Westbridge Renewable Expands Sunnynook and Reviews 2022 Portfolio Progress

Sunnynook Project: 330MWp Solar PV + 200MWh BESS under development in Alberta, Canada

Toronto, ON, January 11, 2023 - Westbridge Renewable Energy Corporation (TSXV: WEB, OTCQB: WEGYF, FRA: PUQ3) (“Westbridge”, “Westbridge Renewable” or the “Company”) is pleased to announce the expansion of the Sunnynook Project, one of the Company’s most advanced projects under development in Alberta, Canada. The project solar PV capacity is being increased from 236MWp to 330MWp with the expansion of the project site area.

The Sunnynook Solar PV capacity expansion + BESS power plant is significant as it increases the power plant contribution to help Alberta achieve its decarbonisation objectives, enables the project to deliver carbon-free electricity from 44,000 to 62,000 households, and adds more potential sale value of the project.

The Sunnynook Project has advanced to Stage 3 of the Alberta Electric System Operator (“AESO”) interconnection process. Westbridge has received the Referral Letter from Alberta Environment and Parks (“AEP”), and is working to submit the application for construction and operation of the Solar PV + BESS plant to Alberta Utility Commission (“AUC”) within Q1 2023.

Francesco Paolo Cardi, Vice President of Development, commented: “The Sunnynook expansion adds significant potential value to this asset as we prepare our application for AUC approval. Westbridge is committed to originating and acquiring high-quality renewable projects that will meet the demand for utility-scale renewable energy in Alberta."

Review of 2022 Portfolio Progress

Westbridge’s 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. Its Battery Storage (“BESS”) capacity also grew 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. The Company’s development pipeline remains robust in key solar markets, and the macro environment in all three jurisdictions is becoming increasingly favourable for the 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 Westbridge’s 2022 accomplishments is summarized below:

2022 Key Accomplishments:

Development Portfolio Growth

As at December 31st, 2022, the Company’s total capacity sat at 1,285 MWp Solar PV and 553 MW / 1,106 MWh BESS. The development team is progressing its 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. The Company aims for 2023 to be the year it focuses on revenue generation through the monetization of one or more of its assets to reach the next stage growth, enhancing value for its shareholders. Below are Westbridge’s 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, the Company intends to fast-track its 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, Westbridge is eager to increase its portfolio through project acquisitions and is 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.

Westbridge is 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 Report4, 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, Westbridge believes its 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.

Westbridge Renewable Energy Current Project Portfolio

Westbridge Renewable capacity pipeline now totals 1,379 MWp Solar PV and 553 MW / 1,106 MW BESS.

The Georgetown, Sunnynook, Dolcy and Eastervale assets compose Westbridge Renewable’s Canadian solar portfolio, located in southern and central Alberta, with a total Solar PV capacity of 1,158 MWp and BESS of 500 MW / 1 GWh. The Company is progressing on the development of the projects and expects them to be shovel-ready by 2023, 2024 and 2025, respectively.

Accalia Point is the Company’s U.S. market project and consists of a Solar PV development with a capacity of 221 MWp, located in Cameron County, Texas.

In the United Kingdom, the Company is developing one standalone battery energy storage system project with a capacity of 53 MW/106 MWh.

Table Notes:

1. The capacity of the projects may change during the development (increasing or decreasing) due to grid connection and environmental constraints.
2. The BESS capacity has been updated for the entire portfolio to add the MWh capacity, considering 2h battery will be used.

Footnotes:

(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)     (https://www.forbes.com/sites/energyinnovation/2022/08/23/inflation-reduction-act-benefits-clean-energy-tax-credits-could-double-deployment/?sh=545867b56727)

(4)     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.

(5)     https://www.iea.org/reports/renewable-energy-market-update-may-2022

About Westbridge Renewable Energy

Westbridge Renewable Energy Corp. develops best-in-class, utility-scale solar PV projects. The Company has a portfolio of projects in three key jurisdictions, Canada, the U.S., and the UK. Westbridge plans to deliver attractive, long-term returns by originating, executing, and developing an international portfolio of renewable assets for investors and utilities. Management has a strong track-record with 40+ projects developed worldwide, obtaining, and executing permits on time and within budget. As one of the very few listed pure-play Canadian solar development companies, Westbridge provides its ESG minded investors with valuable access to greenfield solar projects. This means the Company can invest at the earliest stage of solar energy development benefiting from the full value chain as well as the expected wider adoption of renewable energy going forward. Westbridge brings together regulators, corporate buyers, and landowners with the goal of delivering clean, sustainable electricity to end users.

On behalf of the Board of Directors,

Scott M. Kelly

Executive Chair & Director

[email protected]

+1 416 998-4714

Nisha Hasan

Momentum IR Corp.

[email protected]

+1 416 888-4219

www.westbridge.energy

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain information set forth in this document contains forward-looking information and statements including, without limitation, management’s business strategy, management’s assessment of future plans and operations. Such forward-looking statements or information are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Forward-looking statements or information typically contain statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “potential” or similar words suggesting future outcomes or statements regarding future performance and outlook. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted as a result of numerous known and unknown risks, uncertainties and other factors, many of which are

beyond the control of the Company.

This news release contains forward-looking statements about the Company’s Sunnynook Project, application to the AUC for approval of the Sunnynook Project, if at all, and the ability of the Company to achieve the aforementioned, the anticipated installed capacity and total capacity of the Company’s projects, each of which are forward-looking in nature and, as a result, are subject to certain risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them as actual results may differ materially from the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include general business, economic, competitive, regulatory, policy and social uncertainties, and availability of permits and financing upon terms acceptable to the Company or at all. Applicable risks and uncertainties include, but are not limited to regulatory risks, risks related to the COVID-19 global pandemic, changes in laws, market risks, operating history, competition, and the other risks identified under the headings "Risk Factors" in the Company's management’s discussion and analysis dated March 29, 2022 and other disclosure documents available on the Company's profile on SEDAR at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof, and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, except as required by law.