Mr. Jeffrey Ciachurski reports

GREENBRIAR ANNOUNCES FORMAL EXECUTION OF THE SETTLEMENT AGREEMENT WITH THE PUERTO RICO ENERGY POWER AUTHORITY

Greenbriar Capital Corp. has executed a formal settlement agreement with the Puerto Rico Energy Power Authority (PREPA), following many years of litigation in both the commonwealth and United States federal courts, plus litigation in front of the Puerto Rico Energy Bureau (PREB). The agreement is beneficial to both parties and, most importantly, beneficial for the rate payers of Puerto Rico.

The settlement was filed with PREB at 7:21 p.m. ET on Oct. 3, 2023, for PREB approval.

Greenbriar is known as PBJL Energy Corp. (PBJL) in Puerto Rico.

The agreement will then head to the FOMB (Financial Oversight and Management Board) for approval. The perfunctory technical work on interconnection with Luma will happen after PREB and FOMB approval. Luma's work is technical and not political.

Highlights of the settlement agreement filed on the public record:

• PBJL will withdraw its $951-million (U.S.) claim against PREPA;
• PBJL pricing is cheaper than any of the RFP (request for proposal) public tranche contracts;
• Pricing including storage is 9.85 U.S. cents per kwh (kilowatt-hour) escalating one-half cent per year, to cap at 11.5 cents per kwh;
• The PBJL PPOA (power purchase and operating agreement) previously approved by the PREPA board and PREB in 2020 will serve as the base document;
• PBJL will cover the transmission upgrades with a cap;
• The project size is 80 MWac (megawatts alternating current) (160 MWdc (megawatts direct current));
• PREPA has no obligation for 160 MWac (320 MWdc), although PREPA may elect to take the same at its sole discretion.

Greenbriar is pleased with this outcome, and has the EPC (engineering, procurement and construction) contractor and financing partner for this project at the project level. Greenbriar is committed to start building this project as soon as possible, which will provide up to 800 construction jobs and 30 full-time technical associates. The project will pump $175-million into the economy, have 60 per cent Puerto Rico labour content, provide strong economic benefits to the local economy and save the rate payers over $1-billion in savings over the life of the agreement.

About Greenbriar Capital Corp.

Greenbriar is a leading developer of renewable energy and sustainable real estate. With long-term, high-impact, contracted sales agreements in key project locations and led by a successful, industry-recognized operating and development team, Greenbriar targets deep-valued assets directed at accretive shareholder value.

We seek Safe Harbor.