VANCOUVER, BC, Feb. 28,
2023 /CNW/ - Revolve Renewable Power
Corp. (TSXV: REVV) ("Revolve" or the
"Company") an owner, operator and developer of renewable
energy projects, is pleased to announce its unaudited financial and
operating results for the quarter and six months ending
December 31, 2022 (Q2 FY2023).
All amounts reported are in US dollars.
In Q2 FY2023 the Company continued to make strong progress in
both its utility scale development and Distributed Generation (or
"DG") business units. As at the quarter end the Company had an
operational DG portfolio of 2.85MW, DG projects under construction
of 6.2MW and utility scale projects under development of
3,600MW.
Key business and financial highlights for Q2 FY2023
included:
- Renewable energy generation for the quarter was 492,563kWh and
675,211kWh for the six months ending December 31, 2022. This represents the Company's
first full quarter of energy generation since the completion of the
acquisition of the Centrica Business Solutions Mexico portfolio in
August 2022. We expect further
optimization of these assets over the coming months.
- Distributed Generation assets under construction of 6.2MW
consisting of a 3MW CHP (or "combined heat and power") project and
a 3.2MWh battery storage project. These are both expected to be
commissioned and revenue generating during Q3 FY2023.
- Distributed Generation project pipeline of 65.8MW consisting of
a wide range of new rooftop solar, battery storage and CHP
opportunities with industrial customers across a number of
different industries. As at the date of this release this pipeline
has increased to 71.8MW, which the Company is working to convert
into signed power purchase agreements / projects under construction
in the short term.
- Utility scale projects under development of 3,600MW as at the
31 December 2022, which has since
been reduced to 2,350MW as at the date of this release following
the successful sale of the Bouse Solar & Storage and
Parker Solar & Storage projects
to ENGIE on January 11, 2023
(https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of-utility-scale-solar-and-storage-projects).
The ENGIE transaction included an upfront payment of US$2m to the Company, which will be reflected in
our Q3 FY2023 financial results. Further milestone payments are
expected to be received during the calendar year 2023. The
completion of this transaction brings the total revenue generated
by the utility scale development business to over US$19m since the Company was founded.
- Energy Generation Revenue from the Company's portfolio of
operating distributed generation assets was US$124,339 with a cost of sales of US$26,506 resulting in a gross profit of
US$97,833for the six month period
ended December 31, 2022, an increase
of 405% from revenues of US$24,576
reported in the first quarter.
- The Company completed a project financing facility with RE
Royalties for C$1.86m (secured loan
and royalty agreement) which was partly used to fund the Company's
3.2MWh BESS project in Cancun
which is expected to be in operation during the next quarter
(https://revolve-renewablepower.com/revolve-provides-update-on-its-3-2mwh-bess-project-in-cancun-mexico/).
- Cash on balance sheet as at December 31,
2022 was US$1,140,492, which
has since been supplemented by the US$2m upfront payment received from ENGIE as
outlined above.
Full Financial Statements and Management Discussion and
Analysis can be found on the Company's website
(https://revolve-renewablepower.com/financials/).
Steve Dalton, CEO, commented,
"Our Q2 FY2023 results provide shareholders and new investors with
a clear view of our business model in action. We now have a base of
operating assets generating recurring revenue, new assets under
construction to add to this revenue base and a utility scale
development strategy that has delivered another significant
transaction with a global utility company. We remain excited by the
pipeline of new projects that the Company is continuing to advance
both in the distributed generation and utility scale markets and we
look forward to updating shareholders on these in due course."
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 approx. 2,350MW
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
