REVOLVE RENEWABLE POWER CORP. VANCOUVER, BC, Nov. 16, 2022 /PRNewswire/ - Revolve Renewable Power Corp. (TSXV: REVV) ("Revolve" or the "Company") is pleased to provide an update on the ongoing development activity of its 250MW Parker Solar & Storage project (the "Parker Project"). Revolve is active on several utility scale solar, battery storage and wind projects in the US. This release is part of an ongoing effort to keep shareholders apprised of ongoing development activities at the Company's portfolio of utility scale solar, battery storage and wind projects in the US and Mexico.
Parker Project Summary
The Parker Project is a 250MW solar and battery storage project, located on approximately 1,530 acres of land wholly managed by the Bureau of Land Management (the "BLM") in La Paz County, 9 miles southeast of Parker, Arizona (see figure 1). The entire project site is located in a solar variance area as identified in BLM's Solar PEIS and Record of Decision (ROD) (BLM/DOE 2012, BLM 2012a). It has the capacity to provide electricity to an equivalent of approximately 300,000 homes. The site already benefits from excellent access through the existing state road network, and it is also in close proximity to existing transmission infrastructure.
Considerable progress has been achieved on the Parker Project over the last eighteen (18) months and it is now moving towards the mid-stage of development. The Company is targeting a RTB (ready to build) timeline of 2024 for the Parker Project.
Development Highlights
Development activity on the Parker Project commenced in July 2021 and to date has consisted of securing the site control through the variance process with the BLM, interconnection and environmental field studies.
- Site control - The Company submitted a right of way (SF299) application to the BLM under the variance process for the lands required for the Project in September 2021. Following the submission of the SF299 application and payment of the applicable fee the Company's secured its interest in the project site.
- The variance process included various preliminary meetings with relevant federal and state agencies, tribal consultation and a public consultation meeting held on February 2nd, 2022.
- As announced in the news release dated August 4th, 2022 (https://revolve-renewablepower.com/revolve-successfully-completes-blm-variance-process-for-the-250mw-parker-solar-and-storage-project/) following completion of this process the Company was notified of the BLM decision to approve the Parker Project for further review in accordance with National Environmental Policy Act ("NEPA") of 1969 and all other applicable laws, regulations and policies.
- Environmental Field Studies - The Company appointed Wood Group Inc. ("Wood"), a global engineering consultancy firm with extensive experience across the energy sector in the United States, to lead the field studies required as part of the NEPA process. These studies commenced in September this year and to date the biological resources survey has been completed as is under review by the BLM with work ongoing on the cultural, paleo and surface water resource surveys. It is expected that these will be completed during Q1 2023 along with any remaining studies by the end of Q2 2023.
- Once completed, each of these studies will be provided to the BLM for review and when finalised will form part of the final NEPA submission for approval.
- Interconnection – the Parker Project is ideally located within 1 mile of the existing transmission network in the area and adjacent to an existing utility corridor, which runs through BLM land and directly along the project site.
- In late 2021 the Company applied for an interconnection with the Western Area Power Administration ("WAPA") the transmission system operator / owner of the interconnection infrastructure located adjacent to the project site. Revolve has been working with WAPA over the course of the last 12 months and expects the Phase One study results to be released during Q1 2023.
2023 Development Activities
The Company is planning to continue the development of the Project during 2023 with a particular focus on:
- Interconnection – completion of the Phase One study by WAPA and subject to the results of this study the company will continue to the next phase of the interconnection process.
- Environmental & Permitting – completion of the remaining environmental field studies during Q1 and Q2 2023, updating of the plan of development for the project and completion of the environmental review process by the BLM under NEPA.
About Revolve
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the US and Mexico with a portfolio of c.3,600MW under development. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW "behind the meter" distributed generation (or "DG") assets. Revolve Renewable Business Solutions currently has an operating portfolio of 2.85MW with an additional 6.2MW under construction.
Revolve has an accomplished management team with a demonstrated track record of taking projects from "greenfield" through to "ready to build" (or "RTB") status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 300MW of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.
Forward Looking Information
Although Revolve believes, considering 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; the completion of the Transaction, including final approval of the transaction by the TSXV; potential revenues and cashflows generated from its DG division; and the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers. 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.
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SOURCE ReVolve Renewable Power Corp
