Greenbriar buys 500 MW solar portfolio in Alberta

Greenbriar Capital Corp. has executed a formal agreement with Devon Sandford of Lethbridge, Alberta, 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.

The terms of the transaction call for a series of performance payments based on the capital cost savings below a certain threshold at a 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 TSXV approval for the first two 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 CAD1.50 (US$1.17) per share. Greenbriar will pay an arms-length consultant 50,000 shares for arranging this transaction.