In This Article:
Scottsdale, Arizona--(Newsfile Corp. - May 21, 2024) - Greenbriar Sustainable Living Inc. (TSXV: GRB) (OTC Pink: GEBRF) ("Greenbriar" or the "Company") is pleased to announce the Company update from Luis Baco, JD, LL.M, on the 160MWdc Montalva solar project.
To clarify some statements in the Federal Oversight & Management Board's (FOMB) April 24, 2024, letter to Mr. Clifford Webb, President of PBJL Energy Corporation, regarding the Montalva Solar Farm project, Greenbriar/PBJL has worked diligently with PREPA over the past few months to finalize a revised PPOA as per the settlement reached between the parties and submitted to the Puerto Rico Energy Bureau (PREB) on October 3, 2023.
The September 1, 2023, PBJL letter referred to in the FOMB communication, predates the October 3 settlement with PREPA. Therefore, the new conditions resulting from the settlement are not addressed or even acknowledged by the FOMB in its letter.
The revised PPOA will be based on the 2020 PPOA as approved by both PREPA and PREB back then, but with the necessary amendments to make it financeable in the new market realities of 2024.
This work is happening now. Thus, PREPA has not submitted the revised PPOA to PREB for its final approval. In a process that mirrors the one from 2020, only after PREPA Board and PREB approval are secured for the final PPOA, will the revised PPOA be submitted to the FOMB for its consideration.
Once the formal submission for approval is made, it will be outside of the current RFP/tranche process. Rather, it would be filed pursuant to the agreed upon settlement with PREPA that is based on circumstances related to the FOMB's refusal to approve, not only Montalva, but 13 other renewable energy legacy projects in 2020, and had been the subject of an administrative proceeding before PREB until settlement was reached.
I have spent more than three decades working in the U.S. Federal and Puerto Rico Government relations field as a Legislative Attorney and consultant. I have also served as Chief of Staff to three out of the last five Puerto Rico Resident Commissioners in Congress, and Deputy Director of the Puerto Rico Governor's office in Washington, DC. I know this has been a long path for Montalva, but our efforts remain and are directed towards a successful outcome.
Sincerely,
"Luis Baco"
Luis E. Baco, JD LL.M
Senior Legislative and Government Advisor
Contact:
Jeff Ciachurski
949-903-5906
About Greenbriar Capital Corp:
Greenbriar is a leading developer of sustainable real estate and renewable energy. With long-term, high impact projects and led by a successful industry-recognized operating and development team, Greenbriar targets deep valued sustainable assets directed at accretive shareholder value.