Solar stocks are expected to back strong in New Year 2024. In fact, according to Bloomberg, “Electricity generated from US solar and wind systems will surpass power produced by burning coal for the first time next year, driven by surging panel installations. Developers are expected to install 23 gigawatts of solar capacity this year and an additional 37 gigawatts next year, making it the fastest-growing source of new generation. Wind and solar will supply a combined 688 billion kilowatt hours of electricity in 2024, up from 595 billion this year.” All of which could be substantial news for companies like Westbridge Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), Enphase Energy (NASDAQ: ENPH), First Solar (NASDAQ: FSLR), SunPower (NASDAQ: SPWR), and SolarEdge Technologies (NASDAQ: SEDG).
Look at Westbridge Renewable Energy Corp. (TSXV: WEB) (OTCQX: WEGYF), For Example
Westbridge Renewable Energy Corp. announced that it has closed the sale of its Vulcan County, Alberta solar power plant project with a capacity of up to 230MWac (278 MWdc), to a subsidiary of MYTILINEOS Energy & Metals (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US), as announced on June 1st, 2023 and June 5th, 2023.
Transaction Details
The Transaction was completed by way of the sale of all the issued and outstanding shares of Georgetown Solar Inc. Westbridge satisfied the conditions for the Transaction, including regulatory approvals from the Alberta Utilities Commission for the construction, operation, and interconnection of the Project to the Alberta Interconnected Electric System and the TSX Venture Exchange. The Company received C$47,564,002 at closing of the Transaction. MYTILINEOS paid 3% of the estimated base purchase price at signing and 92% of the estimated purchase price was paid at closing. The balance of the purchase price is expected to be paid when the Project reaches commercial operations.
In connection with closing of the Transaction, Westbridge repaid in full, from the proceeds of the Transaction, all amounts owing under its previously announced loan facilities secured by the Project and the shares of Georgetown, provided by certain lending entities established by Leyline Renewable Capital, LLC, and the security registered in respect thereof has been discharged. Westbridge continues to retain ownership and is continuing to advance the projects of each of its other subsidiaries: Red Willow Solar Inc., Eastervale Solar Inc., Dolcy Solar Inc., and Sunnynook Solar Energy Inc., which are also subject to the previously announced share purchase agreements with MYTILINEOS. The anticipated closing dates for each of the SPVs are expected to take place in 2024 and 2025. The sale of the shares of each SPV is not conditional on the sale of the shares of any other SPVs. Accordingly, the closings are expected to occur as and when the conditions to satisfy the purchase and sale of the shares of each SPV are satisfied or waived including regulatory approvals from the AUC and TSXV.
Stefano Romanin, CEO and Director of Westbridge Renewable commented, "We are delighted to announce the closing of the Georgetown Project. This marks a pivotal milestone in the progress of our company as it is the company's first project being monetized, realizing our strategic vision. It stands as a testament not only to our team's dedication but to the solid business model executed over the past few years.
A special acknowledgement to global leader MYTILINEOS, for its invaluable support and welcome them to the Province of Alberta. We are confident that their expertise and commitment will propel the Project forward."
Nikos Papapetrou, Executive Director of MYTILINEOS' M Renewables, stated, "We are thrilled to announce the successful closing of the Georgetown Project, an important first step of entry into Canada. Georgetown marks the closing of the first of five Alberta projects strategically poised for progression towards commercial energy production. The closing of the Georgetown Project at the ready to build stage launches our development plans seamlessly towards construction."
"We extend our appreciation to Westbridge Renewable for their collaboration and guidance during the transition, we are excited about the forthcoming opportunities that lie ahead. We are honoured to play a significant role in shaping the future of the renewable energy landscape in Alberta, and we look forward to advancing the other projects to closing."
Other related developments from around the markets include:
Enphase Energy, a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, announced that AC Solar Warehouse, Australia’s largest specialist wholesaler of AC solar products, is expanding the distribution of Enphase® Energy Systems™ powered by IQ® Microinverters and IQ® Batteries in Australia. AC Solar Warehouse has offered Enphase products for more than a decade, and recently sold its one millionth microinverter. Earlier this year, Enphase launched its new home energy system in Australia with IQ Battery 5P and IQ8™ Microinverters, which deliver a single platform that combines solar, storage, and monitoring. Distributors and installers have since leveraged the benefits of high performance and the safety of Enphase’s all-AC architecture to increase deployments of Enphase products throughout the region.
First Solar announced financial results for the third quarter. Net sales for the third quarter were $801 million, a decrease of $10 million from the prior quarter. The decrease was primarily driven by a reduction in volume of modules sold. The Company reported third quarter net income per diluted share of $2.50, compared to net income per diluted share of $1.59 in the second quarter of 2023. "Since our last earnings call, we have made steady progress, establishing the foundations for our long-term growth journey, including investments in manufacturing and the infrastructure needed to rapidly evolve and scale our technology," said Mark Widmar, CEO of First Solar. "Our growth is underpinned by our points of differentiation and solid market fundamentals, including continued strong demand for our products, proven manufacturing excellence, a uniquely advantaged technology platform, and, crucially, a balanced business model focused on delivering value to our customers and our shareholders."
SunPower, a leading residential solar technology and energy services provider, announced it signed deals with four new home builders for solar standard communities across the country, signaling a rising prioritization of more sustainable, reliable, and affordable energy in new home building. Now Beazer Homes, CC Homes, Meritage Homes and Toll Brothers are pre-installing SunPower Equinox® solar systems in select communities, making it easier than ever for homeowners to adopt clean energy. These four deals represent nearly 1,000 solar homes across eight states. "Builders are trying to appeal to today's energy-conscious homebuyer who is concerned about the high cost of powering their home," said Matt Brost, vice president of New Homes sales for SunPower. "Forward-thinking builders who incorporate a renewable infrastructure from day one can reduce the cost of homeownership, provide a shield against rising energy bills and positively address climate change. That's exactly what Beazer Homes, CC Homes, Meritage Homes and Toll Brothers are doing."
SolarEdge Technologies recently noted, “The results for the third quarter fell short of our prior expectations and are reflecting a slow market environment, which has resulted in high inventory of our products in the distribution channels, in particular in Europe," said Zvi Lando, Chief Executive Officer of SolarEdge. "While channel inventory clearing is expected to continue in coming quarters, we are optimistic about the future of the solar PV industry and are confident that our leading technology, global presence and broad product offering will enable us to continue to be a leader in this market."
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Westbridge Renewable Energy Corp. by Westbridge Renewable Energy Corp. We own ZERO shares of Westbridge Renewable Energy Corp. Please click here for full disclaimer.
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