Greenbriar Capital Corp. has completed an acquisition agreement with Santa Barbara, Calif.-based Champlin Windpower LLC to become a 50% owner of the 80 MW Blue Mountain wind energy project, located in Utah.
According to Greenbriar, the agreement immediately gives the company a 50% interest in the wind farm. Upon completion of two milestone tasks, Greenbriar will have full ownership in the project.
The company says its next steps include executing a turbine supply agreement and signing the mandate agreement with the financial institution to provide up to $150 million in non-recourse project debt and tax equity. Upon agreement, Greenbriar will issue a request for proposal for an engineering, procurement and construction contractor. The company expects to begin construction as soon as project financing is complete.
According to Greenbriar, the project includes all discretionary permits, eight individual land leases and option to purchase agreements, a fully executed 20-year power purchase agreement with PacifiCorp, six years of meteorological data and studies, completed environmental work, the receipt of seven supply term sheets from wind turbine vendors and a draft financing mandate from a financial institution.