Greenbriar Capital Completes Acquisition of Blue Mountain, Utah Wind Energy
NEWPORT BEACH, CA, Aug. 3, 2013
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
Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
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SOURCE Greenbriar Capital Corp.
Jeff Ciachurski, CEO
Greenbriar Capital Corp.
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