Revolve Commences Operation of 450kW Solar Project in Mexico
Revolve Renewable Power Corp.
4 min read
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 construction and commissioning is now complete at the 451-kilowatt ("kW") Colima Solar Project located in Mexico (the "Colima Project"). The Colima Project is now operating and generating clean, renewable energy for a commercial customer located in Colima, Mexico. Revolve now has 12.78 megawatts ("MW") of operating solar, wind and hydro projects in Canada and Mexico.
"The Colima Project has been designed to maximise energy savings for the customer," said Eric Hickert, Head of Distributed Generation for Revolve. "The project is expected to generate in excess of 650,00kWh of renewable energy per year, offsetting approximately 325 tonnes of CO2 emissions and helping the customer meet their sustainability objectives. The Colima Project consists of 772 solar modules and associated equipment and will sell generate electricity to the customer under a 15 year fixed price power purchase agreement."
Revolve's Distribution Generation (or "DG") business installs renewable power and storage systems at customer premises at its own cost and sells the renewable energy back to these customers through long-term power purchase agreements (or "PPAs"). The primary target markets are large commercial and industrial enterprises, including manufacturing operations and hotel chains that prefer renewable energy and seek to reduce their CO2 emissions. With the completion of the Colima Project, Revolve now operates 4.9MW of distribution generation projects that deliver recurring revenue under long term contracts.
"The commissioning of the Colima Project is another important milestone for Revolve's DG business and represents a strong start to 2025," said Revolve CEO Myke Clark. "We continue to see an increasing demand for distributed generation projects across our key target markets and expect an increasing pace of PPA signings for similar projects in the coming months. Distributed generation assets provide a strong, stable base of recurring revenue that supports our aggressive growth plans in the utility scale project division of Revolve."
The Company is also pleased to announce it has signed a Letter of Intent ("LOI") with a commercial customer in Mexico for the installation of a 250-kW rooftop solar project (the "Project"). As with its other DG projects, Revolve will be the owner of the Project with responsibility for the financing, installation and operation of the solar system. The Project, subject to the execution of a power purchase agreement with the commercial customer, is targeted to be operational in 2025 and will add to the recurring revenue base of the Company's Distributed Generation business.
In addition to Revolve's operating assets, the Company continues to make positive progress on the 20MW/80MWh Vernal BESS Project in Utah, the 49.5MW Primus Wind Project in Colorado and the first stage of a 30 MW solar project in Alberta. All three are expected to reach "ready to build" status by the end of 2025.
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: 12.78 MW (net) of operating assets under long term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;
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.
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 considering 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 because 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 time except as required in accordance with applicable laws.
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