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Greenbriar Capital secures financing for 100 MW of solar in Puerto Rico

Canada’s Greenbriar Capital Corp has signed $265 million mandate agreement with Pegasus Renewable Energy and Sustainable Infrastructure Credit Advisors LP, a subsidiary of Pegasus Renewable Energy and Sustainable Infrastructure Credit Fund LP (RESIC).

In addition to the $50 million agreement with the same firm announced on May 1, the financing is needed to build the 100 MW Montalva solar project in Puerto Rico.

Earlier this month, Greenbriar revealed its plan to develop the 100 MW project through the PBJL Energy Corporation. The Montalva Solar Facility would be located between the municipalities of Guanica, Lajas and Barrio de Montalva, in the southwest of the unincorporated U.S. territory.

The U.S. Financial Management and Oversight Board designated the Montalva project critical in late April. The scheme was also mentioned by Puerto Rico’s Financial Oversight and Management Board (JSF) in a document in which it examined infrastructure projects that, if approved, would be fast-tracked for development and construction. The authority – currently reviewing eight large-solar projects with a combined capacity of 280 MW –stressed the plant will be located in an area with one of the highest – if not the highest – levels of solar insolation in Puerto Rico.

The island is using solar as the most scalable and efficient option to return to a safe power supply in the wake of the devastation caused by hurricanes Irma and María, which seriously damaged energy infrastructure last year.

Reconstruction efforts are further hampered by the Puerto Rico’s troubled finances, which pushed to government to say in 2016 it was unable to pay debts of approximately $73 billion.

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