYF)  (FRA: PUQ) (" Westbridge ", " Westbridge Renewable " or the " Company ") is pleased to announce that it has entered into definitive agreements entered into on June 1 ^st 2023 in connection with the purchase by Metka-EGN Ltd. (" Metka ") (a subsidiary of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US) (" MYTILINEOS ")) of a portfolio of 5 solar projects located in Alberta, Canada (the " Projects "), from Westbridge , with anticipated aggregate capacity of 1,410 MWdc (1.4 GW) upon commercial operation  (the " Transaction ").

The Transaction is to be completed by way of a share purchase by Metka of all of the issued and outstanding shares of the following subsidiaries of Westbridge : Georgetown Solar Inc. (" Georgetown "), Sunnynook Solar Energy Inc. (" Sunnynook "), Dolcy Solar Inc. (" Dolcy "), Eastervale Solar Inc. (" Eastervale "), and Red Willow Solar Inc. (" Red Willow "), (collectively, the " SPVs "). Westbridge will retain ownership of the SPVs and continue to lead the development of the Projects until closing, which is subject to certain conditions, including regulatory approvals.

The Projects

The Projects under development by each of the SPVs are comprised of the following:

• Georgetown – Solar power plant with a capacity of up to 230MWac (278MWdc), located in Vulcan County, Alberta ;
• Sunnynook – Solar power plant with a capacity of up to 280 MWac (332 MWdc), located in Special Area No. 2, Alberta ;
• Dolcy – Solar power plant with a capacity of up to 200 MWac (246 MWdc), located in the municipal district of Wainwright, Alberta ;
• Eastervale – Solar power plant with a capacity of up to 300 MWac (274 MWdc), located in the municipal district of Provost, Alberta ; and
• Red Willow – Solar power plant with a capacity of up to 225 MWac (280 MWdc), located in Stettler County No. 6, Alberta .

It is anticipated that upon entering into operation, the Projects will:

• Generate 2.1 terawatt-hours (TWh) per year of renewable energy, equivalent to the electricity necessary to provide power to 200,000 Canadian homes for one year, or eliminating 330,000 cars from the road for one year, and avoiding the annual emission of 1,500,000 tons of carbon pollution to the atmosphere;
• Have a total estimated capex investment of CAD$1.7 billion (excluding BESS equipment), which will be disbursed (except for the advance payment) in the various phases of project development and construction, with expected completion in 2026-2027. The capex investment is expected to be equally distributed over a period of 4 years.
• The two most advanced Projects, Georgetown and Sunnynook (approximately 510 MW) are expected to reach "ready-to-build" (" RTB ") status by the end of this year, while the remaining three Projects (approximately 800 MW) are in advanced development status with RTB expected by mid- 2024.
• All of the Projects have applied for and/or been permitted for the installation and use of a battery and energy storage system (" BESS "), with a total anticipated combined storage capacity of 1,200 MWh for the total portfolio.

Summary of the Transaction

The purchase price in respect of each SPV is based on the relevant Project's actually installed maximum solar PV direct current capacity and is subject to standard working capital and indebtedness adjustments and adjustments in the event interconnection costs exceed estimates. As of the date hereof, the aggregate purchase price, payable in cash, in respect of all of the Projects is estimated to be between CAD$217,000,000 and CAD$346,000,000 , subject to the adjustments.

Closing of the purchase and sale of each SPV is conditional upon, among other things:  obtaining approval of the purchase and sale by Westbridge shareholders and the TSX Venture Exchange (" TSXV "), and obtaining regulatory approvals from the Alberta Utilities Commission (" AUC ").

This transaction is arms length and no finders fees are being paid in conjunction with the Transaction. Shares in Westbridge are currently halted and will remain halted until further notice.

Westbridge's Strategic Rationale

Today's announcement marks the first portfolio monetization for Westbridge , demonstrating its proven and effective business model. This extraordinary achievement was realized within two years of the company's reverse take-over (" RTO ") listing in June 2021 .

The sale of the current Alberta portfolio underscores the Westbridge team's meticulous planning, diligent execution, and deep understanding of market dynamics. Westbridge recognized the strong potential of Alberta to become a significant jurisdiction for solar development. By garnering critical mass in the province and partnering with MYTILINEOS, Westbridge has demonstrated its value and will play an important role in Canada's transition to net-zero.

Looking ahead, Westbridge remains steadfast in its commitment to delivering value and fostering innovation. As it builds upon its track record, the company will continue to advance its portfolio, originate new opportunities, and forge strategic partnerships that will further reinforce the Company's position as a market leader.

MYTILINEOS' Strategic Rationale

This is the first transaction of MYTILINEOS in North America , following its international strategy to seek opportunities in countries and areas with high commercial interest and business-friendly environments. Notably, Canada recently announced the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit which may provide a refundable tax credit of up to 30% on the eligible capex of certain energy generation projects produced from renewable sources to support the Green Transition in all Canadian provinces. The capex investment for the Projects includes this 30% tax credit  from the Canadian government (up to CAD$430 million based on the estimated eligible capex of the projects).

Moreover, the selection of Alberta has been the obvious choice for Mytilineos, as the area has some of the highest irradiation in Canada , making it an ideal location for the development of solar projects in the country. Alberta is one of the fastest growing renewable energy markets in North America and has a target, as per its Renewable Electricity Act, to achieve 30% production from renewable energy sources (" RES ") by 2030. In MYTILINEOS' view, the Province of Alberta has established a streamlined permitting process which favours appropriate planning and predictability.

MYTILINEOS strategically entered the renewables market more than 8 years ago and is now considered a top integrated developer worldwide in the whole range of solar, storage and wind projects. Its global RES portfolio consists of 10.5 GW of projects in different jurisdictions (in Europe , Asia , South America , and North America ) and various stages of development. Upon completion of the Transaction, total capacity of its global RES portfolio is anticipated to exceed 11.9 GW.

Commenting on the Transaction, Stefano Romanin , CEO and Director of Westbridge Renewable commented,

"We are thrilled to announce the definitive sale agreements for our Alberta portfolio, which not only proves our business model, but solidifies the value of our entire platform.

I would like to thank our team for their hard work and dedication, resulting in our status as one of the largest solar PV developers in Canada within two years of our RTO, and attracting a multinational investor like MYTILINEOS to acquire,  construct, and operate the projects. To the team at MYTILINEOS, we are grateful and confident in your trust."

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. We look forward to advancing our existing pipeline and originating and acquiring projects in markets where we see significant opportunities for advancement."

Chairman and CEO of MYTILINEOS, Evangelos Mytilineos, said:

" It is with great satisfaction and pleasure to announce the acquisition of a package of five solar projects in the province of Alberta Canada , with an aggregate anticipated capacity of 1,410 MW, from Westbridge , with whom we had extensive, yet fruitful and positive negotiations.

True to its policy of expanding its Renewables business internationally, MYTILINEOS has taken early advantage of the motives that the Canadian government is granting to new renewable developments and decided to proceed with the investment, the biggest so far in the history of MYTILINEOS.

A last note of thanks to the Management and Board of Westbridge Renewable for their positive approach and leadership, and to the management and executives of MYTILINEOS Energy Business Unit (and especially its Sub-Unit M Renewables) as well as the Treasury and Strategy and M & A units for closing this landmark deal for MYTILINEOS".

MYTILINEOS Energy & Metals

MYTILINEOS Energy & Metals, founded in Greece in 1990, is an industrial and energy multinational company, listed on the Athens Stock Exchange, with a consolidated turnover of €6.3 billion and EBITDA of €823 million and employs more than 5,442 direct and indirect employees in Greece and abroad. Through the Energy Sector, the company is strategically positioned at the forefront of the energy transition as an integrated "green" utility, while through the Metallurgy Sector the Company is establishing as a benchmark for competitive "green" metallurgy in the European landscape. Focused on sustainability, it has set a target to reduce CO2 emissions by at least 30% by 2030 and achieve by 2050 net zero carbon footprint in all its operations in accordance with ESG criteria for Environment, Society and Governance.

For more information, please visit: www.mytilineos.gr | Facebook | Twitter | YouTube | LinkedIn

Westbridge Renewable Energy Corp.

Westbridge Renewable Energy Corp. develops best-in-class, utility-scale solar PV projects. Westbridge has a portfolio of projects in three key jurisdictions, Canada , the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means Westbridge can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

For more information, please visit: www.westbridge.energy | Twitter | LinkedIn

Forward-Looking Statements

Certain information set forth in this press release contains forward-looking information and statements including, without limitation, anticipated satisfaction of the conditions to close the Transaction (including achieving RTB status) and the timing thereof, power plant and BESS permitting, construction, capital expenditures, commercialization, Project qualification for investment tax credits, electricity capacities, and management's business strategy and assessment of future plans and operations generally. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "project", "potential" or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are beyond the control of Westbridge . Although Westbridge believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include, but are not limited to, the inability to satisfy the conditions to closing the Transaction (including obtaining TSXV, AUC, and AESO approvals and achieving RTB status within anticipated timeframes), regulatory and permitting risks, changes in laws, market risks, operating history and competition. The forward-looking statements contained in this press release are made as of the date hereof, and neither MYTILINEOS nor Westbridge undertakes any obligation to update publicly or revise any forward-looking statements or information, except as required by law.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Westbridge Renewable Energy Corp.

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