VANCOUVER, BC / ACCESSWIRE / April 25, 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 report that installation works have commenced on the 450kWp rooftop solar project (the "Project") announced on January 29, 2024 (https://revolve-renewablepower.com/revolve-expands-its-distributed-generation-portfolio/).
The Project is being installed at the site of a food manufacturing business in Central Mexico and is expected to generate in excess of 650,000kWh of renewable electricity each year, offsetting 325,000 kg (325 tonnes) of CO2 emissions. Electricity will be sold to the client under a 15-year power purchase agreement (or "PPA") based on a fixed price per kWh generated by the Project.
Installation works are set to continue over the next few months with commercial operation targeted before the end of June this year. Once the Project is operational Revolve will own and operate a combined portfolio of 12.78MW (net) selling renewable energy under long term PPAs to various utilities, cities and industrial customers in Canada and Mexico.
Eric Hickert, Head of Distributed Generation for Revolve, commented: "We are delighted that installations works have now commenced on the Project and look forward to the completion of these works and commissioning of the project in June. We continue to see an increasing demand for distributed generation projects across our key target markets and expect to see an increasing pace of PPA signings for similar projects in the coming months."
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, Canada and Mexico. 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's portfolio includes the following:
- Operating Assets: 12.33MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;
- Under Construction: a 3MW CHP project and a 450kWp rooftop solar project that are both under construction and expected to be operational later this year; and
- 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 146MW 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.
For further information contact:
Steve Dalton, CEO
IR@revolve-renewablepower.com
or
Sunita Prasad
VP, Corporate Development & Investor Relations
Phone: +1 778-885-5550
IR@revolve-renewablepower.com
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; 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 financing for the Project, including final approval of the financing for the Project by RER; potential revenues and cashflows generated from its DG division and the Project; 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.
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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