VANCOUVER, BC, Oct. 26,
2022 /CNW/ - Revolve Renewable Power Corp.
(TSXV: REVV) ("Revolve" or the "Company") is
pleased to announce further to the news release dated September 15, 2022
(https://money.tmx.com/en/quote/REVV/news/5377287865811312/Revolve_Grows_its_Distributed_Generation_Portfolio_by_an_Additional_32MWh)
that it has a signed financing agreement with RE Royalties
Ltd. ( TSXV:RE) for the provision of a C$1.86m secured loan (the "Secured Loan").
The Secured Loan will be used to partly fund the Company's first
battery storage system (or "BESS"), a 3.2MWh system that will be
installed at the site of a major hotel chain in Cancun, Mexico. Installation works for the
project have already begun and it is expected to be fully
commissioned during Q1 2023.
The financing agreement consists of a secured loan agreement and
a royalty agreement between Revolve and RER.
The first tranche of the Secured Loan has already been drawn
down with the remaining balance to be drawn down subject to certain
project related milestones. The Secured Loan will have a term of 24
months and will be repayable at maturity. Interest of 12% is
applied on drawn funds, with interest payable on a quarterly basis
during the term.
The Company will pay RE Royalties a financing fee of 2% of the
Secured Loan amount. The Secured Loan will be secured by certain
assets of the Company. The Company will also enter into a
royalty agreement with RER under which RER will receive a royalty
of 5% on gross revenues generated by the Project for the term of
the ESA ("Energy Services Agreement").
Eric Hickert, CEO of Revolve
Business Solutions commented, "We are delighted to close a further
loan facility with RE Royalties for our first BESS project. We are
excited by the growing momentum behind our distribution generation
business and look forward to working with experienced funders such
as RE Royalties as we secure further new projects in the months
ahead."
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 and Mexico with a portfolio of c.3,600MW under
development. 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 Renewable
Business Solutions currently has an operating portfolio of 2.85MW
with an additional 6.2MW under construction phase.
Revolve has an accomplished management team with a demonstrated
track record of taking projects from "greenfield" through to "ready
to build" (or "RTB") status and successfully concluding project
sales to large operators of utility-scale renewable energy
projects. To-date, Revolve has developed and sold over 300MW
of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale
projects under development in the US and Mexico, and in parallel is rapidly growing its
portfolio of revenue-generating distributed generation assets.
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
include 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
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 Transaction, including
final approval of the transaction by the TSXV; potential revenues
and cashflows generated from its DG division; 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
and/or Revolve, respectively.
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; 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.
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.
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SOURCE ReVolve Renewable Power Corp