VANCOUVER, BC, Nov. 2, 2022
/CNW/ - Revolve Renewable Power Corp. (TSXV: REVV)
("Revolve" or the "Company") is pleased to provide an
update on the ongoing development activity in relation to its
49.6MW Primus Wind project (the
"Primus Project"). This release is part of an ongoing effort to
keep shareholders apprised of ongoing development activities at the
Company's portfolio of utility scale solar, battery storage and
wind projects in the US and Mexico.
Primus Wind Project Location
The Primus Project is located north of Burlington in Kit
Carson County along the Eastern Plains of Colorado, one of the main wind energy states
in the US. Average wind speeds in Kit
Carson County are among the highest in the US, providing
vast resource potential for wind energy projects. The Primus
Project site is easily accessed through the existing local road
network and is in close proximity to the local transmission
network.
Development Highlights
Development activity on the Primus Project commenced in
August 2021 and to date has consisted
of securing site control, interconnection and energy resource
assessment as follows:
- Site control - the Company has signed a number of lease
option agreements with various private landowners, which provide
sufficient land for the full capacity targeted for this phase of
the Primus Project. These agreements provide Revolve with an option
to enter into long term leases of up to 25 years to allow for the
construction and operation of the Primus Project.
- Interconnection – the Primus Project is located in close
proximity to the existing transmission network in the state. In
addition to the existing transmission infrastructure, there are
plans to significantly upgrade the transmission network across the
Eastern Plains in Colorado to
facilitate the continued expansion of renewable energy electricity
generation projects. Transmission projects such as the Xcel Energy
Colorado Power Pathway
(https://www.coloradospowerpathway.com/project-description/) are
targeting additional transmission capacity to accommodate up to
5,000MWs of new generation capacity.
- In late 2021 the Company applied for an interconnection
informational study with Tri State Generation and Transmission Inc.
("Tri State"). The purpose of this study, which was received in
February 2022, was to provide a
detailed overview of the likely interconnection methodology for the
Primus Project. Based on this study the Company made the decision
to apply to Tri State for
interconnection for the Primus Project. An interconnection
application was submitted to Tri
State in May of this year with the Phase One study results
due to be released during Q1 2023.
- Energy resource assessment – the energy resource
assessment consists in the first instance of the installation of a
meteorological mast ("met mast") at the project site to collect
climatic data over a minimum period of 12 months. Over the course
of this year the Company obtained a permit from the local county
office in Kit Carson for the
installation of a met mast at the project site. The installation of
this mast (see figure 1) was completed in September by
Harness Energy LLC, a specialist met tower installation and repair
company based in Colorado and data
collection has now commenced.
2023 Development Activities
The Company is planning to continue the development of the
Project during 2023, with a particular focus on:
- Interconnection – completion of the Phase One study by
Tri State and subject to the results
of this study the Company will continue to the next phase of the
interconnection process.
- Permitting – the Company is in the process of completing a
permitting schedule for the Project. It expects to commence work on
various county and state permits required for the Primus Project
once the Phase One interconnection study has been received. These
will take between 12 to 15 months to secure once applied for.
- Energy Resource – following collection of twelve months of wind
data the Company will commission an energy yield assessment report,
which will outline the electricity expected to be generated by the
project under various scenarios and utilizing different types of
wind turbines.
- Basic Engineering – the Company will appoint a 3rd
party engineering firm to begin basic engineering works, which will
focus on a preliminary design of the project layout and location of
the turbines. These activities should be completed during Q1
2023.
Revolve is targeting a ready to build date during 2024 for the
Primus Project.
About Revolve
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 and Mexico with a portfolio of c.3,600MW 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 2.85MW
with an additional 6.2MW under construction phase.
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 300MW
of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale
projects under development in the US and Mexico, and in parallel is rapidly growing its
portfolio of revenue-generating distributed generation assets.
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
include 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
and Mexico, including the planned
MW capacity of its projects; its expansion into the distributed
generation market; potential opportunities in the distributed
generation market; the completion and timing of
the development of its planned portfolio of distributed
generation projects; the completion of the Transaction, including
final approval of the transaction by the TSXV; potential revenues
and cashflows generated from its DG division; and the Company's
plans to develop, construct and finance rooftop solar, battery
storage and energy efficiency projects of up to 5MW and enter
into long term power purchase agreements for the sale of
electricity from the projects with the underlying customers. Such
statements and information reflect the current view of Revolve
and/or Revolve, respectively.
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; 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.
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.
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SOURCE Revolve Renewable Power Corp
