Business
Cancun Battery Storage Project Becomes Operational
VANCOUVER, BC / ACCESSWIRE / May 24, 2023 / Revolve Renewable Power Corp. (TSXV:REVV) (" Revol...
About this update from Revolve Renewable Power Corp
[{"type":"text","content":"Cancun Battery Storage Project Becomes OperationalVANCOUVER, BC / ACCESSWIRE / May 24, 2023 / Revolve Renewable Power Corp. (TSXV:REVV) (\"Revolve\" or the \"Company\") is pleased to announce that final commissioning has been completed on its 3.2MWh (\"megawatt per hour\") Battery Energy Storage System (or \"BESS\") project located in Cancun, Mexico (the \"Project\") and is now generating recurring revenues.This Project is Revolve's 7th operating asset in its Distributed Generation division, operating under the name Revolve Renewable Business Solutions, and is its first battery storage system in its portfolio (See 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). Revolve Business Solutions now owns and operates a porftolio of 6MW of rooftop solar, CHP and battery storage projects.Project OverviewThe 3.2MWh battery storage system is installed at the site of a major hotel chain in Cancun, Mexico;Revolve owns the Project 100% and is responsible for the financing, installation and operation of the BESS system;A 10-year Energy Services Agreement (or \"ESA\") was signed between the Company and the hotel operator for the provision of peak shaving and other energy related services;Under the ESA agreement Revolve will receive an annual fixed payment in addition to sharing the energy savings delivered by the Project over the 10-year contract period;An Engineering Procurement Contract (or \"EPC\") was signed with Quartux Mexico S.A. de C.V. (or \"Quartux\"), a highly experienced installer and operator of battery storage systems in Mexico, to deliver a turnkey solution for the installation and commissioning of the BESS system;In addition to the EPC a 10-year Maintenance Agreement was also signed with Quartux for the day-to-day operation and optimization of the system including all routine maintenance;The Project was installed and commissioned at a cost of approximately US$1.8m including all related financing and transaction costs.Project UpdateFinal testing and commissioning of the Project was completed over the last two weeks and the Project is now fully operational;The Project is generating energy cost savings under the ESA Agreement and will contribute to the Company's revenue and cashflow beginning in the quarter a...