Revolve Renewable Energy has acquired growth rights to a 30 MW photo voltaic mission in Alberta, Canada.
Revolve Meadows Photo voltaic, a wholly-owned subsidiary of Revolve, and the mission developer have entered into an asset switch settlement (ATA) by which property associated to the mission will switch to the purchaser on completion of the transaction, which is predicted to happen by November 15.
Underneath the phrases of the ATA, the corporate pays an upfront consideration of C$100,000, in addition to additional consideration and reimbursement of historic growth prices of as much as C$790,000. The second fee is topic to the ultimate put in capability of the mission and linked to the completion milestones that embrace graduation of development and the business operation date of the mission.
The 30 MW photo voltaic mission, positioned close to Edmonton, is predicted to be developed in two phases of 20 MW and 10 MW. The corporate is concentrating on having the primary section of the mission able to construct in early 2026, with commissioning focused for mid 2026.
“We’re delighted to proceed to develop our presence within the Canadian market by means of the proposed acquisition,” says Steve Dalton, CEO of Revolve.
“The transaction is in step with our M&A method of concentrating on tasks below 30 MW within the U.S. and Canada, the place we proceed to see glorious alternatives to accumulate, develop, construct and function high quality property with engaging returns. Along with the Vernal BESS and Primus Wind tasks, Revolve is now anticipating to have 100 MW of utility scale property able to construct over the subsequent 18 months. The mission will even add to our Canadian growth portfolio and our operational, Alberta-based 6 MW Field Springs Wind Challenge and BC-based curiosity in two ‘run of river’ energy tasks.”
