TSX.V Symbol: "GRB"
Issued and Outstanding: 11,312,000
NEWPORT BEACH, CA, Oct. 1, 2013 /CNW/ - Greenbriar Capital Corp. (TSXV:
GRB) (OTC: GEBFF) is pleased to announce the signing of a Definitive
Agreement by its US limited liability company Greenbriar Capital (US)
LLC, to lease a 775 acre site for the construction and operation of a
100 MW solar photovoltaic electric generating facility located in
Puerto Rico. The lease agreement provides for a term of 25 years and
may be extended for up to four (4) additional consecutive periods of
five (5) years each, at Greenbriar's option.
The selection of the site follows an extensive site selection process
and represents the highest quality site available in Puerto Rico. The
site is located in a region associated with low rainfall and cloud
cover, exceptional levels of solar irradiance, excellent topography and
drainage, low environmental impact and in proximity to 115 kV
transmission lines and substation.
In addition, Greenbriar has entered into a service agreement with a
leading environmental consulting firm based in Puerto Rico for
completing environmental site studies, completing the environmental
assessment and for filing a site location authorization with the
jurisdictional permitting authorities for review and approval of the
construction and operation of the 100 MW project.
The Project is being developed by AG Solar One, a subsidiary of
Greenbriar, and by AG Solar One's Puerto Rican subsidiary, PBJL Energy
Corporation ("PBJL") under a 100 MW Master Power Purchase and Operating
Agreement ("Master PPOA") with the Puerto Rico Electric Power Authority
Under the Master PPOA, Greenbriar will receive $150 per MWh for
electricity production if the facility is in operation by the end of
2014 and $140 per MWh if commercial operation occurs after 2014. The
sale terms additionally provide for the sale price to escalate at 2%
annually. The term of the PPOA will be for 25 years and may be
extended by mutual agreement for up to two (2) consecutive additional
five (5) year terms. In addition, under terms of the Master PPOA,
Greenbriar will own all Renewable Energy Credits or REC's produced by
the facility and which can be sold separately to PREPA or into the US
National market where qualified. Currently the average price contracted
for the REC's in Puerto Rico is an additional $35 per MWh. Anticipated
production is 280,000 MWh per year.
Greenbriar will also retain the 30% US Investment Tax Credit, which
basically provides 30% of the entire capital costs of the Project.
Estimated capital costs are $270 Million.
Greenbriar has been active in Puerto Rico since 2008 and Jeffery
Ciachurski, its Chief Executive Officer, states: "Greenbriar is extremely pleased to have located and negotiated such an
exceptional site in Puerto Rico. This is a major milestone. I commend
our local team on the tireless hours and extensive site selection
screening process that has lead to the culmination of our signing of
the Agreement. Our Environmental Consultant has already commenced
on-site environmental studies in order to prepare and file our
permitting documents. Once we have filed our permitting documentation
and have received positive feedback, we will be requesting a site
specific PPOA and authorization to proceed from PREPA. Provided there
are no delays in receiving authorization to proceed from PREPA,
together with our Professional Engineering Group performing the project
and interconnection design to meet PREPA's technical requirements, we
appear to be on track to proceed with construction for completion in
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 sales agreements in key project locations and 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. 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 filed with
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.