Revolve Announces Acquisition of 30MWp Solar Development Project in Alberta
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) has announced the proposed acquisition of a 30MWp solar project in Alberta, Canada. The company's subsidiary, Revolve Meadows Solar GP Inc., will pay an upfront consideration of C$100,000 with potential additional payments up to C$790,000 based on project milestones. The project, located south of Edmonton, is expected to be developed in two phases (20MWp and 10MWp). Once fully commissioned, the first phase is projected to generate annual revenue of C$3.0m to C$5.0m and EBITDA of C$1.8m to C$3.0m. Revolve aims to have the first phase ready to build by early 2026, with commissioning targeted for mid-2026. This acquisition aligns with Revolve's strategy to expand its presence in the Canadian market and build a portfolio of utility-scale assets.
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ha annunciato l'acquisizione proposta di un progetto solare da 30MWp in Alberta, Canada. La sussidiaria dell'azienda, Revolve Meadows Solar GP Inc., pagherà un corrispettivo iniziale di C$100.000 con potenziali pagamenti aggiuntivi fino a C$790.000 basati su traguardi del progetto. Il progetto, situato a sud di Edmonton, prevede uno sviluppo in due fasi (20MWp e 10MWp). Una volta completamente commissionata, si prevede che la prima fase genererà un reddito annuale di C$3,0m a C$5,0m e un EBITDA di C$1,8m a C$3,0m. Revolve punta ad avere la prima fase pronta per la costruzione entro l'inizio del 2026, con la commissione prevista per metà 2026. Questa acquisizione è in linea con la strategia di Revolve di espandere la propria presenza nel mercato canadese e costruire un portafoglio di attività su scala utilitaria.
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ha anunciado la adquisición propuesta de un proyecto solar de 30MWp en Alberta, Canadá. La subsidiaria de la compañía, Revolve Meadows Solar GP Inc., pagará una consideración inicial de C$100,000 con pagos adicionales potenciales de hasta C$790,000 basados en hitos del proyecto. El proyecto, ubicado al sur de Edmonton, se espera que se desarrolle en dos fases (20MWp y 10MWp). Una vez completamente comisionada, se proyecta que la primera fase genere ingresos anuales de C$3.0m a C$5.0m y EBITDA de C$1.8m a C$3.0m. Revolve tiene como objetivo tener la primera fase lista para construir a principios de 2026, con la comercialización prevista para mediados de 2026. Esta adquisición se alinea con la estrategia de Revolve de expandir su presencia en el mercado canadiense y construir un portafolio de activos a escala de servicios públicos.
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF)는 캐나다 앨버타에서 30MWp 태양광 프로젝트의 인수를 제안했다고 발표했습니다. 회사의 자회사인 Revolve Meadows Solar GP Inc.는 C$100,000의 초기 대가를 지급하며, 프로젝트 이정표에 따라 추가적으로 최대 C$790,000까지 지급할 수 있습니다. 에드먼턴 남쪽에 위치한 이 프로젝트는 (20MWp와 10MWp) 두 단계로 개발될 예정입니다. 첫 번째 단계가 완전히 가동되면 연간 C$3.0m에서 C$5.0m의 수익과 C$1.8m에서 C$3.0m의 EBITDA를 창출할 것으로 예상됩니다. Revolve는 2026년 초까지 첫 번째 단계를 건설 준비 상태로 만들고, 2026년 중반에 가동을 목표로 하고 있습니다. 이번 인수는 캐나다 시장에서의 입지를 확장하고 유틸리티 규모 자산 포트폴리오를 구축하려는 Revolve의 전략과 일치합니다.
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) a annoncé l'acquisition proposée d'un projet solaire de 30MWp en Alberta, Canada. La filiale de l'entreprise, Revolve Meadows Solar GP Inc., paiera une contrepartie initiale de C$100,000 avec des paiements supplémentaires potentiels allant jusqu'à C$790,000 en fonction des jalons du projet. Le projet, situé au sud d'Edmonton, devrait être développé en deux phases (20MWp et 10MWp). Une fois entièrement opérationnelle, la première phase devrait générer des revenus annuels de C$3,0m à C$5,0m et un EBITDA de C$1,8m à C$3,0m. Revolve vise à avoir la première phase prête à être construite d'ici début 2026, avec une mise en service prévue pour mi-2026. Cette acquisition s'inscrit dans la stratégie de Revolve d'élargir sa présence sur le marché canadien et de constituer un portefeuille d'actifs à grande échelle.
Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) hat den vorgeschlagenen Erwerb eines 30MWp Solarprojekts in Alberta, Kanada, angekündigt. Die Tochtergesellschaft des Unternehmens, Revolve Meadows Solar GP Inc., wird eine Vorauszahlung von C$100.000 leisten, mit potenziellen zusätzlichen Zahlungen von bis zu C$790.000 basierend auf Projektmeilensteinen. Das Projekt, das südlich von Edmonton liegt, soll in zwei Phasen (20MWp und 10MWp) entwickelt werden. Nach vollständiger Inbetriebnahme wird erwartet, dass die erste Phase jährliche Einnahmen von C$3,0m bis C$5,0m und EBITDA von C$1,8m bis C$3,0m generiert. Revolve strebt an, die erste Phase bis Anfang 2026 baureif zu haben, mit einer Inbetriebnahme, die für Mitte 2026 angestrebt wird. Diese Akquisition steht im Einklang mit Revolves Strategie, ihre Präsenz auf dem kanadischen Markt auszubauen und ein Portfolio von Versorgungsanlagen zu schaffen.
- Acquisition of a 30MWp solar project in Alberta, expanding Revolve's Canadian market presence
- Projected annual revenue of C$3.0m to C$5.0m and EBITDA of C$1.8m to C$3.0m for the first phase
- Alignment with company's M&A strategy targeting projects under 30MW in US and Canada
- Potential to have 100MW of utility scale assets ready to build over the next 18 months
- Enhances Revolve's revenue and cashflow profile once operational
- Upfront payment of C$100,000 and potential additional payments up to C$790,000 for project development
- Project is still in mid-stage development, with construction not expected to start until early 2026
- Financial forecasts are subject to change based on final commercial arrangements
VANCOUVER, BC / ACCESSWIRE / September 16, 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 the proposed acquisition of the development rights to a 30MWp solar project in Alberta, Canada (the "Project").
Revolve Meadows Solar GP Inc. (the "Purchaser"), a wholly-owned Alberta subsidiary of Revolve, and the Project developer have entered into an asset transfer agreement dated September 14, 2024 (the "ATA"). Under the ATA, the assets related to the Project will transfer to the Purchaser on completion of the transaction, which is expected to occur on or before November 15, 2024.
Under the terms of the ATA, the Company will pay an upfront consideration of C
The transaction will be financed through existing cash resources held by the Company.
Project Overview
Project Capacity - 30MWp solar project expected to be developed in two phases of 20MWp and 10MWp.
Project Location - the Project is located south of the city of Edmonton in an area of non-prime agricultural land. A land lease agreement has been signed with one landowner for the entire Project area.
Development Status - the Project has been under development for the last two years and is considered to be at mid stage of development with site control completed along with various other permitting and interconnection works.
Development Program - the Company is targeting having the first phase of the Project ready to build in early 2026, with commissioning targeted for mid 2026.
Financial Forecast - once fully commissioned, the first phase of the Project is expected to generate annualized revenue in the range of C
$3.0m to C$5.0m and EBITDA of between C$1.8m to C$3.0m . The Company intends on updating these forecasts closer to construction commencing and as the commercial arrangements for the sale of electricity from the Project are finalized. Revolve intends to build, own and operate the Project, which, once operational, will substantially enhance the revenue and cashflow profile of the Company.
Steve Dalton, CEO of Revolve, commented: "We are delighted to continue to expand our presence in the Canadian market through the proposed acquisition. The transaction is consistent with our M&A strategy of targeting projects under 30MW in the US and Canada, where we continue to see excellent opportunities to acquire, develop, build and operate quality assets with attractive returns. In addition to the Vernal BESS and Primus Wind projects, Revolve is now expecting to have 100MW of utility scale assets ready to build over the next 18 months. The project will also add to our Canadian development portfolio and our operational, Alberta-based 6MW Box Springs Wind Project and BC-based interest in two "run of river" power projects."
About Revolve
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro 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: 11MW (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 140MW+ 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
Non-IFRS Measures
This press release makes reference to certain non-IFRS measures including Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings on SEDAR+ at sedarplus.ca and posted on our website.
Financial Projections
The Company's financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this press release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the Company may attain. Future-oriented financial information in this press release includes statements with respect to forecasted revenues and EBITDA that are expected to be generated by the Project. There is a risk that the assumptions related to these revenue and EBITDA forecasts may not be met and that the Project will not meet the conditions to start construction. The projections are based upon a number of estimates and assumptions and have not been examined, reviewed or compiled by independent accountants or other third-party experts, including assumptions with respect to the anticipated expenses and future revenues from the Project. These assumptions may vary from the actual results. Accordingly, there is no assurance that future events will correspond to management's assumptions for the Project. Any variations of actual results from projections related to the Project may be material and adverse. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the reasonable assumptions of the Company and management as at the date hereof. Our actual financial position and results of operations and the Project may differ materially from management's current expectations and, as a result, our revenue, profitability, EBITDA may differ materially from any revenue, and profitability profiles provided in this press release. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations.
Revolve does not provide reconciliations for forward-looking non-GAAP financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of Revolve's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Forward-Looking Information
The forward-looking statements contained in this news release constitute ‘‘forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ‘‘forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ‘‘forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements in this press release include statements with respect to the proposed acquisition of the Project. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.
Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; 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+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.
Such statements and information reflect the current view of the Company. 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 the Company 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. The Company 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.
SOURCE: Revolve Renewable Power Corp.
View the original press release on accesswire.com
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