RE:PBJL and PREPA are about to reach an agreement in 20 days Here are some notes from me about the parties involved for Montalva:
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Greenbriar Capital Corp, the Montalva project sponsor, is the owner of PBJL Energy Corporation, a Puerto Rico entity. PBJL Energy Corporation holds a Master Power Purchase & Operating Agreement (PPOA) for development of up to 100 MW of renewable solar energy.
https://greenbriarcapitalcorp.ca/projects/solar/montalva/
The PPOA with PBJL was approved by the PREPA Governing Board on May 28, 2020 and by the PREB on July 7, 2020.
The PREPA is the Puerto Rico Electric Power Authority.
https://en.wikipedia.org/wiki/Puerto_Rico_Electric_Power_Authority
The PREPA was superseded by LUMA Energy in 2021.
https://en.wikipedia.org/wiki/LUMA_Energy
The FOMB or FOMBPR is the Financial Oversight & Management Board / La Junta de Control/Supervisin Fiscal for Puerto Rico.
https://en.wikipedia.org/wiki/Financial_Oversight_and_Management_Board_for_Puerto_Rico
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I've also asked Mr. Ciachurski for some additional context regarding the filing from yesterday evening:
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It's all about letting the oversight board (FOMB) know that both parties (PBJL and PREPA) acknowledge a misunderstanding in the valuation of Montalva and that our project should have been the number one project.
That means the parties are going to submit our older pre-approved agreement to the oversight board for approval.
The new agreements are not financeable and the submission will be made to the oversight board.
So it's very positive.