Greenbriar Capital works on financing for 100-MW solar project in Puerto Rico

Greenbriar Capital Corp. (TSXV: GRB) (OTC: GEBRF) announced April 27 its partnership with Atherton Pacific Green (APG) for engineering, procurement, and construction of the 100-MW (ac) “Smart Grid” Montalva Photovoltaic Solar Project located in Puerto Rico.

Greenbriar said it has also retained CV Brokerage Inc. as its financial advisor to arrange project financing. Financial close for this project will be subject to the usual and customary due diligence for a solar project of this size as well as third party approvals. CV Brokerage will arrange a conventional project capital structure made up of senior lenders, tax equity investors and appropriate subordinate mezzanine lenders wherever needed. Greenbriar said it will build and own 100% of the project. The annual production is estimated at 240 million kwh.

APG will collaborate with Greenbriar by providing industry leading solar, storage, and smart grid technical oversight. In this regard, Jane Wu, CEO of APG, will be providing technical peer review and expertise necessary for a solar project of this importance and magnitude to reach completion.

Greenbriar Capital has engaged CV Brokerage, a U.S. registered broker-dealer, as the corporate financial advisor in connection with the placement of units in the common stock of Greenbriar Capital at various prices beginning at $1.50 per unit. Each unit is made up of one common share and one-half share purchase warrant entitling each full warrant to be convertible into a common share at $1.75 per share for a period of five years from the date of issuance.  

Jeff Ciachurski, CEO of Greenbriar Capital, said: “We are delighted to have APG join the project. Montalva is a fully integrated large utility scale (up to 146 Megawatt dc – 100 Megawatt ac) solar photovoltaic project with storage and smart grid solution. The size and sheer output of this project will be the largest in the Caribbean, providing the citizens of Puerto Rico with a source of inexpensive, reliable, and clean renewable energy for decades to come, offsetting expensive and dirty oil based generation that has been plaguing the Island for over half a century.”  

Jane Wu said: “With the best solar irradiation on the Island and available superior technology, the Montalva project is a showcase for both the people of Puerto Rico and the stakeholders of Greenbriar Capital Corp.”

Atherton Pacific Green is a global renewable energy and smart city management firm along with vertically integrated solutions from manufacturing to design and installation to handheld energy management and monitoring.

CV Brokerage is a 100% woman-owned broker-dealer specializing in agency only, best execution services for companies, institutions, fund of funds, hedge funds, pensions, endowments, foundations and high net worth investors.

Greenbriar Capital said it is a leading specialized developer of renewable energy and sustainable real estate projects. With contracted long-term, high-impact, renewable energy sales agreements in key project locations and led by a successful industry recognized operating and development team, Greenbriar said it targets deep-value assets directed at accretive shareholder value.

About Barry Cassell 20414 Articles
Barry Cassell is Chief Analyst for GenerationHub covering coal and emission controls issues, projects and policy. He has covered the coal and power generation industry for more than 24 years, beginning in November 2011 at GenerationHub and prior to that as editor of SNL Energy’s Coal Report. He was formerly with Coal Outlook for 15 years as the publication’s editor and contributing writer, and prior to that he was editor of Coal & Synfuels Technology and associate editor of The Energy Report. He has a bachelor’s degree from Central Michigan University.