Revolve Expands Financial Partnership with Export Development Canada

Source: www.gulfoilandgas.com 1/23/2025, Location: North America

Revolve Renewable Power Corp. (“Revolve” or the “Company”), a North American owner, operator and developer of renewable energy projects, is pleased to announce an expansion of the Company’s Account Performance Security Guarantee (“APSG”) facility with Export Development Canada ("EDC"). The expanded APSG with EDC has increased from US$2,900,000 to US$4,500,000.

The increased APSG facility, which closed on January 21, 2025, is being provided in support of an interconnection financial security letter of credit for the 20MW/80MWh Vernal Battery Energy Storage System (“BESS”) in the United States in the amount of US$1,810,000.

The APSG allows Revolve to issue letters of credit with the Company’s financial institution without putting up cash collateral, providing the Company with better access to cash and working capital.

"The expansion of this EDC facility is another great example of the progress Revolve is making as we accelerate our project development initiatives,” said CEO Myke Clark. “These structures contribute to a stronger corporate financial structure by freeing up working capital that can be utilized for expansion and growth. We are proud to be working with EDC to increase opportunities for export growth and believe the potential for continued growth in the renewable energy sector is significant.”

On April 22, 2024, the Company announced that it had completed the interconnection process for the 20MW/80MWh Vernal Battery Storage Project and has signed an interconnection agreement with PacifiCorp. Completion of this milestone paves the way for the Project to complete the remaining permitting works with a target of being “ready to build” in late 2025. The EDC APSG is being utilized for the interconnection bond on the project.


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