Westbridge’s announcements of the development of two data centres in the US highlight its ability to use the skill set it has evolved in developing power projects into the energy-critical development of data centres. We see the full opportunity as more than replacing lost solar opportunities in the US following the loss of tax credits. Those losses give us a low case valuation which does not factor in the data centre opportunity of C$5. Just including the two announced data centre projects gives us a central case of C$8 and if we factor in the fuller data centre opportunity, we get a high case of C$15.
