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Mytilineos entering the Canadian market with the acquisition of photovoltaic projects

It is a 1.16 bln euros investment

Mytilineos outlined on Thursday the details of the “green” deal in Canada that it had announced a few days ago

More specifically, Mytilineos announced the acquisition of 5 photovoltaic projects with a total capacity of 1.4 GW in Alberta region, Canada, from Westbridge Renewable Energy Corp.

The transaction will be completed by Mytilineos purchasing all the shares of the following Westbridge special purpose vehicles (SPVs): Georgetown, Sunnynook, Dolcy, Eastervale, and Red Willow. Parent company Westbridge will retain ownership of the SPVs during the development of the projects, until completion, subject to conditions including regulatory approvals.

The price is set at 1.16 billion euros (excluding equipment for battery systems) and will be disbursed (apart from the down payment) in the various development and construction phases of the project, which is expected to be concluded in 2026-2027. The investment (capex) is expected to be spread equally over a period of 4 years.

According to the joint announcement of MYTILINEOS and Westbridge, out of the five projects, the Georgetown and Sunnynook projects (capacity of approximately 610 MW) show the highest maturity and are expected to be “ready for construction” – RTB by the end of 2023. The rest three projects (about 800 MW) are at an advanced stage of development and RTB is expected by mid-2024. Once completed, the projects are estimated to generate 2.1 terawatt hours (TWh) of “green” energy each year that can meet the needs of 200,000 households for a year or eliminate the emissions of 330,000 cars (1,500,000 tons of CO2).

This is Mytilneos first deal in North America, which is part of the company’s international strategy to seek opportunities in countries and regions with high commercial interest and a business-friendly environment.