"Greenbriar Capital Corp ("Greenbriar") is pleased to announce that significant progress has been achieved in the past weeks towards reaching a final agreement with the Puerto Rico Electric Power Authority (PREPA) on the revised PPOA for the Montalva Solar Project to be built in the municipalities of Guanica and Lajas, Puerto Rico. PREPA informed its Governing Board on April 30 that it has attained substantial progress on 7 of the 19 remaining amended and restated renewable energy PPOAs, and that they expect to reach a final agreement on these projects on or before the Board's self-imposed deadline of May 15 (which constitutes a COVID-19 triggered 15-day extension from the original April 30 deadline). Greenbriar has been informed by PREPA that Montalva is one of these projects, and the expectation on both sides is that a final resolution on the few remaining commercial issues should be achieved within the next week to ten days. Once built, the 80MW to 160MW AC Montalva solar project will be the largest solar energy facility in the Caribbean region and greatly assist PREPA and the Government of Puerto Rico accomplish its very aggressive policy objective to achieve 40% power generation from renewable sources by 2025.
About Greenbriar Capital Corp
Greenbriar is a leading developer of renewable energy and sustainable real estate. 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. Greenbriar and its advisors have closed over $180 Billion in renewable energy projects since 2003.
ON BEHALF OF THE BOARD OF DIRECTORS
"Jeff Ciachurski"
Jeffrey J. Ciachurski
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.
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