RE:Jeff...Title III Court?whoami2u ...
Good question. We are the only project that does not need Title III approval from the courts.
There were many reasons why Montalva was chosen number #1 and approved first. (the only other is 35MW ReSun).
If you read the "official" translation of our PREB approval (no one but our internal team has the "official" english translation as Google translate is not good), there were two key points below in the PREB approval (marked in bold highlight) that put us out in front and are paramount in separating us from the pack, plus notwithstanding the below, we are the best project proposal as to size, production (area of highest solar irradiation and insolation in Puerto Rico) and location (microgrid to 25% of Island's population) and the only project with battery storage and high transmission connection (115 kV but very close to 230 kV) plus the most qualified team.
The reason we never needed Title III Court Approval is laid out in Page 2 of the PREB approval, as we are a new agreement:
"In accordance with the information provided by the Authority, after several filings and procedures, including a judicial claim by PGJL[sic] against the Authority in connection with the Master Agreement, the parties initially agreed to cancel the Master Agreement and substitute it with a new power purchase and operation agreement (“Agreement”)."
Also note the Energy Bureau states later in the document on Page 10
"that the risk of substantial litigation by PBJL is also a major factor in savings to the ratepayer" ... another reason why PREB tells FOMB we are number #1.
So on page 2, the reference that we cancelled the old Master agreement for a new Agreement is important in all and any Bankruptcy type proceeding, because those in a proceeding have authority to draft new agreements that the party determines in the best interest of the party. However, old agreements that are revised need to be "assumed" by the receiver or court in this case, as old agreements require "standing" to survive the process and remain valid as an old agreement.
In our case we cancelled the old in exchange for a new agreement. Our litigation is stayed until final approvals by PREB and FOMB, at which point we will terminate the litigation (our leverage).
**** At the request of whoami2u, I am giving this SH board lots of details with my answer to this question, so please accept what I say. If you don't accept what I say please do not ask circular questions or re-ask the same question in another way, in another post. Time is important and I am known to be efficient, so lets ask and answer questions only once please
Best
Jeff
CEO
Greenbriar Capital Corp
1-949-903-5906