Greenbriar Capital Corp (Greenbriar) has announced that it has executed a formal agreement with Devon Sandford of Lethbridge, Alberta, Canada, for the acquisition of a 500 MW photovoltaic solar energy project portfolio in Alberta. The proprietary portfolio is at various stages of development, including late-stage, mid-stage and early-stage projects.
Devon owns and operates a large utility scale solar energy construction firm, Northern DC Solar Inc. (NDC), and has built several large utility scale solar projects in Alberta. Transitioning from the manufacturing and commissioning of utility scale power systems into utility scale solar projects has provided NDC a unique perspective, critical insights and overall advantages on how to deliver large-scale solar projects efficiently and cost effectively.
Greenbriar gains an advantage in the market as it benefits from NDC’s recent successful mechanical and electrical installation of one of the first large scale tracking solar systems in Canada. Located in Southern Alberta, with over 70 000 modules, 7000 piles, 4.8 million mechanical pieces and 200 000 labour hours, NDC has the ability to claim for Greenbriar what it also can show, which is building large scale projects, under budget and on time.
The terms of the transaction call for a series of performance payments based on the capital cost savings below a certain threshold at commercial production for each project. The payments can be paid from the construction proceeds or elected by Devon to be taken in shares at the then current market price, except the company will seek TSX Venture Exchange approval for the first 2 million shares to be taken at current market prices. In addition, Devon will receive 100 000 shares for each project placed in production plus 500 000 stock options at US$1.50 per share. Greenbriar will pay an arms-length consultant 50 000 shares for arranging this transaction.
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Read the article online at: https://www.energyglobal.com/solar/07122020/greenbriar-acquire-canadian-solar-energy-project-portfolio/