Revolve Renewable Power announces establishment of new division to focus on distributed generation market in the US and Mexico
VANCOUVER, BC, April 26, 2022 /CNW/ – Revolve Renewable Power Corp. (“Revolve” or the “Company“) 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.
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.”
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.
- 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.
About Revolve Renewable Power
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 Statesand 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.
For further information: Steve Dalton, Chief Executive Officer and Director, T: (403) 629-0262, E: email@example.com