Greenbriar Capital Corp. (GRB:TSX.V; GEBRF:OTC) announced in a news release that it and the Puerto Rico Electric Power Authority (PREPA) have negotiated agreeable terms to allow the Montalva solar project to proceed.
PREPA has asked Greenbriar to revise its proposal to include a 45% increase in capacity over that in the original contract (145 megawatts total), a preconstruction detailed timeline and project funding sources.
Greenbriar intends to file the modified proposal by the end of this week. After, PREPA and the federal oversight and management board will need to sign off on it for work to begin
The funding Greenbriar previously secured for the project remains in effect, and the company intends to start construction by year-end 2019.
Also, Greenbriar is in discussions with a sizable Canada-based clean energy power producer "regarding a relationship for Montalva and any other solar projects in Puerto Rico," the release noted.
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