SAN FRANCISCO, Sept. 23, 2019 (GLOBE NEWSWIRE) -- Greenbriar Capital Corp.'s (GRB:TSX.V; GEBRF:OTC) Montalva 100- to 165-megawatt solar project took several steps forward when in August the company reported that the Puerto Rico Electric Power Authority (PREPA) notified it that the Financial Oversight and Management Board (FOMB) reviewed the project and is "supportive of the company's economic proposal."
Company mentioned: Greenbriar Capital Corp.
FOMB has authorized PREPA to work with Greenbriar to "finalize the formal terms of the revised power purchase operating agreement." When that is completed, "PREPA will provide the FOMB with the final agreement and seek FOMB approval to move ahead for final judicial approval."
This news was followed by the announcement that Greenbriar has executed a $195-million project financing mandate with Voya Investment Management for the Montalva project. The company noted that the financing "takes place at the project level and does not involve the sale of the company's shares."
The mandate is to "structure, arrange and provide key capital requirements for the Montalva solar project," and the company notes that completion by Voya is discretionary.
Jeff Ciachurski, CEO of Greenbriar, said, "With infrastructure projects, a company's valuation is established on the day of financial close with the project lenders, not when the project construction is completed. This is because the lending institutions will have made sure that any risk is removed before they lend out the funds, requiring the contractor and suppliers to submit letters of credit."
Continue reading this article: Small-Cap's Large Solar Project in Puerto Rico Moves Closer to Fruition
About Streetwise Reports
Streetwise Reports shares investment ideas in many sectors. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
DISCLOSURE:
The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Greenbriar Capital. Please click here for more information. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Greenbriar Capital.
The full disclosure is provided at the article's end: Small-Cap's Large Solar Project in Puerto Rico Moves Closer to Fruition
For more information, please contact Carmen Guzman, Cguzman@streetwisereports.com.