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 it has completed the acquisition of a 30 megawatt ("MW") mid-stage development solar project in Alberta, Canada (the "Project"). The Project acquisition, first announced on September 16, 2024, is now complete and the Company is advancing the required permitting and interconnection process. The first 20 MW phase of the Project is expected to achieve "ready to build" ("RTB") status in early 2026.
"The closing of this acquisition expands our Canadian presence and adds an attractive near-term 30 MW project to our development pipeline," said CEO Myke Clark. "The transaction is consistent with our M&A strategy of targeting projects under 30MW in the United States and Canada, where we continue to see excellent opportunities to acquire, develop, build and operate quality assets with attractive returns. The Canadian renewables market is growing significantly and Revolve is committed to growing our operational portfolio and development pipeline. These projects play a key role in our strategy of delivering strong, stable returns to shareholders based on attractive renewable energy projects."
30 MW Alberta Project Overview
- Capacity: 30 MW, or enough to power more than 5,000 typical Canadian homes. The Project is expected to be developed in two phases of 20 MW and 10 MW. The first phase is targeting ready to build milestone in early 2026, with commissioning targeted for mid-2026.
- Location: South 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.
- 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 to update 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.
The Project significantly expands the Company's presence in the Canadian market. Revolve currently generates a long-term, recurring revenue stream from 6.63 MW of net operational capacity from the Box Springs Wind Project in Alberta and two British Columbia "run of river" power projects. The Company also has a growing development pipeline that includes 90 MW of development assets in British Columbia and a 150 MW solar project development in Saskatchewan.
"Our Canadian portfolio is robust and represents a growing opportunity for Revolve. Our experience across the Canadian, U.S. and Mexican renewables markets allows us to identify and transact on high-return assets and development stage projects in multiple jurisdictions. Completing the acquisition of the 30 MW Alberta solar project is a great example of the type of opportunities we are pursuing," concluded Clark.
