Business
Milestone Reached on 250MW Parker Solar & Storage Project
VANCOUVER, BC / ACCESSWIRE / July 12, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVV...
About this update from Revolve Renewable Power Corp
[{"type":"text","content":"Milestone Reached on 250MW Parker Solar & Storage ProjectVANCOUVER, BC / ACCESSWIRE / July 12, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) (\"Revolve\" or the \"Company\"), an owner, operator and developer of renewable energy projects, is pleased to announce the completion of the interconnection milestone related to the 250MW Parker Solar and Storage Project (the \"Parker Project\"), which was sold in January 2023 to ENGIE IR Holdings LLC a wholly owned subsidiary ENGIE S.A. (\"ENGIE\"), a global leader in the energy sector.The terms of the sale, which also included the sale of the 1,000MW Bouse Solar & Storage Project (the \"Bouse Project\") are set out in the news release date January 11, 2023 (https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of-utility-scale-solar-and-storage-projects/) and are also summarised below.The TransactionThe total consideration payable by ENGIE is within the range of guidance previously provided by the Company for the sale of utility scale development assets, which for reference is outlined in page 10 the Company's corporate presentation (https://revolve-renewablepower.com/wp-content/uploads/2023/06/Revolve-Corporate-Presentation-June-8-2023.pdf).The Company received an upfront payment of US$2,000,000 (inclusive of the reimbursement of development costs) on completion of the transaction in January 2023. US$800,000 of this payment was recognised as revenue in the Company's Q3 FY2023 financial accounts with the remaining US$1,200,000 accounted for as deferred revenue.Milestone PaymentsThe remaining consideration is linked to each of the Parker Project and Bouse Project successfully completing the following development milestones:completion of further interconnection studies;Issuance by ENGIE of a Notice To Proceed (an \"NTP\") construction works to the applicable EPC contractor.on the Commissioning Date (the \"COD\"), with such date being the date that a project has been synchronized to the grid and is capable of delivering all of its installed capacity to the grid.The Company previously guided that it expected the first of these milestones to be achieved in 2023 when further interconnection studies are issued. We are now pleased to confirm that the completion of further interconnection studies milestone has been met for the Parker Project.Put OptionAs part of ...