NEWPORT BEACH, CA, Aug. 3, 2013 /CNW/ - Greenbriar Capital Corp. (TSXV:
GRB) (OTC: GEBRF) is pleased to announce that on August 2nd, 2013, it
has completed the formal acquisition agreement of the 80 Megawatt Blue
Mountain, Utah Wind Energy Project, USA ("Blue Mountain").
Blue Mountain is a fully contracted 80 MW wind project that has a
20-year power purchase agreement with PacifiCorp executed on July 3rd,
2013. The Blue Mountain project includes all discretionary permits,
eight (8) individual Land Leases and Option to Purchase Agreements, a
fully executed 20-year 80-MW Power Purchase Agreement with PacifiCorp,
six (6) years of meteorological data and studies, a completed System
Impact Study, completed environmental work, the receipt of seven (7)
supply term sheets from top tier wind turbine vendors and a draft
financing mandate from a world class financial institution.
The acquisition of Blue Mountain was completed through Greenbriar
Capital Corp's wholly owned US subsidiary, Greenbriar Capital Holdco
Inc., which signed a definitive membership interest purchase agreement
with Champlin Windpower, LLC of Santa Barbara, California. Michael
Cutbirth is the president and CEO of Champlin Windpower as well as
President and CEO of Champlin / GEI Wind Holdings, LLC and has a
longstanding relationship with the management of Greenbriar. Mr.
Cutbirth has been in the wind energy industry for 18 years and was a
former director of the American Wind Energy Association ("AWEA"). The
Champlin companies are actively developing a number of new wind energy
projects in the western U.S. and Hawaii.
The Acquisition Agreement has immediately granted Greenbriar, a 50%
interest. The Agreement then allows Greenbriar to perform two (2)
milestone tasks, which will then increase the ownership interest up to
100%. The initial 50% interest was funded to Greenbriar by way of a
3-year loan to prevent share dilution and bears interest at 10% per
The next plan of action for Greenbriar is to execute a Turbine Supply
Agreement and sign the mandate agreement with the financial institution
to provide up to US $150 million in non-recourse project debt and tax
Upon the mandate execution, Greenbriar will issue a Request for Proposal
for an engineering, procurement and construction contractor. Greenbriar
expects to begin construction as soon as project financing is complete.
The Blue Mountain Wind Project will create over 100 jobs during
construction, offer fulltime green collar jobs during its operation,
contribute millions of dollars in taxes during construction and provide
the county government with over US $15 million in local property tax
over the life of the project. The project will further prevent the
release of over four (4) million tons of greenhouse gases into the
atmosphere during the life of the project while offering the rate
payers of Utah, a steady, secure and reliable source of affordable
Greenbriar has granted to consultants and employees 200,000 stock
options at a price of $2.60 per share, with an expiry date of June 10,
2018 and a further 250,000 stock options at a price of $2.60 per share
with an expiry date of July 26, 2018.
Jeff Ciachurski, CEO of Greenbriar states that: "Blue Mountain benefits both the citizens of Utah and the Greenbriar
shareholders with this milestone project. The ratepayers of Utah are
provided a long-term fixed price, secure, emission free and affordable
local energy source while the shareholders of Greenbriar will have 180
Megawatts of renewable energy sales agreements now under contract with
only 11 Million shares outstanding.
Mr. Cutbirth, CEO of Champlin Windpower states that: "The management of Greenbriar has an impressive track record of
developing wind energy projects over the last several years and
creating tremendous value for their shareholders in the process. We are
excited about the closing of this transaction and look forward to
working with the Greenbriar team on the Blue Mountain and other wind
projects and believe there are significant synergies to this strategic
About Greenbriar Capital Corp.
Greenbriar Capital Corp is a leading developer of renewable energy and
sustainable real estate projects. With long term, high impact,
contracted renewable energy sales agreements and key project locations
led by a successful industry recognized operating and development team,
Greenbriar targets deep value assets directed at accretive shareholder
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
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.
Certain statements in this press release constitute "forward-looking
statements" under applicable securities laws, which involve known and
unknown risks, uncertainties and other factors that may cause actual
results to be materially different from any future results, performance
or achievements expressed or implied by such statements. Words such as
"expects", "anticipates", "intends", "projects", "plans", "will",
"believes", "seeks", "estimates", "should", "may", "could", and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Such statements in this news
release include, but are not limited to, the Company's discussion
concerning the Offer. These statements are based on management's
current expectations and beliefs and actual events or results may
differ materially. There are many factors that could cause such actual
events or results expressed or implied by such forward-looking
statements to differ materially from any future results expressed or
implied by such statements. Such factors include, but are not limited
to, the state of the Company's business activities and various factors
discussed in the Company's annual report and annual information
contained in the Company's 20F Annual Report filed with the United
States Securities and Exchange Commission and securities regulators in
Canada. Forward-looking statements are based on current expectations
and the Company assumes no obligation to update such information to
reflect later events or developments, except as required by law.
SOURCE: Greenbriar Capital Corp.
For further information:
Jeff Ciachurski, CEO
Greenbriar Capital Corp.