Leyline Renewable Capital has closed its first international loan with Canadian developer Westbridge Renewable Energy Corp. The loan will support the 278 MW Georgetown Solar project in southern Alberta, Canada. Georgetown may borrow up to $4,830,000 CAD (approximately $3.55 million USD).
“This partnership with Westbridge Renewable represents an important step for Leyline as we venture into new markets,” said Erik Lensch, CEO of Leyline. “We are eager to support strong developers like Westbridge Renewable with projects in regions like Alberta that have been historically dominated by fossil fuels, but are shifting toward and very supportive of renewable energy.”
The Georgetown Solar project is located in Vulcan County, Alberta, on 710 acres of privately owned, non-agricultural land. Westbridge will use the loan to satisfy a security deposit requirement with the Alberta Electricity System Operator.
“Leyline Renewable Capital is a leading provider of debt for renewable energy development, backed by a team with deep experience in renewable investing,” said Westbridge Renewable chief financial officer Philip Stubbs. “Partnering with Leyline strategically bridges the gap between development and construction on our flagship project Georgetown Solar PV. This loan allows us to fund the security payment for the Generating Unit Owner’s Contribution and scale our business with non-dilutive capital. The Georgetown Solar project has recently received power plant and substation approval by the Alberta Utilities Commission (AUC).”
— Solar Builder magazine