Revolve Announces Acquisition of 30MWp Solar Development Project in Alberta

Revolve Renewable Power Corp., a developer of renewable energy projects in North America, has announced the acquisition of development rights to a 30MWp solar project in Alberta, Canada. The agreement, dated September 14, 2024, involves Revolve Meadows Solar GP Inc., a wholly-owned subsidiary of Revolve. The transaction is expected to be completed by November 15, 2024.

The acquisition includes an upfront payment of C$100,000 and potential additional payments up to C$790,000, based on the project's final capacity and milestones. The 30MWp project will be developed in two phases: 20MWp first, followed by 10MWp. Full commissioning is targeted for mid-2026.

Once operational, the project is forecasted to generate annual revenues between C$3.0m and C$5.0m, with an EBITDA of C$1.8m to C$3.0m. This acquisition will boost Revolve's development portfolio, adding to its existing 6MW Box Springs Wind Project in Alberta and "run of river" power projects in British Columbia.