- Westbridge Renewable Energy (WEGYF, Financial) achieved $99 million in gross proceeds with a $60 million profit before tax for FY2024.
- The company repaid $35 million in debt, distributed $10 million to shareholders, and maintains a cash reserve of $37 million.
- Westbridge's portfolio is expanding with 500 MWdc in Ontario and a total approaching 10GW across four jurisdictions.
Westbridge Renewable Energy (WEGYF) has reported robust financial results for the fiscal year 2024, achieving $99 million in gross proceeds from project sales and a profit before tax of $60 million. This success is attributed to the monetization of key Canadian assets, including the sale of the Georgetown Solar and Sunnynook Solar projects.
In enhancing its financial stability, the company repaid $35 million in debt, effectively eliminating its long-term liabilities, and returned $10 million to shareholders via capital return. The company retains $37 million in cash reserves to support future growth initiatives.
Westbridge has strengthened its project pipeline by retaining full ownership of the Dolcy, Eastervale, and Red Willow projects after agreements with Metlen Energy expired. These Alberta projects collectively represent 1.8 GW of Solar and Battery Energy Storage System (BESS) capacity. The Dolcy project has received Alberta Utilities Commission (AUC) approval, while Eastervale and Red Willow are being updated for resubmission.
In a strategic expansion, Westbridge has secured three new solar projects in Ontario, totaling 500 MWdc. This move is part of its broader ambition to be a key player in North America's renewable energy transition, with an international development portfolio now approaching 10GW across Canada, the U.S., the UK, and Italy.
"Our strong cash position and pipeline of high-quality projects allow us the flexibility to accelerate our strategy and maximize long-term value," noted Scott Kelly, Chairman of Westbridge.
