Caribbean Business | August 14, 2014 — Greenbriar Capital is acquiring full control of a 100MW solar project in Puerto Rico it launched with Alterra Power last year.
The two Canada-based companies have reached an agreement respecting completion of Greenbriar’s previously announced acquisition of Alterra’s joint venture interests in AG Solar One
The parties were indirect joint venturers in AG One, which is in the process of developing a potential 100 MW solar photovoltaic electric generating facility in Puerto Rico.
The parties agreed in July 2013 (as amended in October 2013) that Greenbriar would acquire Alterra’s interest in AG One by payment of $1.25 million, of which $250,000 has been paid in cash. Greenbriar will issue Alterra with securities to settle the remaining $1 million owed to Alterra by Greenbriar’s wholly owned subsidiary, Greenbriar Capital Holdco Inc.
As a result of the agreement, Greenbriar will issue to Alterra 684,000 units, each unit comprising one share and one non-transferable share purchase warrant, at a deemed price of $1.46 per unit.
“Greenbriar is very pleased to be able to complete the acquisition of AG One and is delighted that Alterra has elected to assume an equity interest in Greenbriar,” said Greenbriar CEO Jeffrey Ciachusrski.
“The settlement of this outstanding amount should allow us to improve our balance sheet and to assist us moving forward with project financing for, among other things, continuing development of the AG One assets,” he said.