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.