NEWPORT BEACH, CA, Aug. 3, 2013 /PRNewswire/ - Greenbriar Capital
Corp. (TSXV: GRB) (OTC: GEBRF) is pleased to announce that on
August 2nd, 2013, it has completed
the formal acquisition agreement of the 80 Megawatt Blue Mountain,
Utah Wind Energy Project, USA
("Blue Mountain").
Blue Mountain is a fully
contracted 80 MW wind project that has a 20-year power purchase
agreement with PacifiCorp executed on July
3rd, 2013. The Blue
Mountain project includes all discretionary permits, eight
(8) individual Land Leases and Option to Purchase Agreements, a
fully executed 20-year 80-MW Power Purchase Agreement with
PacifiCorp, six (6) years of meteorological data and studies, a
completed System Impact Study, completed environmental work, the
receipt of seven (7) supply term sheets from top tier wind turbine
vendors and a draft financing mandate from a world class financial
institution.
The acquisition of Blue
Mountain was completed through Greenbriar Capital Corp's
wholly owned US subsidiary, Greenbriar Capital Holdco Inc., which
signed a definitive membership interest purchase agreement with
Champlin Windpower, LLC of Santa Barbara,
California. Michael Cutbirth
is the president and CEO of Champlin Windpower as well as President
and CEO of Champlin / GEI Wind Holdings, LLC and has a longstanding
relationship with the management of Greenbriar. Mr. Cutbirth has
been in the wind energy industry for 18 years and was a former
director of the American Wind Energy Association ("AWEA"). The
Champlin companies are actively developing a number of new wind
energy projects in the western U.S. and Hawaii.
The Acquisition Agreement has immediately granted Greenbriar, a
50% interest. The Agreement then allows Greenbriar to perform two
(2) milestone tasks, which will then increase the ownership
interest up to 100%. The initial 50% interest was funded to
Greenbriar by way of a 3-year loan to prevent share dilution and
bears interest at 10% per year.
The next plan of action for Greenbriar is to execute a Turbine
Supply Agreement and sign the mandate agreement with the financial
institution to provide up to US $150
million in non-recourse project debt and tax equity.
Upon the mandate execution, Greenbriar will issue a Request for
Proposal for an engineering, procurement and construction
contractor. Greenbriar expects to begin construction as soon as
project financing is complete.
The Blue Mountain Wind Project will create over 100 jobs during
construction, offer fulltime green collar jobs during its
operation, contribute millions of dollars in taxes during
construction and provide the county government with over US
$15 million in local property tax
over the life of the project. The project will further prevent the
release of over four (4) million tons of greenhouse gases into the
atmosphere during the life of the project while offering the rate
payers of Utah, a steady, secure
and reliable source of affordable green energy.
Greenbriar has granted to consultants and employees 200,000
stock options at a price of $2.60 per
share, with an expiry date of June 10,
2018 and a further 250,000 stock options at a price of
$2.60 per share with an expiry date
of July 26, 2018.
Jeff Ciachurski, CEO of Greenbriar states that: "Blue Mountain benefits both the citizens of
Utah and the Greenbriar
shareholders with this milestone project. The ratepayers of
Utah are provided a long-term
fixed price, secure, emission free and affordable local energy
source while the shareholders of Greenbriar will have 180 Megawatts
of renewable energy sales agreements now under contract with only
11 Million shares outstanding.
Mr. Cutbirth, CEO of Champlin Windpower states that: "The
management of Greenbriar has an impressive track record of
developing wind energy projects over the last several years and
creating tremendous value for their shareholders in the process. We
are excited about the closing of this transaction and look forward
to working with the Greenbriar team on the Blue Mountain and other wind projects and
believe there are significant synergies to this strategic
acquisition."
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 renewable energy sales agreements and key
project locations 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. Such statements in this news release
include, but are not limited to, the Company's discussion
concerning the Offer. 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 and annual information contained in the Company's 20F
Annual Report filed with the United States Securities and Exchange
Commission and 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.