Coquitlam, British Columbia – Newsfile Corp. – November 17, 2021 – Greenbriar Capital Corp. (TSXV: GRB) (OTC Rose: GEBRF) (“Green heather“) is pleased to announce that it has signed a long-term solar energy supply agreement with West Lake Energy Corp (“west lake“), a leading private independent Canadian oil and gas producer based in Calgary, Alta. Under the terms of the agreement, Greenbriar will build, own and operate 90 MWac of solar power generation with the first solar site having a 30 MWac capacity West Lake agrees to purchase all solar power generated by the project and has the option of purchasing at the second site which will supply the remaining 60 MWac.
West Lake intends to become a leader in the Canadian oil and gas industry by being one of the first upstream pure oil and gas producers to take a significant step toward carbon neutrality. As part of this goal, West Lake strives to meet a significant portion of its electricity needs through clean energy.
“This relationship is a very exciting step for West Lake”, says Bruce McDonald, CEO of West Lake. “In addition to providing secure, low-cost power for our operations and project carbon credits, our agreement creates a strong partnership with Greenbriar, leveraging their experience in the renewable energy sector in North America and providing a model for future renewable projects. . We intend to strengthen our participation in renewable energies as part of our journey towards carbon neutrality, by becoming a leader in the transition to renewable energies. “
Greenbriar and West Lake have agreed on a framework to work together in future solar generation facilities. With the aim of increasing the capacity to 400 MW over the next few years, the two companies intend to be the leading supplier of solar energy for other independent upstream oil and gas producers who do lack the capacity and expertise to build and own their own renewable energy facilities.
Greenbriar’s award-winning and experienced management, advisory and advisory team has built, financed, owned or operated over 50,000 MW of renewable energy facilities totaling over US $ 180 billion in capital expenditures.
Projections for 90 MWac of solar power generation facilities are expected to have approximately 10 years annual discounted EBITDA of C $ 19,500,000 and CAPEX of approximately C $ 105-120 million. CAPEX will vary based on changes in equipment, interconnection and construction costs. Greenbriar hired Nu-E Corp. for the construction of solar energy installations. Nu-E is a recognized leader in the renewable energy construction industry.
Jeff Ciachurski, CEO of Greenbriar says: “We are excited about the leadership and vision of West Lake Energy Corp. Being part of the primary energy needs of a first-class upstream oil and gas producer and assisting them in their transition to carbon neutrality speaks volumes about their exemplary leadership for the environment, social practices and governance. . This is a major milestone in the upstream oil and gas business. “
About West Lake Energy Corp:
West Lake Energy Corp. is a Calgary-based private middleman oil and natural gas producer focused on development and exploration in western Canada with annual revenues in excess of $ 200 million per year. West Lake operations are concentrated in the Provost medium oil region, the Lloydminster heavy oil region and the Brazeau region in west-central Alberta. These three main areas contain over 90% of West Lake’s production. Committed to sustainable development, West Lake implements a growth strategy of selective acquisitions, exploration and development of its core areas through a combination of primary, secondary and enhanced oil recovery techniques to increase reserves , production and cash flow at attractive returns on capital. At the same time, West Lake is dedicated to strong environmental, social and governance practices, including potential future energy transition opportunities. Additional information about West Lake is available on the company’s website at www.westlakeenergy.ca.
About Greenbriar Capital Corp:
Greenbriar is a leading developer of renewable energy and sustainable real estate. With long-term, high-impact sales contracts in key project locations and led by a successful, industry-recognized operations and development team, Greenbriar targets high-value assets for accretive shareholder value. .
ON BEHALF OF THE BOARD OF DIRECTORS
Jeffrey J. Ciachurski
Chairman and CEO and Director
Greenbriar Capital Corp
For more information please contact:
E: [email protected]
Phone. : 949.903.5906
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