Revolve Renewable Power Announces Signing of Land Option Agreements in Nuevo León, Mexico for Development of Phase III of the Presa Nueva Wind Project
Vancouver, British Columbia- June 6, 2022 – Revolve Renewable Power Corp, (TSXV: REVV) (“Revolve” or the “Company“) is pleased to announce that it has successfully signed land option agreements for an additional 10,500 hectares (the “Option Agreements“) with private landowners in the area adjacent (the “Option Area“) to the Company’s existing 400MW Presa Nueva Wind development project (the “Presa Nueva Project“) in the municipality of General Bravo, Mexico. The execution of the Option Agreements marks the completion of the Company’s planned land acquisition program in the state of Nuevo León, Mexico, which had the aim of adding further greenfield development projects to its portfolio.
The Option Area will be combined into a third phase of the Presa Nueva Project, which is expected to have a capacity of up to 300MW. The Presa Nueva Project is located in a high wind resource area of North Eastern Mexico and is in close proximity to the high voltage transmission network serving the city of Monterrey and the surrounding areas.
The Company has maintained a long-term interest in this area of Mexico, having already successfully developed the 269MW Dolores Wind project between 2016 and 2019 as well as actively developing the 400MW Presa Nueva Project since mid 2018.
The Company has had an ongoing wind measurement campaign in the municipalities of General Bravo and China, Nuevo León since 2018 and it expects to add further wind measurement equipment to the expanded area now under option over the coming months. The Company intends to begin initial development work on Phase III of the Presa Nueva Project consisting of basic project design and constraints analysis in the coming weeks. A ready to build date of 2025 is targeted for Phase III of the project, which will allow the Company to analyse the potential to incorporate other technologies such as battery storage and green hydrogen production into the overall project design.
Steve Dalton, CEO of Revolve, commented: “Our development team have done some great work in the field over the last twelve months, building relationships and trust with the local community in General Bravo. The Company has a long and successful track record in North Eastern Mexico and we are delighted to add further development capacity to our growing portfolio of projects, which now stands at 1.5GW in Mexico.”
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 has also recently establish Revolve Renewable Business Solutions, a division dedicated to the development and operation of distribution generation and sub 20MW renewable energy projects in the US and Mexico.
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 3.7 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.
Chief Executive Officer and Director
T: (403) 629-0262
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 future development of the Presa Nueva Project, the growth and performance of its business in the United States and Mexico, including the planned MW capacity of its projects and its expansion into the distributed generation 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.