VANCOUVER, BC, Nov. 30,
2022 /CNW/ - Revolve Renewable
Power Corp. (TSXV:
REVV) ("Revolve" or the "Company")
is pleased to provide an update to shareholders and
announce the filing of its financial and operating results for the
three months ended September 30,
2022.
Steve Dalton, CEO of
Revolve commented, "We are delighted to report on the considerable
progress the Company has made over the course of the last eight (8)
months since completion of our public listing on the
TSXV."
"We have continued to develop and expand our Utility Scale
project portfolio, which currently stands at 3.6GW across twelve
(12) wind, solar & battery storage projects in the US and
Mexico. Key milestones are being
met on the various projects as we move closer towards reaching a
ready-to-build (or "RTB") status in 2024 on our most advanced
projects. We are expecting a very robust 2023 as we continue to
support the development of our renewable energy portfolio to reach
various RTB targets."
"The most significant development for the Company over the
period has been the transition from being solely a project
developer to becoming an independent power producer, generating
electricity with recurring long-term revenue and cashflow from a
growing renewable energy portfolio of commercial & industrial
customers in Mexico."
"This transition started with the announcement in
May 2022 of a new division, Revolve
Renewable Business Solutions, to focus on the fast-growing
distributed generation (or "DG") market in Mexico and the US. To accelerate our entry
into this market we successfully completed the acquisition of
Centrica Business Solutions Mexico in August
2022. This provided the Company with a 2.85MW portfolio of
operating rooftop solar and combined heat and power (or "CHP")
projects along with a further 3MW CHP project that is under
construction. The acquisition has provided a platform to quickly
expand our pipeline of new DG project opportunities, which led to
the signing of our first battery storage (or "BESS") project in
September 2022.
(https://money.tmx.com/en/quote/REVV/news/5377287865811312/Revolve_Grows_its_Distributed_Generation_Portfolio_by_an_Additional_32MWh)
The 3.2MWh BESS project in Cancun,
Mexico has increased our overall DG portfolio to 10MW of
operating and under construction assets, while our project
development pipeline is growing rapidly and now stands at over
60MW. Our target is to convert this development pipeline into
signed projects during 2023, which will continue to grow both the
revenue and EBITDA generated by this division."
"Looking at the broader outlook for the renewable energy
sector in North America, there
were several positive announcements from the US and Mexican
governments. We expect these announcements to act as a catalyst for
accelerated growth in the sector in the near and longer term. The
passing of the Inflation Reduction Act in the US last August
provides both long term certainty on tax incentives to support the
development of renewable energy projects as well as at least U$369B
of new investment, which will be directed towards energy security
and climate change with the goal to cut US carbon emissions by
approximately 40% by 2030. We expect this to drive interest and
demand for renewable energy development projects at all stages of
development particularly as projects move towards RTB."
"Recently we have also seen a significant positive policy
shift by the Mexican government, that follows a number of years of
uncertainty for the renewable energy sector in the country. As part
of the COP 27 proceedings,
Mexico has pledged to reach 40GW
of deployed wind and solar generation capacity by 2030 with the
strategy of reducing its greenhouse gas emissions by 35%. In order
to meet this 40GW target it will require the addition of 10GW of
new renewable energy capacity over the next 8 years or 1.25GW per
year. With Revolve's successful track record in Mexico and an advanced pipeline of competitive
wind projects totaling 1.6GW, we anticipate more clarity from the
government on private sector involvement in delivering this
ambitious target."
Key Highlights:
Utility Scale Development Portfolio:
- 250MW Parker Solar and
Storage Project - Successful Completion of BLM
Variance Process – The Bureau of Land Management (BLM) approved
the project for further processing after the completion of the BLM
variance process. The approval process consists of completion of an
environmental review in accordance with National Environmental
Policy Act (NEPA). The Parker Project is a 250MW utility scale
solar and storage project located in Arizona and enjoys great infrastructure in its
vicinity. There is excellent access through existing state road
network and proximity to transmission infrastructure with
interconnection within one mile. The Parker Project is moving
towards mid-stage of development with target ready to build
timeline of 2024. Once ready this project has the capacity to
provide electricity to an equivalent of 300,000 homes.
(https://money.tmx.com/en/quote/REVV/news/5885556774207448/Revolve_Successfully_
Completes_BLM_Variance_Process_for_the_250MW_Parker_Solar_and_Storage_Project)
- Vernal BESS Project - 80MWh/20MW project located in
Utah on land
administered by State Land Trust. This project is the first
stand-alone BESS project Revolve has in the US. The Vernal Project
has excellent access through existing and local road network and is
close to existing transmission infrastructure. Plans for
development activity will be ramped up for 2023 with a focus on
completion of phase two study of the interconnection process.
Environmental permitting work has also commenced. This includes: a
plan of development for the project, cultural resource survey and a
conditional use and easement permit for the construction of
transmission line connecting to the nearest substation. For
detailed information of the project please visit:
(https://money.tmx.com/en/quote/REVV/news/5292933676750826/Revolve_Provides_Development_
Update_on_its_80MWh20MW_Vernal_Battery_Storage_Project_in_the_US)
- Primus Wind Project - a 49.6MW
wind project located in Colorado, one of the main wind energy
states in the US. This project is easily accessed by existing and
local road network and is near the local transmission network.
Revolve has signed 25-year lease agreements with the landowners to
allow for the construction and operation of the Primus Project. The
Company is planning to continue the development of this project in
2023. The scope of work planned as part of the development is:
completing the permitting schedule for the Project, collection of
12 months of wind data by installing a meteorological mast (met
mast) which will outline the electricity expected to be generated
by the project and basic engineering work for preliminary design,
layout, and location of the wind turbines. A ready to build date
for this project is targeted during 2024. The project will have the
capacity to provide electricity to an equivalent of 60,000 homes.
For detailed information on this project please visit:
(https://money.tmx.com/en/quote/REVV/news/5169342962530865/Revolve_provides_development_
update_on_496MW_Primus_Wind_project)
Distribution Generation Projects:
- Acquired 100% of Centrica Business Solutions
(Mexico):
this acquisition provided Revolve with seven (7) DG
projects out of which six (6) are in operation with an energy
capacity of 2.85MW and one under construction awaiting final
permitting and expected to be operational in H1 2023. The project
under construction will have an energy capacity of 3MW. These
projects are a combination of roof top solar, battery storage,
Combined Heat and Power (CHP) and other energy efficiency
solutions. The Centrica acquisition provides Revolve with an
increase in almost 6MW of energy in its portfolio, a forecasted
recurring long-term revenue of U$1.4m and EBITDA of U$700,000 once
fully operational. Revolve paid U$1.4m for this acquisition and it
was financed through RE Royalties using a secured loan and a
royalty agreement.
- Additional 3.2MWh BESS project - the
Company signed a ten-year Energy Services Agreement (ESA) for its
first Battery Storage System (BESS) providing Revolve with an
additional 3.2MWh in energy capacity increasing the Company's DG
capacity both operational and under construction by 50% to
approximately 9MWh. Revolve owns this project and is responsible
for financing, installation, and operation. The project will be
installed at the site of a hotel chain in Cancun Mexico. Installation work is underway
with a target operational date of Q1 2023. This project was also
financed through RE Royalties using a secured loan and a royalty
agreement.
- Expansion of DG Pipeline – the
Company has continued to grow its pipeline of DG project
opportunities since establishing its new division, Revolve
Renewable Business Solutions earlier this year. The current
pipeline is in excess of 60MW and covers a range of different
rooftop solar, battery storage and CHP projects in Mexico. The company has also commenced the
early assessment of DG opportunities in the US and Canada and expects further opportunities to
arise over the next 12 months.
Full Financial and Management's Discussion and Analysis
for Q1 2022 are posted on the Company's website,
https://revolve-renewablepower.com/financials/
as well as on SEDAR
(www.sedar.com).
For additional information on our projects
visit:
https://revolve-renewablepower.com/company-news/
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 DG (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
