https://money.tmx.com/en/quote/REVV/news/5377287865811312/Revolve_Grows_its_Distributed_Generation_Portfolio_by_an_Additional_32MWh
The majority of installation and commissioning works have now been completed at the Project and it is expected to be fully operational and revenue generating from
- The 3.2MWh battery storage system is being installed at the site of a major hotel chain in
Cancun, Mexico . - Revolve is the 100% the owner of the Project and has responsibility for the financing, installation and operation of the BESS system.
- A 10-year Energy Services Agreement (or "ESA") has been signed between the Company and the hotel operator for the provision of peak shaving and other energy related services.
- Under the
ESA agreement Revolve will receive an annual fixed payment in addition to sharing the energy savings delivered by the Project over the 10-year contract period. - An Engineering Procurement Contract (or "EPC") has been signed with
Quartux Mexico S.A. de C.V. (or "Quartux"), a highly experienced installer and operator of battery storage systems inMexico , to deliver a turnkey solution for the installation and commissioning of the BESS system. - In addition to the EPC a 10-year Maintenance Agreement has also been signed with Quartux for the day-to-day operation and optimization of the system including all routine maintenance.
- The project is expected to cost approximately
US$1.8m to install and commission including all related financing and transaction costs.
Quartux have provided the Company with an update on the installation works for the Project, which is summarized as follows:
- Delivery of the entire BESS system to project site has now been completed.
- Installation and commissioning of the first two BESS units representing c.70% of the project has also been completed and both of these units are operational.
- Installation of the final BESS unit is due to commence this week and full commissioning is expected before the end of
April 2023 . - Construction, installation and commissioning costs for the Project remain in line with previous guidance.
- The Project is forecast to be fully operational and revenue generating from
May 1, 2023 under the 10 yearESA agreement.
Revolve financed this project through a combination of cash on hand and a secured loan (the "Secured Loan") of
https://money.tmx.com/en/quote/REVV/news/7243047530528001/Revolve_Completes_Project_Financing_with_RE_Royalties
Drawdown of the Secured Loan was based on certain project related milestones. Given the progress on the Project as outlined above the Company has now completed the final drawdown under this facility of
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
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 1,550MW of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US and
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 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.
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