May 20 (Renewables Now) - Canada’s Greenbriar Capital Corp (CVE:GRB) has reached an agreement with the Puerto Rico Electric Power Authority (PREPA) on a 25-year power purchase and operating agreement (PPOA) that will back the developer’s Montalva solar project on the Caribbean island.
In the next stage, the PPOA will be sent to the Puerto Rico Energy Bureau (PREB) and the Puerto Rico Financial Oversight and Management Board (FOMB) for final approval. This process is expected to take up four to five weeks to complete, Greenbriar said on Tuesday.
The 80-MW to 160-MW AC Montalva solar project will also add battery storage. The CAD-200-million (USD 143.5m/EUR 131.1m) facilities will be located in the municipalities of Guanica and Lajas.
China Machinery Engineering Corporation (CMEC), a Beijing-based power projects specialist, has been hired as the engineering, procurement and construction (EPC) contractor to realise the project.
(CAD 1.0 = USD 0.717/EUR 0.655)