Greentech Lead America: AG Solar One is a new company formed by the partnership between US wealth management company Greenbriar Capital and Canadian renewable energy firm Alterra Power.
The 50:50 partnership aims to implement 100 MW of solar generation capacity in Puerto Rico. It will secure a power purchase and operating agreement with the Puerto Rico Electric Power Authority.
Puerto Rico offers tax breaks for clean energy projects, and already has one of the five largest solar parks in Latin America. There has been a surge of solar projects in Puerto Rico thanks to new regulations introduced by the federal government to boost the solar project portfolio of the territory.
Puerto Rico is attempting to diversify away from expensive and dirty imported oil products and coal, which generate 83 percent of its electricity.
The companies have plans to cooperate further on renewable energy projects.
Alterra CEO John Carson said, ”The partnership may pursue other projects together as well, which will bolster Alterra’s external growth plans and complement its internal growth projects such as the JimmieCreek hydro plant.”
“Alterra’s experience of owning and operating wind, solar, hydro and geothermal makes the partnership with Greenbriar a fully integrated renewable technology platform,” said Greenbriar’s CEO Jeff Ciachurski .