Greenbriar Capital Corp. and Atherton Pacific Green (APG), both headquartered at Newport Beach, California, US, on April 27th, 2015 announced their partnership for engineering, procurement, and construction of the 100 MW (AC) "Smart Grid" Montalva solar photovoltaic (PV) project located in Puerto Rico, US.
Greenbriar has also retained CV Brokerage Inc. of the Philadelphia area as its financial advisor to arrange project financing for the PV Project.
Annual solar power production is estimated at 240 million kWh
Financial close for this project will be subject to the usual and customary due diligence for a solar PV project of this size as well as third party approvals.
CV Brokerage will arrange a conventional project capital structure comprising of senior lenders, tax equity investors and appropriate subordinate mezzanine lenders wherever needed. Greenbriar will build and own 100% of the PV project. The annual solar power production is estimated at 240 million kWh, and about USD 60 million in annual revenues.
Project includes PV, storage, and smart grid technology
APG will collaborate with Greenbriar by providing solar, storage, and smart grid technical oversight. In this regard, Jane Wu, CEO of APG with over 20 years of clean tech experience, will be providing technical peer review and expertise necessary for a solar project of this importance and magnitude to reach completion.
“We are delighted to have APG join the project. Montalva is a fully integrated large utility scale (up to 146 MW dc – 100 MW ac) solar photovoltaic project with storage and smart grid solution,” said Jeff Ciachurski, CEO of Greenbriar Capital Corp.
Largest PV project in the Caribbean
“The size and sheer output of this project will be the largest in the Caribbean, providing the citizens of Puerto Rico with a source of inexpensive, reliable, and clean renewable energy for decades to come, offsetting expensive and dirty oil based generation that has been plaguing the Island for over half a century.”
Jane Wu added:”I am thrilled to be collaborating with Greenbriar on this exciting project. With the best solar irradiation on the Island and available superior technology, the Montalva project is a showcase for both the people of Puerto Rico and the stakeholders of Greenbriar Capital Corp.”
2015-04-27 | Courtesy: Greenbriar Capital Corp. | solarserver.com © Heindl Server GmbH
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