MYTILINEOS Energy & Metals (MYTILINEOS), a global industrial and energy company, announced its entry into the Canadian market through the acquisition of a 1,235 MW (1.4 GWdc) Alberta solar portfolio from Westbridge Renewable Energy.

The transaction, valued at CAD$1.7 billion (~$1.2 billion), involves the purchase of five solar projects by MYTILINEOS’ subsidiary, M Renewables.

The projects – Georgetown Solar (230 MW), Sunnynook Solar (280 MW), Dolcy Solar (200 MW), Eastervale Solar (300 MW), and Red Willow Solar (225 MW), are projected to generate 2.1 TWh per year of renewable energy, equivalent to powering 200,000 Canadian homes annually or eliminating the emissions of 330,000 cars for a year.

The significant renewable energy production will likely contribute to a reduction of approximately 1.5 million tons of carbon pollution annually.

The estimated capital expenditure (CAPEX) investment required to complete the projects is CAD$1.7 billion (~$1.2 billion), excluding battery and energy storage systems (BESS) equipment.

This investment will be disbursed in various project development and construction phases, with completion expected by 2026-2027. The CAPEX investment will be evenly distributed over four years.

Georgetown and Sunnynook, the two most advanced projects, with a combined capacity of approximately 510 MW, are expected to reach “ready-to-build” (RTB) status by the end of this year.

The remaining three projects, totaling approximately 800 MW, are in advanced development stages, with RTB expected by mid-2024.

All projects have either applied for or received permits for the installation and use of BESS, with a total anticipated combined storage capacity of 1,200 MWh for the entire portfolio.

The completion of the transaction is subject to various conditions, including approval from Westbridge shareholders and regulators.

Canada’s recent introduction of the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit provides MYTILINEOS with an opportunity to leverage a refundable tax credit of up to 30% on eligible CAPEX for renewable energy generation projects.

Upon completion of the transaction, MYTILINEOS’ global renewable energy portfolio is expected to exceed 11.9 GW.

In January, MYTILINEOS reached financial close with lenders ANZ and Westpac on the non-recourse portfolio financing structured as a combination of term facility, construction facility, and ancillary facilities totaling A$234 million (~$159 million) for a 238 MW portfolio.