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,
is a fully contracted 80 MW wind project that has a 20-year power purchase agreement with PacifiCorp executed on
July 3rd, 2013
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
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
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
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.