Letter To Westbridge Shareholders

December 21, 2022

Dear Shareholders,


2022 has been a very busy and successful year of growth for your company, Westbridge Renewable Energy Corp. Thank you for your support and confidence.

Our solar PV development portfolio expanded from three projects totaling 735 MWp Solar PV at the beginning of fiscal 2022, to six projects totaling 1,285 MWp Solar PV today.

Our Battery Storage (“BESS”) capacity has also grown from 400 MWh at the beginning of fiscal 2022 to more than 1,000 MWh today.

This rapid growth was realized through the successful origination of two new utility-scale Solar PV + BESS projects in Alberta and one standalone BESS project in the United Kingdom. Our development pipeline remains robust in key solar markets, and the macro environment in all three jurisdictions is becoming increasingly favourable for our business.

In November 2022, the Canadian government announced incentives for clean energy technologies, which will include an investment tax credit for solar PV and energy storage systems equivalent to a refundable tax credit equal to 30% of the cost of capital investment into electricity generation systems.[1]

The U.S. is leading the green energy revolution with the 2022 passage of the Inflation Reduction Act (“IRA”). The IRA calls for the largest clean energy investment in U.S. history, providing for $369 billion in investments in climate and energy funding and placing the country on track to meet its clean energy objectives for 2035 and 2050.[2]

A high-level summary of our 2022 accomplishments is summarized below:


2022 Key Accomplishments:

Development Portfolio Growth

Our total capacity now sits at 1,285 MWp Solar PV and 553 MW / 1,106 MWh BESS. The development team is progressing our existing portfolio of projects expeditiously through the permitting, design, and monetization processes while originating additional projects.

  • Addition of the Dolcy Project with 250 MWp Solar PV, and 100 MW / 200 MWh BESS in Alberta.
  • Addition of the Fiskerton Project expanding the portfolio into the UK with its 53 MW / 106 MWh BESS.
  • Addition of the Eastervale Project with 300 MWp Solar PV, and 200 MW / 400 MWh BESS in Alberta.
  • Received approval from the Alberta Utilities Commission for Georgetown Solar PV plant and BESS Project.
  • Paid Security Deposit on Georgetown, a critical step in advancing the project to monetization in 2023.

Capital Markets Activities

  • Started trading on the OTCQB in February and graduated to the OTCQX Best Market in under 9 months on November 30th – a testament to a consistently strong share price performance, increasing access and liquidity to investors and further simplified by DTC eligibility.
  • Changed name to Westbridge Renewable Energy Corp. reflecting the evolution and direction of the Company as well as its vision for the future.
  • Secured $4.8M in project financing to progress the Georgetown Project toward monetization.
  • Received 100% of 2021 RTO warrant exercises, bringing an additional approximately $3.4 million into the Company Treasury.
  • Grew Market Capitalization by 67% year over year (“YOY”), share price appreciation of 38% YOY – outperforming the TSX and TSXV by more than 38% and 73%, respectively.[3]

Human Capital

  • Strengthened the team to expand the solar portfolio with the expertise of Mr. Pandelis Vassilakakis as Chief Business Development Officer and promoted Mr. Francesco Paolo Cardi to Vice President, Development.


2023 Targets:


Continued Growth Strategy – Monetization and Further Portfolio Expansion

2022 has been the year of growth for Westbridge’s portfolio as one of the largest North American developers for solar PV and BESS. We aim for 2023 to be the year we focus on revenue generation through the monetization of one or more of our assets to reach the next stage growth, enhancing value for our shareholders. Below are our planned objectives for the upcoming year:

  • Monetize at least one asset in Westbridge’s portfolio
  • Expand the portfolio in Canada and more aggressively in the U.S.
  • Green Hydrogen market entry evaluation

During this critical energy transition, we intend to fast-track our project origination and advancement, by using a flexible monetization approach with an expected combination of asset sales and royalty agreements to maximize shareholder value on a project’s exit.

In addition, we are eager to increase our portfolio through project acquisitions and are considering expansion into additional markets within the renewable energy sector.


Positive Market Outlook – Unprecedented Momentum Behind Renewables

The support for clean energy accelerated drastically in 2022 due to unprecedented political turmoil that disrupted supply and demand patterns and trading relationships, impacting the global energy system. Countries are realizing the importance of energy independence, in addition to existing, equally important, net zero goals.

We are excited about the growth potential ahead with the essential role of renewables in improving energy security and reducing emissions. According to the International Energy Agency’s May 2022 Report3, the world has not been investing enough in renewables  in recent years, a fact that left the energy system much more vulnerable to the sort of shocks seen in 2022. A smooth and secure energy transition will require a major uptick in clean energy investment flows.


In closing, we believe our investment case remains strong for existing and new shareholders:

  • Pure-play exposure to solar energy development.
  • Solar industry is on the verge of extraordinary growth.
  • Deploying a proven business model in lucrative and rapidly expanding markets.
  • Experienced management that has done it before, with more than 40% insider ownership.
  • Developing sites quickly and efficiently, leading to attractive multiples at exit.

Thank you to all of our shareholders for your tremendous support in 2022. We look forward to 2023 with optimism and wish you all a prosperous and happy 2023.

Scott M. Kelly and Stefano Romanin

[1] Canada introduces investment tax credits for renewables (https://www.pv-magazine.com/2022/11/08/canada-introduces-investment-tax-credits-for-renewables/)

[2] Inflation Reduction Act Benefits: Clean Energy Tax Credits Could Double Deployment


[3] Company market capitalization at December 1, 2021 was 25,356,347 and 42,397,777 on November 30, 2022 and the share price was $0.44 on November 30, 2022 and was $0.32 on December 1, 2021.  The TSX and TSXV grew by 0.06% and 35.62% from December 1, 2021 to November 30, 2022 respectively.

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