Mytilineos announces major investment in Canada

Mytilineos on Thursday announced it has entered into definitive agreements for the purchase by Mytilineos’ M Renewables of a portfolio of five solar projects located in Alberta, Canada, from Westbridge Renewable Energy Corp, a utility-scale solar photovoltaics development company, with an anticipated aggregate capacity of 1.4 gigawatts upon commercial operation.

The transaction, worth 1.16 billion euros, is to be completed by way of a share purchase by Mytilineos of all of the issued and outstanding shares of a number of Westbridge subsidiaries.

This is the first transaction by Mytilineos in North America, following its international strategy to seek opportunities in countries and areas with high commercial interest and business-friendly environments.

Notably, Canada recently announced the Clean Technology Investment Tax Credit and Clean Electricity Investment Tax Credit, which may provide a refundable tax credit of up to 30% on the eligible capital expenditures of certain energy generation projects produced from renewable sources to support the green transition in all Canadian provinces.

The CapEx investment for the projects includes this 30% tax credit from the Canadian government (up to 430 million Canadian dollars based on the estimated eligible CapEx of the projects).

Mytilineos strategically entered the renewables market more than eight years ago and is now considered a top integrated developer worldwide in the whole range of solar, storage and wind projects.

Its global RES portfolio consists of 10.5 GW of projects in different jurisdictions (in Europe, Asia, Australia, South America and North America) and at various stages of development.

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