Business
Revolve Reports Q1 2024 Financial Results
VANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:...
About this update from Revolve Renewable Power Corp
[{"type":"text","content":"Revolve Reports Q1 2024 Financial ResultsVANCOUVER, BC / ACCESSWIRE / November 29, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) (\"Revolve\" or the \"Company\"), a North American owner, operator and developer of renewable energy projects, reported its financial results for the three months ended September 30, 2023 (Q1 FY2024). All amounts reported are in US dollars.Steve Dalton, CEO of Revolve commented, \"The Company delivered a strong performance in Q1 2024 as we continue to make progress against the strategic objectives for FY2024. Quarterly revenue was the highest since the Company's RTO in 2022 driven by a milestone payment from the sale of the Parker Solar & Storage project combined with stable revenue from the Company's distributed generation portfolio. We also announced an important transaction in the Canadian market with the proposed acquisition of WindRiver Power Corporation. The acquisition will add further momentum to our financial and project development targets for FY2024 and we look forward to completion of the transaction in the coming weeks.\"Key Business & Financial Highlights in Q1 2024Total Q1 2024 revenues of US$1,199,880 consisting of electricity generation revenue from our operational DG portfolio as well as the second milestone payment from the sale of the Parker Solar & Storage project to ENGIE in January 2023. The remaining milestone payments due to the Company from the sale of the Parker Solar & Storage project range between US$8.95m to US$11.45m and are linked to the successful completion of the notice to proceed (\"NTP\") construction and commissioning milestones for the project.Renewable energy generation from the Company's operational DG portfolio was 547,421kWh for Q1 2024, with work ongoing to continue to improve the operational performance of the portfolio further.Distributed Generation (\"DG\") assets under construction during the quarter consisted of a 3MW CHP project. This project has been fully installed with commissioning subject to ongoing permitting work, which is targeted for completion by the end of H1 2024.Distribution Generation assets under development remained stable at 155MW with a continued focus on converting this pipeline into signed power purchase agreements. Letters of Intent (\"LOI\") have been signed on two new DG projects with a combined cap...