Greenbriar bags enough funds for 100-MW solar project in Puerto Rico
Source: Longi Green Energy Technology (www.en.longi-solar.com).
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.