Greenbriar bags enough funds for 100-MW solar project in Puerto Rico

Greenbriar Capital Corp (CVE:GRB) said last week it has secured enough financing to cover the entire forecasted cost of the 100-MW Montalva solar project in Puerto Rico.

The California-based renewables developer said it has executed an additional USD-265-million (EUR 227m) mandate with Pegasus Renewable Energy and Sustainable Infrastructure Credit Advisors LP (RESIC) that adds to a previously arranged USD-50-million equity mandate.

As an incentive to RESIC, Greenbriar will issue two million common share purchase warrants that can be exercised for a period of five years at a price of CAD 1.00 (USD 0.77/EUR 0.66) per share.

The company also announced a private placement of 700,000 units at USD 1.03 apiece. Each unit consists of one common share with a half warrant attached to every unit of which a whole warrant is exercisable into a new common share at USD 1.50 for a period of five years, it explained.

(USD 1.0 = EUR 0.855)

(CAD 1.0 = 0.773/EUR 0.661)

Choose your newsletter by Renewables Now. Join for free!