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Greenbriar Announces Formal Execution of the Settlement Agreement with the Puerto Rico Energy Power Authority
Vancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Greenbriar Capital Corp. (TSXV:...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"Greenbriar Announces Formal Execution of the Settlement Agreement with the Puerto Rico Energy Power AuthorityVancouver, British Columbia--(Newsfile Corp. - October 4, 2023) - Greenbriar Capital Corp. (TSXV: GRB) (OTC Pink: GEBRF) (\"Greenbriar\" or the \"Company\") is pleased to announce that further to many years of litigation with the Puerto Rico Energy Power Authority (PREPA) in both the Commonwealth and US Federal Courts plus litigation in front of the Puerto Rico Energy Bureau (PREB), both parties have executed a formal settlement agreement beneficial to both parties and most importantly beneficial for the rate payers of Puerto Rico.The Settlement was filed with PREB at 7:21 PM EDT on October 3rd, 2023 for PREB approval. Greenbriar is known as PBJL Energy Corporation (\"PBJL\") in Puerto Rico.The agreement will then head to the FOMB for approval. The perfunctory technical work on interconnection with Luma will happen after PREB and FOMB approval. Luma's work is technical and not political.Highlights of the settlement agreement filed on the public record:PBJL will withdraw its USD $951 Million claim against PREPAPBJL pricing is cheaper than any of the RFP Public Tranche contracts.Pricing including storage, is US 9.85 cents per kwh escalating half a cent per year to cap at 11.5 cents per kwh.The PBJL PPOA previously approved by the PREPA Board and PREB in 2020 will serve as the base document.PBJL will cover the transmission upgrades with a cap.The project size is 80MWac (160MWdc)PREPA has no obligation for 160MWac (320MWdc) although PREPA may elect to take the same at their sole discretion. Greenbriar is pleased with this outcome and has the EPC contractor and funding partner for this project at the project level. Greenbriar is committed to start building this project as soon as possible which will provide up to 800 construction jobs and 30 full time technical associates. The project will pump $175 million into the economy, have 60% Puerto Rico labor content and provide strong economic benefits to the local economy and save the rate payers over $1 Billion in savings over the life of the agreement.About Greenbriar Capital Corp: Greenbriar is a leading developer of renewable energy and sustainable real estate. With long-term, high impact, contracted sales agreements in key project locations and led by a successful, industry-rec...