Westbridge’s full year accounts show a strong year for the company with $74m in gains from the sale of Georgetown and Sunnynook. The company is now in a strong financial position which gives it more strategic options. The wider portfolio has seen significant additions and now stands at 3.6GW of PV in 19 projects and 7.2GWh of BESS in 24 projects. Moving on from the Metlen deal adds flexibility to potentially accelerate the transition to a hybrid Developer/IPP model for these three, late-stage Alberta assets. With the new Canadian government creating more certainty around ongoing support for renewables, the company is well placed and the optionality on strategy creates the opportunity for added value in our view. With the new capacity additions our central case valuation increases to C$3.0 from C$2.4.
