Vancouver, British Columbia, January 11, 2023 /PR Newswire/ – Revolve Renewable Power Corp. (TSXV:REVV) (“Rotate” or “company”) is pleased to announce the sale of 250MW. parker solar and storage projects (“parker project“) and 1,000MW Bouse Solar and Storage Project (“bowes project“) (collect “project“) ENGIE SA, a wholly owned subsidiary of ENGIE IR Holdings LLC (“Engie“), a global leader in the energy sector. The sale of the project was completed pursuant to a share purchase agreement dated. January 10, 2023.ENGIE is listed in Paris When Brussels Stock Exchange (NYSE: ENGI) with large renewable energy operations across the United States. Mexico When Canada.

transaction

The total consideration to be paid by ENGIE is within the guidance previously provided by the Company regarding the sale of utility-scale development assets.includes a prepayment of $2 million (including reimbursement of development costs), paid upon completion of the transaction.

The remaining considerations are relevant for each project that successfully completes the following development milestones:

• completion of further interconnection studies;
• Issuance of notice to continue by ENGIE (“NTP“) construction work to applicable EPC contractors, and
• Commissioning date (“cash on delivery“), such date is the date when the project is synced to the grid and all its installed capacity can be delivered to the grid.

The first of these milestones is expected to be achieved in 2023 when further interconnection studies are published.

Upon closing of the transaction, ENGIE acquired 100% of the shares of Revolve Renewable AZ LLC and Revolve Parker Solar LLC for cash and debt-free.

ENGIE will be responsible for the further development of the project, including all future development costs and other financial liabilities.

As part of the transaction, the parties entered into a put option agreement (“put option“) Allow ENGIE to sell the projects to the company for a limited period of time after receiving the results of the next interconnection study for each project. If ENGIE exercises this put option, the company will Buy back the project and at the same time refund to ENGIE development costs incurred or refunded.

Steve DaltonRevolve CEO commented:We are pleased to announce the sale of the Bouse and Parker Solar & Storage Project to ENGIE. This is a significant transaction for the Company and represents the sale of the first utility-scale project from the Company’s US development portfolio. It showcases our approach to development and our strategy of working with experienced utility partners to deliver significant returns for our shareholders. The transaction will provide the Company with additional resources to advance its remaining development portfolio while evaluating opportunities to add additional greenfield project opportunities to its active development portfolio in the near future.

We look forward to continuing to support the ENGIE team in developing the project into the pre-construction stage. ”

Agentis Capital acted as our exclusive financial advisor on this transaction, Baker Botts acted as our US legal advisor, and Miller Thomson LLP acted as our Canadian legal advisor.

project

The Bouse project is a 1,000MW solar and battery project located on approximately 6,155 acres of land fully managed by BLM. La Paz County 27 miles east Quartzsite, ArizonaThe entire project site is located in a solar dispersion area as identified in BLM’s Solar PEIS and Record of Determination (ROD) (BLM/DOE 2012, BLM 2012a). The Bouse project has the capacity to power the equivalent of approximately 1.2 million homes. The company will begin greenfield development of the Bouse project in early 2021.

The Parker Project is a 250 MW solar and storage project located on approximately 1,530 acres of land fully managed by the Bureau of Land Management (“BLM”). La Paz County, Arizona. The project is located near existing transmission infrastructure and is easily accessible from the existing national highway network. It has the capacity to supply electricity for approximately 300,000 households. The Company will begin greenfield development of the Parker Project in mid-2021.

About Engie

ENGIE IR Holdings LLC is a wholly owned subsidiary of ENGIE North America Inc. and serves as the holding company for all of ENGIE’s North American solar development pipeline. This includes under-construction and pre-construction projects prior to completion of the project’s respective tax fairness. .

In 2020, the annual revenue of the ENGIE family of companies was $68.2 billion EBITDA of $11.3 billionThe parent company ENGIE SA is Paris and the Brussels Stock Exchange (ticker: ENGI), represented by key financial indicators.

About Revolve

Revolve was founded in 2012 to capitalize on the growing global demand for renewable energy. Revolve develops utility-scale wind, solar and battery projects in the United States, Mexico with a portfolio of approx. 2450MW under development. The Company has his second division, Revolve Renewable Business Solutions, which installs and operates sub-20MW “behind the meter” distributed generation (or “DG”) assets. Revolve Renewable Business Solutions’ current portfolio of operations is 2.85MW with a further 6.2MW under construction.

Revolve has transitioned projects from “greenfield” to “ready-to-build” (or “RTB”) status and successfully completed project sales of utility-scale renewable energy projects to large-scale operators. We have a seasoned management team with a proven track record of success. To date, Revolve has developed and sold over 300MW of projects.

Going forward, Revolve is targeting a 5,000MW utility-scale project under development in the United States. Mexicoand in parallel we are rapidly expanding our portfolio of revenue-generating DG (Distributed Generation) assets.

Forward-Looking Information

Revolve believes that the expectations reflected in this forward-looking information are reasonably However, Revolve makes no guarantees that they will prove correct. As used in this press release, “estimate”, “predict”, “believe”, “expect”, “intend”, “expect”, “plan”, “predict”, “possible” The words “may” or “should” and negative forms of these words or variations thereof or equivalent terms are intended to identify forward-looking statements and information. . The forward-looking statements and information in this press release include information regarding Revolve’s business plans and Revolve’s management has usa When MexicoIncludes planned MW capacity of the project. Expansion into the distributed power generation market. Potential opportunities in the distributed generation market. Completion and timing of the development of a planned portfolio of distributed generation projects. Potential revenue and cash flow generated from the DG division. The company plans to develop, construct and finance up to 5MW of rooftop solar, storage and energy efficiency projects and enter into long-term power purchase agreements with underlying customers to sell electricity from the projects. standing. Revolve’s long-term funding plan and plans to establish a new renewable energy development platform. Completion of interconnection studies for each project. Receiving NTP on each project. His COD completion for each project. Payment of deferred consideration by ENGIE upon the occurrence of each of the foregoing development milestones of the project. Exercise of Put Option by ENGIE. The Bouse project’s MW and capacity to power approximately 1.2 million homes. The Parker Project’s MW capacity and its capacity to power the equivalent of approximately 300,000 homes. Such statements and information reflect Revolve’s current views.

The forward-looking statements contained in this news release are based on our current expectations, estimates, projections and assumptions, taking into account our experience and our perception of historical trends. including but not limited to forecasts. Assumptions regarding regulatory coverage, receipt of regulatory approvals and Revolve’s ability to continue as a going concern related to our projects. Risks and uncertainties that could cause actual results to differ materially from those envisioned in these forward-looking statements and information. workforce; disruptions in our supply chain; Changes in the regulatory environment, including the interpretation of production tax credits. armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely manner or at all; risks associated with the development and potential development of our projects; Economic evaluation conclusions; project parameters change as plans continue to be refined. Availability of tax incentives related to the development of renewable energy projects and the sale of electrical energy. As well as the factors discussed in the section related to risk factors discussed in our ongoing disclosure document on SEDAR. Such statements and information reflect Revolve’s current views. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other Future events may differ materially from any future results, performance or achievements expressed or implied by us. such forward-looking statements.

The forward-looking information contained in this press release represents Revolve’s expectations as of the date of this press release and is therefore subject to change after that date. Readers should not place undue weight on forward-looking information or rely on this information as of any other date. Revolve makes no commitment to update this information at any particular time, except as required by applicable law.

Neither TSX Venture Exchange nor its regulated service providers (as defined in TSX Venture Exchange’s policies) are responsible for the adequacy or accuracy of this release.

Source Revolve Renewable Power Corp