Westbridge Renewable Energy is selling its Red Willow solar-plus-storage project in Alberta for up to $19 million (CAD $26.725 million), amid improving fundamentals for renewable energy in the province.

Westbridge Renewable Energy S.A. has signed a definitive share purchase agreement dated August 27, 2026, for the sale of its Red Willow solar-plus-storage project, located in Stettler County No. 6, in central Alberta. The transaction will be carried out through the sale of all issued and outstanding shares of its wholly-owned subsidiary, Red Willow Solar Inc. The project, at an advanced stage of development, includes a solar power plant of up to 225 MWac and a proposed 100 MW battery energy storage system. It has received power plant and substation approvals from the Alberta Utilities Commission (AUC), the province's utilities regulator, and holds an interconnection position in the process run by the Alberta Electric System Operator (AESO), the province's grid operator.

A Moving Global Solar Market

The sale comes as several solar transactions are being announced worldwide. In India, ACME Solar secured $179 million for a solar project in Rajasthan, while in Japan, Nagaki Shoji signed a 1.5 MW solar power purchase agreement with Sanden. In New Zealand, Hawke's Bay Airport called for partners on its own solar farm project. These announcements reflect sustained investor interest in advanced-stage solar assets.

A Staged Payment Structure

Under the terms of the agreement, Westbridge will receive an upfront cash payment at closing, supplemented by additional milestone payments. Total receivables could reach $19.24 million (CAD $26.725 million) if all conditions set out in the agreement are met. At closing, the company will receive $7.56 million (CAD $10,500,000) in cash, along with reimbursement or replacement of the GUOC amount equal to $3.40 million (CAD $4,725,000).

An additional payment of $3.24 million (CAD $4,500,000) will be made on the commercial operation date of the battery energy storage system. A final payment, equal to $18,000 (CAD $25,000) per MWdc, will be paid on the commercial operation date of the solar photovoltaic system, currently estimated at approximately $5.04 million (CAD $7,000,000). The transaction remains subject to customary closing conditions, including regulatory approvals and other conditions precedent. No finder's fees are payable in connection with the deal, which Westbridge describes as an arm's-length transaction.

Management's Response

Stefano Romanin, Chief Executive Officer of Westbridge, said the sale of Red Willow represented a further validation of the company's development and monetization strategy. He noted that Westbridge's Alberta platform has focused since its inception on siting projects in favorable locations with strong renewable resources, transmission access and long-term strategic value. Romanin added that the transaction demonstrated continued demand for well-positioned renewable energy and storage assets, and that the company remains focused on creating value across its international portfolio.

A More Predictable Carbon Framework in Alberta

On May 15, 2026, Canada and Alberta finalized an implementation agreement establishing a long-term trajectory for the province's Technology Innovation and Emissions Reduction (TIER) system through 2040. The framework maintains a carbon price of $68 (CAD $95) per tonne in 2026, rising to $72 (CAD $100) in 2027, $94 (CAD $130) by 2035 and $101 (CAD $140) by 2040. It also introduces a regulated minimum price for carbon credits, starting at $43 (CAD $60) per tonne in 2030 and rising to $79 (CAD $110) by 2040.

AI-Driven Electricity Demand

At the same time, prospective large-load transmission-service requests reported by the AESO exceed 16 GW, compared with Alberta's current system peak of approximately 12 GW. If this prospective demand is ultimately developed and connected, it could contribute to firmer electricity prices and improve the economics of new generation in the province. Solar generation paired with battery storage may play a role in supplying this additional demand alongside firm generation sources. Actual outcomes will depend on regulatory decisions, connection capacity, and the timing and scale of the proposed developments.

An Advanced-Stage Alberta Portfolio

Westbridge describes itself as an active independent developer of utility-scale solar and battery energy storage in Alberta, with an advanced-stage portfolio in the province. The Dolcy Solar + Energy Storage project includes up to 300 MWac of solar paired with 100 MW of battery storage, also approved by the AUC. The Eastervale Solar project, covering up to 300 MWdc of solar, has had its application submitted to the AUC, with the regulatory process currently underway.