The company has signed the agreement with Champlin Windpower, through its US subsidiary Greenbriar Capital Holdco and has funded the acquisition by way of a three-year loan.
Blue Mountain project has obtained all the requisite approvals including eight individual land leases and option to purchase agreements.
Greenbriar CEO Jeff Ciachurski said that the Blue Mountain project will be beneficial for both the citizens of Utah and stakeholders of the company.
"The ratepayers of Utah are provided a long-term fixed price, secure, emission free and affordable local energy source while the shareholders of Greenbriar will have 180 Megawatts of renewable energy sales agreements now under contract with only 11 Million shares outstanding," added Ciachurski.
Greenbriar has an option to raise its ownership in the project to 100% by executing two tasks: completing a turbine supply agreement and signing the mandate agreement with the financial institution for a non-recourse project credit facility of up to $150m.
The developer is intending to release a request for proposal for an engineering, procurement and construction contractor with plans to begin construction following the completion of project financing.
Blue Mountain project, meanwhile, has entered into a 20-year power purchase agreement with PacifiCorp.
