Pegasus commits $344 mln more to Greenbriar solar project

Greenbriar Capital Corp (TSX-V: GRB), a Vancouver-based developer of renewable energy, sustainable real estate and smart energy products, has raised about $344 million (US$265 million) in financing. The investor was the mezzanine arm of Pegasus Capital Advisors, a U.S. alternative asset manager that invests in the sustainability and wellness sectors. The new money, when combined with a prior investment by Pegasus, brings the total financing to about $410 million (US$315 million). Greenbriar said the funds raised will cover the anticipated cost of the company’s Montalva Project, a 100 megawatt AC solar initiative located in Puerto Rico.

PRESS RELEASE

Greenbriar Capital Executes Additional $265 Million Mandate with Pegasus

Vancouver, British Columbia–(Newsfile Corp. – May 28, 2018) – Greenbriar Capital Corp. (TSXV: GRB) (the “Company” or “Greenbriar”) is very pleased to announce the execution of an additional US $265 Million mandate with Pegasus Renewable Energy and Sustainable Infrastructure Credit Advisors LP (“RESIC”) for the Company’s 100 MW AC Montalva Solar Project (“Montalva Project”). Together with the previously disclosed $50 million mandate with Pegasus, the total under LOI is now $315 million, which covers the entire forecasted project cost.

RESIC specializes in key mezzanine capital investments and is an affiliate of Pegasus Capital Advisors LP, an alternative asset management firm with approximately $1.9 billion in assets under management. Pegasus invests in companies within the sustainability and wellness sectors that are seeking strategic growth capital.

As an incentive to RESIC, the Company will issue upon certain conditions, two million common share purchase warrants exercisable for a period of five years at a price of CDN $1.00 per share.

The purpose of the mandate is to structure, arrange, and/or provide the entire and complete capital requirements of the US$305 million Montalva Project financing package. Completion by RESIC is solely discretionary and will be subject to complete satisfaction by RESIC of all usual and customary conditions for financings of this type.

The RESIC finance team for this $265 million LOI is led by Thomas Emmons. Tom is an experienced financier in the US renewable energy business, and has been involved in financing over $20 billion in wind and solar projects in the US since 2008.

Greenbriar also announces a common share private placement of 700,000 units at $1.03 per unit in which each unit comprises one common share with a half warrant attached to every unit of which a whole warrant is exercisable into a new common share at $1.50 for a period of 5 years.

About Greenbriar Capital Corp.

A leading developer of renewable energy, sustainable real estate and smart energy products, Greenbriar owns long-term, high impact, contracted sales agreements in key project locations and is led by a successful industry-recognized operating and development team that targets deep valued assets directed at accretive shareholder value.

ON BEHALF OF THE BOARD OF DIRECTORS

“SIGNED”

Jeffrey J. Ciachurski
President, Chief Executive Officer and Director
Phone: 949-903-5906
Email: westernwind@shaw.ca