VANCOUVER, BC,
April 26, 2022 /CNW/ -
ReVolve Renewable Power Corp. ("ReVolve" or the
"Company") (TSXV: REVV) is pleased to announce the
establishment of a new division that will focus on the distributed
generation market and sub 20MW renewable energy projects. This new
division, to be known as ReVolve Renewable Business Solutions, will
target both "behind the meter" and grid-connected wind, rooftop
solar, ground-mounted solar, battery storage and related energy
efficiency projects in the US and Mexico.
Distributed generation refers to electricity generation at the
point of consumption located at the site of a company's operations.
It is a fast-growing sub-sector within the broader renewable energy
market driven by many of the same positive industry trends being
experienced by the overall renewable energy market. Global
corporations are considering a wide range of different options as
part of their plans to reach net zero emissions for their
businesses. These include not only the procurement of renewable
energy from large utility-scale projects, such as those currently
being developed by the Company, but it also includes onsite /
distributed generation and other energy efficiency related
projects. In addition to this the Company is seeing interest from a
number of utilities and independent system operators in the US
market for small scale-projects through the issuance of Power
Purchase Agreement RFP's targeted at projects of this size.
The Company has been assessing and reviewing potential
opportunities in the distributed generation sector for several
years, where in general the development process is shorter and
involves less regulatory requirements from a permitting perspective
than the Company's primary business of developing utility-scale
wind and solar projects. This new business initiative will be
complementary to ReVolve's existing operations and will generate
stable, recurring cashflows as the unit grows.
The Revolve management team have extensive experience in sub
20MW projects, having been involved in either the financing,
development, acquisition or sale of over 60 individual projects in
previous roles outside of ReVolve over the last 15+ years.
Formalising the Company's interest through the establishment of
this new division will provide the Revolve management team with the
opportunity to leverage this experience with the stated objective
of building recurring revenue and cashflow for the Company.
The Company expects to target distributed generation projects
with customers across a range of different industries in the US and
Mexico. These projects are
expected to include rooftop solar, battery storage and energy
efficiency projects of up to 5MW located at the customers premises.
The Company will develop, construct and finance these projects and
will enter into long term (up to 10 years) power purchase
agreements for the sale of electricity from the projects with the
underlying customers.
The Company will also target opportunities to develop, construct
and finance grid connected solar, wind and battery storage projects
with a capacity of 20MW or lower principally in the US market.
Electricity from these projects is expected to be sold to local
utilities through long term (15 years+) power purchase agreements
that are being awarded by these utilities under various feed in
tariff (FIT) schemes and RFP's for renewable energy
PPA's.
Key Senior Appointments
To support the launch of this new division and to bolster its
management team the Company is pleased to announce a number of
senior appointments as follows:
- Eric Hickert has joined the
Company to lead our efforts in the Distributed Generation market
and will take up the position as the head of ReVolve Renewable
Business Solutions.
-
- Eric has been involved in the renewable energy sector since
2007 and has more than 25 years of experience in business
development across a variety of sectors including energy,
information technology and financial solutions.
- Prior to joining ReVolve, Eric was the VP of Sales for Centrica
Business Solutions Mexico, a business focused on the distribution
generation market in Mexico. He
was also co-founder of EnerCap Group, which integrated distributed
generation projects with funding solutions for projects in
Latin America. He has previously
held key positions with Gartner, Forrester Research, and IMSL
expanding their business internationally. He has a Finance &
Applied Mathematics graduate from Texas
A&M University.
- In addition to Eric's appointment the Company is also delighted
to formalise the appointment of Cecilia
Aguillon, who has joined the Company as a key adviser for
its US operations as well as also providing support around
distributed generation and the Company's activities in Mexico.
-
- Cecilia is a highly experienced renewable energy professional
having been involved in the energy sector in North &
Latin America for over 20 years
covering sales, marketing, public relations, solar energy policy
and financial management in both the private and public
sectors.
- Cecilia currently acts as a consultant on renewable energy
projects and policy and is also the Director of the Energy
Transition Initiative at the Institute of the Americas.
- Prior to her current role, Cecilia worked at Kyocera Solar,
Inc., a leading solar PV module manufacturer and installer,
focusing on business development and government relations for 18
years. During this time Cecilia worked with policy makers on
designing solar energy programs, renewable portfolio standards and
distributed generation programs for implementation across
the United States, Canada, and Mexico. These were developed in cooperation
with several trade associations throughout the United States. Cecilia has also served on
the board of the California Solar Energy Industries Association
(CalSEIA) and participated in the design and implementation of the
California Solar Initiative.
The Company envisages ReVolve Renewable Business Solutions
division having a relatively small team focused on business
development, technical and engineering activities. Recruitment for
this team is at an advanced stage and the Company expects to
complete further new hires over the course of the next two
months.
Pipeline
The Company is also pleased to confirm that it has established
an initial pipeline of distributed generation project opportunities
in both the US and Mexico. This
pipeline covers the full range of technologies being targeted by
the Company as well a wide range of medium and large businesses.
The Company is working towards converting this pipeline into
committed projects through the signing of power purchase agreements
with the underlying customers. The Company expects to be in a
position to provide further updates to shareholders on this
pipeline over the course of the coming months.
Steve Dalton, CEO of ReVolve,
commented: "We are delighted to announce the launch of this new
division as well as the appointment of both Eric and Cecilia to the
ReVolve team. While the size of distributed generation projects is
smaller than we have focused on to date they provide the Company
with the opportunity to transition from a pure developer of
renewable energy projects to an independent power producer in the
short to medium term. We are excited by the opportunity ahead of us
and look forward to updating shareholders in the near
future."
Trade Associations
To further support the Company's operations in the US, the
Company has joined the Interwest Energy Alliance and Independent
Energy Producers Association two leading trade associations
supporting independent power producers and renewable energy
companies across the Western states of the US.
About ReVolve Renewable Power
- Interwest Energy Alliance is a regional trade
association representing some of the largest developers and
manufacturers of large-scale renewable energy in the world. Their
mission is to create market opportunities for utility-scale
renewables across the Interior West through policy and regulatory
intervention. It is a leading regional driver for the responsible
expansion of renewable energy in Arizona, Colorado, Nevada, New
Mexico, Utah, and
Wyoming.
- Independent Energy Producers Association is California's oldest and leading non-profit
trade association, representing the interest of developers and
operators of independent energy facilities and independent power
marketers. IEP members collectively own and operate
approximately one-third of California installed generating capacity.
ReVolve Renewable Power Corp. (www.revolve-renewablepower.com)
is in the business of developing utility scale renewable energy
generation projects in North
America with a particular focus on wind, solar and battery
storage technologies.
The Company was established in 2012 and since then has
successfully built a diversified portfolio of projects across the
different renewable energy technologies in both the US and Mexican
markets. It currently has a portfolio of 3.3 gigawatts
("GW") of projects under active development and a further
1GW of greenfield opportunities, which it is in the process of
converting to its pipeline in the near term.
ReVolve is in the process of rapidly expanding its pipeline and
development activities in the US and is targeting an active
portfolio of up to 3GWs under development by the end of 2022 in
addition to a 2GW target for Mexico.
Forward Looking Information
Although ReVolve believes, in light of the experience of its
officers and directors, current conditions and expected future
developments and other factors that have been considered
appropriate that the expectations reflected in this forward-looking
information are reasonable, undue reliance should not be placed on
them because ReVolve can give no assurance that they will prove to
be correct. When used in this press release, the words "estimate",
"project", "belief", "anticipate", "intend", "expect", "plan",
"predict", "may" or "should" and the negative of these words or
such variations thereon or comparable terminology are intended to
identify forward-looking statements and information. The
forward-looking statements and information in this press release
include information relating to the business plans of ReVolve and
ReVolve's management's expectation on the growth and performance of
its business in the United States
and Mexico, including the planned
MW capacity of its projects; its expansion into the distributed
generation market; potential opportunities in the distributed
generation market; the completion and timing of the
development of its planned portfolio of distributed generation
projects; financial returns and cashflow of its planned
portfolio of distributed generation products; the Company's
plans to develop, construct and finance grid connected solar, wind
and battery storage projects with a capacity of 20MW or lower
principally in the US market. Such statements and
information reflect the current view of ReVolve and/or ReVolve,
respectively.
The forward-looking statements contained in this news release
are based on current expectations, estimates, projections and
assumptions, having regard to the Company's experience and its
perception of historical trends, and includes, but is not limited
to, expectations, estimates, projections and assumptions relating
to the extent of regulations pertaining to the Company's projects
and ReVolve's ability to continue as going concern. Risks and
uncertainties that may cause actual results to differ materially
from those contemplated in those forward-looking statements and
information, including but not limited to: the effects of weather,
catastrophes and public health crises, including COVID-19; labour
availability; disruptions to the Company's supply chains; changes
to regulatory environment, including interpretation of production
tax credits; armed hostilities and geopolitical conflicts; failure
to obtain necessary regulatory approvals in a timely fashion, or at
all; risks related to the development and potential development of
the Company's projects; conclusions of economic evaluations;
changes in project parameters as plans continue to be refined; the
availability of tax incentives in connection with the development
of renewable energy projects and the sale of electrical energy; as
well as those factors discussed in the sections relating to risk
factors discussed in the Company's continuous disclosure filings on
SEDAR. Such statements and information reflect the current view of
ReVolve. By their nature, forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
our actual results, performance or achievements, or other future
events, to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements.
The forward-looking information contained in this press
release represents the expectations of ReVolve as of the date of
this press release and, accordingly, is subject to change after
such date. Readers should not place undue importance on
forward-looking information and should not rely upon this
information as of any other date. ReVolve does not undertake to
update this information at any particular time except as required
in accordance with applicable laws.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy
of this release.
SOURCE ReVolve Renewable Power Corp.