Revolve provides development update on 49.6MW Primus Wind project
Vancouver, BC, November 2, 2022 – Revolve Renewable Power Corp. (TSXV:REVV) (“Revolve” or the “Company”) is pleased to provide an update on the ongoing development activity in relation to its 49.6MW Primus Wind project (the “Primus Project”). 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.
Primus Wind Project Location
The Primus Project is located north of Burlington in Kit Carson County along the Eastern Plains of Colorado, one of the main wind energy states in the US. Average wind speeds in Kit Carson County are among the highest in the US, providing vast resource potential for wind energy projects. The Primus Project site is easily accessed through the existing local road network and is in close proximity to the local transmission network.
Development activity on the Primus Project commenced in August 2021 and to date has consisted of securing site control, interconnection and energy resource assessment as follows:
- Site control – the Company has signed a number of lease option agreements with various private landowners, which provide sufficient land for the full capacity targeted for this phase of the Primus Project. These agreements provide Revolve with an option to enter into long term leases of up to 25 years to allow for the construction and operation of the Primus Project.
- Interconnection – the Primus Project is located in close proximity to the existing transmission network in the state. In addition to the existing transmission infrastructure, there are plans to significantly upgrade the transmission network across the Eastern Plains in Colorado to facilitate the continued expansion of renewable energy electricity generation projects. Transmission projects such as the Xcel Energy Colorado Power Pathway (https://www.coloradospowerpathway.com/project-description/) are targeting additional transmission capacity to accommodate up to 5,000MWs of new generation capacity.
- In late 2021 the Company applied for an interconnection informational study with Tri State Generation and Transmission Inc. (“Tri State”). The purpose of this study, which was received in February 2022, was to provide a detailed overview of the likely interconnection methodology for the Primus Project. Based on this study the Company made the decision to apply to Tri State for interconnection for the Primus Project. An interconnection application was submitted to Tri State in May of this year with the Phase One study results due to be released during Q1 2023.
- Energy resource assessment – the energy resource assessment consists in the first instance of the installation of a meteorological mast (“met mast”) at the project site to collect climatic data over a minimum period of 12 months. Over the course of this year the Company obtained a permit from the local county office in Kit Carson for the installation of a met mast at the project site. The installation of this mast (see figure 1) was completed in September by Harness Energy LLC, a specialist met tower installation and repair company based in Colorado and data collection has now commenced.
Figure 1: On site photos of met mast installed at the Primus Wind project
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 Tri State and subject to the results of this study the Company will continue to the next phase of the interconnection process.
- Permitting – the Company is in the process of completing a permitting schedule for the Project. It expects to commence work on various county and state permits required for the Primus Project once the Phase One interconnection study has been received. These will take between 12 to 15 months to secure once applied for.
- Energy Resource – following collection of twelve months of wind data the Company will commission an energy yield assessment report, which will outline the electricity expected to be generated by the project under various scenarios and utilizing different types of wind turbines.
- Basic Engineering – the Company will appoint a 3rd party engineering firm to begin basic engineering works, which will focus on a preliminary design of the project layout and location of the turbines. These activities should be completed during Q1 2023.
Revolve is targeting a ready to build date during 2024 for the Primus Project.
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 phase.
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 distributed generation assets.
For further information contact:
Steve Dalton, CEO
Phone: +1 778-885-5550
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.