Greenbriar Capital Corp. (TSXV: GRB) ("Greenbriar") The Company is pleased to announce that further to its news release dated Feb. 6, 2019, the company has been in non-stop negotiations with PREPA and its consultants (Filsinger Energy Partners) and attorneys (King & Spalding), to permit the Montalva Project to proceed forward.
Under the guidance of Luis Baco, JD, LL.M, the company and PREPA have basically come to terms on pricing. During the negotiating process, PREPA learned that the Montalva site can easily accommodate 145 Megawatts AC of capacity, 45% more than the original contract.
Greenbriar has been asked to revise our proposal to include the increased capacity, a detailed scheduled timeline to commence construction, and sources of project funding. The company secured funding at the project level last year and the funding is still in effect.
The company expects to file the revised proposal by the end of this week.
The company is also in talks with a very large Canadian based clean energy power producer regarding a relationship for Montalva and any other solar projects in Puerto Rico. The company advises its shareholders that since Hurricanes Irma and Maria impacted the island, timelines and processes have taken much longer than anticipated and such delays are out of the company's control.
However, based on our revised proposal and subject to final sign off by PREPA and the Federal Oversight and Management Board (which previously recommended our project) the company expects to start construction before the end of the year.
About Greenbriar Capital Corp:
Greenbriar is a leading developer of sustainable real estate, real estate blockchain, artificial intelligence and renewable energy. 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chief Executive Officer and Director
The Toronto Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release. Neither the Toronto Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Toronto 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.
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