Greenbriar, West Lake unveil 400-MW solar project collaboration in Canada

Greenbriar Capital Corp (CVE:GRB) will build 90 MW of solar parks in Canada’s Alberta province to serve domestic oil and gas producer West Lake Energy Corp as part of a wider project framework for 400 MW of capacity.

The duo has signed a binding agreement that calls for Greenbriar to build, own and operate the photovoltaic (PV) parks, starting with a 30-MW plant. West Lake, meanwhile, will procure the electricity from the first 30-MW portion and will also have the option to buy the output of the project’s second stage that will add the remaining 60 MW.

According to Greenbriar’s estimates, the capital expenditure needed for the 90-MW initiative will stand between CAD 105 million (USD 83.7m/EUR 73.9m) and CAD 120 million. The scheme is expected to bring 10-year levelised earnings before interest, tax, depreciation and amortisation (EBITDA) of around CAD 19.5 million.

Construction firm Nu-E Corp has been hired to build the plants.

Greenbriar and Calgary, Alberta-based West Lake have agreed to a wider initiative that will see them collaborate on more projects and potentially deliver renewable power to upstream oil and gas producers without the capabilities of building their own plants. The partners’ goal is to reach 400 MW of installed capacity in the next few years.

(CAD 1.0 = USD 0.797/EUR 0.704)

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