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 ("PREPA").
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 2014."
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 value.
ON BEHALF OF THE BOARD OF DIRECTORS
"SIGNED"
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.