Business
Revolve Signs Agreement to Acquire 9.6 MW Operating Wind Project in the United States
Project will add strong recurring revenue stream to current portfolio VANCOUVER, BC / ACCE...
About this update from Revolve Renewable Power Corp
[{"type":"text","content":"Revolve Signs Agreement to Acquire 9.6 MW Operating Wind Project in the United StatesProject will add strong recurring revenue stream to current portfolio VANCOUVER, BC / ACCESS Newswire / April 1, 2025 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) (\"Revolve\" or the \"Company\"), a North American owner, operator and developer of renewable energy projects, is pleased to announce that it has signed a binding offer (the \"Binding Offer\") for the proposed acquisition of a 9.6 megawatt (\"MW\") operating wind energy project in the United States (the \"Project\"). Subject to certain conditions, the Binding Offer provides for the acquisition of a 95% interest in the Project for total consideration of US$10.5 million on a cash and debt free basis (the \"Proposed Acquisition\"). The Project would be Revolve's first operating renewable energy project in the U.S.The Project consists of six 1.6 MW wind turbines generating revenue through a Power Purchase Agreement with a regional utility. The Project, once the Proposed Acquisition is complete, is expected to generate approximately US$2.2 million in revenue and US$885,000 in EBITDA during the first year of ownership. In support of the Proposed Acquisition, Revolve has also signed a term sheet with RE Royalties Ltd. (TSXV:RE) (\"RE Royalties\") for the provision of a secured loan of up to US$8,000,000, representing approximately 80% of the total upfront consideration required to finance the Proposed Acquisition (the \"Secured Loan\").\"This Proposed Acquisition is another significant milestone for Revolve as we continue to execute on our growth plan across North America,\" said CEO Myke Clark. \"Once completed, this acquisition will add another strong recurring revenue stream to our growing portfolio of assets. We continue to see a number of exciting opportunities to supplement our strategy by acquiring operating assets in the US and Canada. This is the third significant acquisition of operating assets in our recent history, and we are committed to accelerating that process as we scale our business through additional acquisitions and organic growth.\"The ProjectThe Project is Revolve's first acquisition of an operating renewable energy asset in the United States and builds on the Company's current operating portfolio of 12.33 MW in Canada and Mexico.Capacity: 9.6MW total capacit...