November 14, 2016
November 14, 2016 ‑ Vancouver, British Columbia. Greenbriar Capital Corp. (the "Company" or "Greenbriar") is pleased to update its shareholders with the current status of its contracts and business activities. Greenbriar has 13,824,227 common shares outstanding, and holds over USD $2 Billion in power sales contracts.
On November 8th, 2016 the citizens of Puerto Rico elected Ricardo Rossello as the new Governor of the Commonwealth of Puerto Rico effective January 2017. Mr. Rossello holds a Ph.D. in Biomedical Engineering from the University of Michigan and a B.Sc in Biomedical Engineering from M.I.T. Professor Rossello and his New Progressive Party are pro-renewable energy and previously was the party in Government that executed the 100 Megawatt Master Power Purchase Agreement with Greenbriar in 2012. Jeff Ciachurski, the CEO of Greenbriar, recently met with Governor-elect Rossello in Puerto Rico where the Professor stated his support for existing contracts for renewable energy in Puerto Rico. Greenbriar is anxiously awaiting the pro-renewable administration taking office in January and we will update shareholders as progress unfolds.
Subsequent to that meeting Jeff Ciachurski met with key project finance teams in New York City who had financed Jeff's previous flagship company Western Wind Energy Corp. All finance teams are keen to wrap a complete project finance package for our 100 Megawatt solar energy project located in Montalva and Lajas, Puerto Rico. The project finance packages would include senior debt, tax motivated equity, mez debt and various other project capital support vehicles to enable a complete non-recourse capital structure. All finance structures are at the project level and do not require dilution of the company's corporate equity (common shares).
Greenbriar's main contract is a thirty-five (35) year, one hundred (100) Megawatt solar energy contract which permits the Company to sell 100 Megawatts of solar generated electrical capacity to the Puerto Rico Energy Power Authority ("PREPA"). Annual production of the plant is based on the US Department of Energy - National Renewable Energy Laboratory's solar radiation studies which gives our Montalva site the capacity to produce 237,000,000 kilowatt hours per year of electrical energy from our 100 Megawatt contract. The contract price is public information and starts at $0.15 per kilowatt hour and escalates at 2% per year, with a weighted average price of $0.21 per kilowatt hour. In addition, the Company retains the Renewable Energy Certificates which are contracted for in Puerto Rico at an average price of $0.03 per kilowatt hour flat rate. Annual
Production when built is USD $58,880,000 per year for 35 years to total $1.99 Billion USD. Additionally, the US Government provides a 30% US Federal Tax credit on the entire eligible capital cost basis of the project which can be fully monetized through a wide range of US based tax motivated investors. In essence, the US Government pays for 30% of the capital costs of all solar projects. With 13.8 Million shares outstanding, our 100 Megawatt contract provides each share of the company with $144 of revenue over the life of the contract, or $4.12 per share per year. The Greenbriar contract saves the ratepayers of Puerto Rico USD $2 Billion over the 35-year term, based on PREPA's own white paper issued on June 1st, 2015, and furthers prevents the release of 8.3 Million tons of CO2 being released in the atmosphere. The company's management includes three individuals who have personally built and financed over $2.5 Billion of profitable operating solar, wind and geothermal projects over the past 15 years.
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 valued assets directed at accretive shareholder value.
For further information please contact:
Jeff Ciachurski, CEO
Greenbriar Capital Corp.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release may contain forward‑looking statements. All statements, other than statements of historical fact, constitute "forward‑looking statements" and include any information that addresses activities, events or developments that the Company believes, expects or anticipates will or may occur in the future including the Company's strategy, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance.
Forward‑looking statements are generally identifiable by the use of the words "may", "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. These statements, however, are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed, implied by or projected in the forward‑looking information or statements. Important factors that could cause actual results to differ from these forward‑looking statements include but are not limited to: risks related to the development and potential development of the Company's projects, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy, as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. There can be no assurance that any forward‑looking statements will prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward‑looking information or statements. Except as required by law, the Company does not intend to revise or update these forward‑looking statements after the date of this document or to revise them to reflect the occurrence of future unanticipated events.
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