The Greenbriar team has been operating in Puerto Rico since 2008 and was the developer of the Yabucoa Solar Project in Puerto Rico that was acquired by Brookfield in its buyout of Western Wind Energy Corp.

Our Puerto Rican project and its respective 100 Megawatt Master Power Purchase and Operating Agreement (PPOA), held by a company controlled by Greenbriar called AG Solar One, LLC,  is considered by the energy industry as a high impact renewable energy asset.  High impact renewable energy assets are defined by the energy industry as power contracts where the generation of electricity produced from renewable sources such as wind or solar, displaces expensive carbon based fuel generation such as oil, diesel or gas.  When fully built out, our 100 Megawatt Master PPOA with the Puerto Rico Electric Power Authority entitles us to sell over $1.2 Billion dollars in electrical energy over a period of 25 years.  The Master PPOA gives us the flexibility to select sites and interconnection points that are advantageous before executing any individual site specific PPOA.  We currently have selected an attractive site and are actively pursuing the rights and interconnection easements and rights of way.



Puerto Rico is strongly committed to reducing and stabilizing energy costs while protecting the environment and its ecosystems for the benefit of all those who live and work on the Island. 

Currently, residential electricity prices in Puerto Rico are between 26 and 29 cents per kWh with business rates 4 to 5 cents higher.  This is approximately two to three times the United States' average.  This reality is due in large part to the current dependence on foreign oil for approximately 70% of its electrical energy production.  Puerto Rico is rapidly moving towards diversifying its energy sources from its traditional dependence on expensive and polluting oil to cleaner, healthier and more reliable and affordable renewable energy.

Puerto Rico Electric Power Authority (PREPA) is the sole utility and the sole distributor of electricity for Puerto Rico.  They have an investment grade rating of Baa1/BBB+/BBB+ and they are supported by the Government Development Bank for Puerto Rico.  Currently, they have 31 major generating units in 20 facilities dispersed across the island of Puerto Rico and they support approximately 1.5 million residential and business customers with over 5,800 MW of generating capacity.  They have a full retail rate setting ability, meaning that they can increase revenues if needed.



Solar and wind energy plays a significant role in Puerto Rico's energy diversification strategy. In fact, the Energy Diversification through Renewable, Sustainable and Alternate Energy Sources Law of 2010, Act No. 82, requires the Government to achieve specific targets of energy production from renewable sources – 12% by 2015, 15% by 2020 and 20% by 2035.  In addition to reducing reliance on fossil fuel and price instability, Puerto Rico must also anticipate compliance with pending federal legislation for reduction of GHG and other air pollutants associated with fossil fuel power generation further supporting RPS and strict compliance.

PREPA, as the public utility serving Puerto Rico, has established pricing and issued Power Purchase and Operating Agreements (PPOA's) for compliance with RPS.  All PPOA's are public and are the same except for tenor.  However, very few projects have moved forward in Puerto Rico for a variety of reasons including inexperience and underfunded developers, poor site selection, poor grid interconnection points, meeting PREPA Minimum Technical Requirements (MTR's) for interconnection and land speculators driving up prices and cost of available land.  It is estimated that over 75% of PPOA's issued by PREPA will not be completed and will be terminated.  The timing is excellent for us because PREPA is now very motivated to move viable projects forward as it will not meet its RPS for 12% by 2015.  The election of the new Governor Alejandro Padilla, a green energy advocate, has increased PREPA's desire to meet RPS as well.



    • The PREPA PPOA pricing provides for payment of $0.15 per kWh for projects with a COD by 2015 plus 2% escalation
    • In addition, the PPOA provides for ownership of the Renewable Energy Certificates (RECs) to stay with the Seller and in turn, the Seller can sell to PREPA or to any other established national market.  Historically, PREPA has been contracting to purchase the RECs for $0.035 per kWh
    • In addition to federal tax incentives of 30% ITC and 5-YR MACRS depreciation on qualified equipment, Puerto Rico has established additional strong economic incentives for renewable development including 4% fixed income tax rate, 50% ITC, 50% credit for development expenses, 100% exemption from property taxes and exemption from sales or use taxes




PREPA Transmission System Through FY 2014

Puerto Rico Renewable Portfolio Standards Website

Proposed Master Site Plan - REFERENCE ONLY



Puerto Rico Annual Average Radiation for 2012Puerto Rico Annual Average Rainfall  for 2012