VANCOUVER, BRITISH COLUMBIA / ACCESS Newswire / April 9, 2025 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), a North American owner, operator and developer of renewable energy projects, is pleased to provide an update on key corporate and project milestones during the Company's fiscal Q3, 2025.
"Revolve has made strong progress during the first three months of 2025 as we signed a binding offer for a 9.6 MW operating wind project, accelerated utility-scale project development work across North America and advanced several key corporate initiatives that provide a solid foundation for continued growth," said CEO Myke Clark. "We continue to see an increasing demand for distributed generation projects across our key target markets and we have advanced large projects in Canada, the US and Mexico. The first three months of 2025 have contributed to the growth of our stable recurring revenue based while simultaneously advancing our utility-scale projects."
Wind Project Acquisition
As announced on April 1, 2025, and signed on March 28, 2025, the Company has signed a binding offer (the "Binding Offer") for the proposed acquisition of a 9.6 megawatt ("MW") operating wind energy project in the United States (the "Project"). Subject to certain conditions, the Binding Offer provides for the acquisition of a 95% interest in the Project for total consideration of US$10.5 million on a cash and debt free basis (the "Proposed Acquisition"). The Project would be Revolve's first operating renewable energy project in the U.S. The Proposed Acquisition is a significant milestone for Revolve and once completed will add another recurring revenue stream to the Company's growing portfolio of assets. This long-life asset has the potential to deliver double digit project returns based on increasing electricity prices and inflation factors.
Utility Scale Projects in Canada, the US and Mexico
Development work on the Company's two most advanced projects in Mexico, which have a combined projected capacity of 531 MW, is accelerating following new electricity generation regulations that have been implemented in Mexico. Wind assessment campaigns and detailed energy yield assessments have been completed and the Company is in the process of optimizing the project designs based on new turbine models. The two projects - El 24 and Presa Nueva - are part of Revolve's "Develop and Sell" portfolio of large projects.
The Company continues to make positive progress on the 20 MW/80 MWh Vernal Battery Energy Storage System ("BESS") Project in Utah and the 49.5 MW Primus Wind Project in Colorado. Both projects have signed interconnection agreements and are considered near-term projects the Company intends to own and operate under the Company's "Develop and Hold" strategic pillar. The Company continues to assess commercial offtake solutions for both of these projects ahead of an anticipated ready to build target date in early 2026.
The Company continued community engagement, interconnection and permitting work on Bright Meadows, the Company's 15.7 MW solar project in Alberta. Development work is being completed in anticipation of a submission the into the Alberta Utilities Commission process in the coming months. The target ready to build ("RTB") date for this project continues to be in late 2025.
Distributed Generation Project Pipeline
On January 14, 2025, Revolve announced the completion of the construction and the commissioning at the 451-kilowatt ("kW") Colima Solar Project located in Mexico (the "Colima Project"). The Colima Project is now operating and generating clean, renewable energy for a commercial local customer. Revolve now has 12 MW of operating solar, wind and hydro projects in Canada and Mexico. The project is part of Revolve's Distributed Generation portfolio of operating assets.
The Company has an additional 140 MW of projects in its Distributed Generation opportunities pipeline and is working diligently to convert those opportunities into Letters of Intent and, ultimately, projects Revolve owns and operates. The Company is also assessing new markets outside of Mexico for its Distributed Generation business as it sees significant additional opportunity in the sector.
Corporate Update and Outlook
Revolve executed the sale of a 3 MW combined heat and power (the "CHP Project") project from its distributed generation portfolio for total cash consideration of US$1.5 million, as announced on February 18, 2025. The Company decided to take advantage of an offer from an industrial customer to acquire the CHP Project and to redeploy the capital from the sale into other near-term development opportunities.
Revolve built on its relationship with Export Development Canada ("EDC"), signing an expansion of the Company's Account Performance Security Guarantee ("APSG") facility with EDC. The expanded APSG with EDC increased from US$2,900,000 to US$4,500,000. The APSG allows Revolve to issue letters of credit with the Company's financial institution without putting up cash collateral, providing the Company with better access to cash and working capital.
On January 30, 2025, Revolve announced a long-term loan facility with Vancity Capital Corporation ("Vancity") to refinance a CA$3,968,800 acquisition loan originally provided by RE Royalties Ltd. ("RE Royalties") to acquire the assets of Wind River Power Corporation. The RE Royalties loan, entered into on February 13, 2024, with a term of three years, has been repaid more than two years early without prepayment penalties. This efficient use of debt also creates a streamlined process for future acquisitions.
Revolve continues to closely monitor the ongoing global tariff situation. As the owner of operating assets that are not subject to tariffs, the Company believes it is in a strong position to weather the current volatility. The Company is assessing domestic supply opportunities in Canada, the US and Mexico in an effort to mitigate the impact of tariffs on the renewable energy supply chain, if they occur. Revolve has a diversified portfolio of operating and development stage projects that provide geographic diversification, further mitigating any potential impacts to the supply chain.
Revolve is advancing several key initiatives throughout 2025, including:
Filing of the Alberta Utilities Commission application for the Bright Meadows Solar Project in Alberta.
Receipt of a further interconnection study on El 24 and Presa Nueva in Mexico, and completion of the next phase of the interconnection process.
Completion of initial interconnection study for 100 MW solar project in Saskatchewan.
Complete assessment of new Distributed Generation markets and launch expansion.
Advance power purchase/offtake discussions for the 20 MW/80 MWh Vernal BESS Project in Utah and the 49.5 MW Primus Wind Project in Colorado.
"The Revolve team hit several key milestones during the first three months of 2025 as we continue to execute on our focused business plan. While this is clearly a time of heightened volatility, we also believe there is opportunity to expand our portfolio through the opportunistic acquisition of attractively priced below-the-radar assets. The long-term economics of renewable energy, combined with Revolve's targeted and disciplined approach, provide the basis for strong remainder of 2025 and beyond," concluded Clark.
For further information contact:
Myke Clark, CEO
IR@revolve-renewablepower.com
778-372-8499
About Revolve
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the US, Canada and Mexico. Revolve also installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve's portfolio includes the following:
Operating Assets: 12 MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;
Development: a diverse portfolio of utility scale development projects across the US, Canada and Mexico with a combined capacity of over 3,000MWs as well as a 140MW+ distributed generation portfolio that is under development.
Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 1,550MW of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.
Forward Looking Information
The forward-looking statements contained in this news release constitute 'forward-looking information' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to the Company's business objectives and project development goals. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions considering our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.
Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required by law.
Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any time except as required in accordance with applicable laws.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
SOURCE: Revolve Renewable Power Corp.
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