VANCOUVER, BC / ACCESSWIRE / January 31, 2024 / 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 announce that it has expanded its presence in the Canadian market through the addition of a new 150MW solar development project (the "Project") in the province of Saskatchewan.
On June 8, 2023 the Company announced its expansion into the Canadian market completing the last phase of its market strategy to create a North American focused renewable Independent Power Producer ("IPP"), (https://revolve-renewablepower.com/revolve-announces-expansion-into-the-canadian-renewable-energy-market/). The Company commenced early-stage development work and targeted an initial portfolio of utility scale projects by the end of 2023.
The result of this initial development work was, completion of land procurement for the Project, which represents the first development asset in the Company's Canadian portfolio. The Company is in the process of finalizing a development plan for the Project with further work expected to commence later this year.
WindRiver Acquisition Update
Another key component of the Company's expansion strategy has been to consider M&A opportunities for operating assets in the US and Canada. On October 4, 2023, the Company announced the proposed acquisition of WindRiver Corporation, a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition") in the Provinces of British Columbia and Alberta (https://revolve-renewablepower.com/revolve-announces-proposed-acquisition-of-canadian-renewable-energy-operator-and-developer-windriver-power-corporation/).
The Proposed Acquisition, once completed, will add 96.63MW of net operational and development capacity to the Company's portfolio, which is split between 6.63MW of net operational capacity and 90MW of development assets, all located within Canada.
The Company continues to work with the WindRiver team to finalise the completion of the Arrangement Agreement signed between WindRiver and the Company. Closing of the Proposed Acquisition is expected to be completed in February 2024.
The Company is actively reviewing and assessing a number of other potential acquisition opportunities and will provide an update to shareholders should binding terms be agreed.
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the US, Canada and Mexico with a portfolio of approx. 2,988MW under development. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve Renewable Business Solutions currently has an operating portfolio of 6MW with an additional 3MW under construction phase and 156MW under development.
Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" (or "RTB") 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.
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 (distributed generation) assets.
For further information contact:
Steve Dalton, CEO
VP, Corporate Development & Investor Relations
Phone: +1 778-885-5550
Forward Looking Information
Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release includes, but is not limited to, statements with respect to information relating to the business plans of Revolve and Revolve's management's expectation on the growth and performance of its business in the United States, Canada and Mexico, including the planned MW capacity of its projects;
The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects and Revolve's ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects and specifically the Project; 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. Such statements and information reflect the current view of Revolve. 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 Revolve 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. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Additional information identifying risks and uncertainties is contained in filings by the Company with the Canadian securities regulators, which filings are available at www.sedar.com.
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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