Canadian renewable energy developer Greenbriar Capital has agreed to acquire a 500MW photovoltaic solar portfolio in Alberta. Utility-scale solar construction firm Northern DC Solar (NDC) owner Devon Sandford currently owns the portfolio.

The projects in the portfolio are in various stages of development.

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As per the terms of the agreement, Greenbriar has agreed to make performance payments. These will be based on the capital cost savings achieved by each project until they reach commissioning. The payments may come from construction proceeds, or Sandford may elect to take shares at the then-current market price.

Greenbriar further added that Sandford will receive 100,000 shares for each project placed in production, as well as 500,000 stock options at $1.16 (C$1.50) per share.

Additionally, Greenbriar has agreed to pay an ‘arms-length consultant’ 50,000 shares for arranging the transaction.

NDC has transitioned from manufacturing and commissioning into utility-scale solar projects developer. It recently installed the first large-scale tracking solar system in Canada, which Greenbriar will benefit from. Located in Southern Alberta, it has more than 70,000 modules, 7,000 piles and 4.8 million mechanical pieces.

Financial details of the deal have not been divulged by either company.