Greenbriar Capital has entered into a formal agreement with Devon Sandford of Lethbridge, Alberta, to acquire a portfolio of 500 MW of photovoltaic solar energy projects 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-scale solar energy development company (Northern DC Solar, NDC) and has recently developed several large-scale solar utility projects in Alberta. The transition from the construction and commissioning of utility-scale power systems to utility-scale solar projects has given a unique viewpoint, crucial insights and overall advantages on how to deliver large-scale solar projects efficiently and cost-effectively.
Greenbriar is gaining an edge on the market as it profits from the recent successful mechanical and electrical installation of NDC’s first large-scale solar tracking system in Canada.
Located in Southern Alberta, with more than 70,000 modules, 7,000 piles, 4.8 million mechanical parts and 200,000 hours of operation, NDC has the potential to claim for Greenbriar what it can also display, which is constructing large-scale projects, both on budget and on schedule.
The terms of the transaction include a series of output payments based on capital cost savings below a certain level for commercial production for each project. Payments can be made from the construction proceeds or chosen by Devon to take stock at the current market price, so that the company may obtain TSXV’s permission for the first two million shares to be bought at current market prices.
In addition, Devon will receive 100,000 shares for each project put into production plus 500,000 stock options at $1.50 per share. Greenbriar would pay 50,000 shares to the arms-length consultant to arrange this deal.
