Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Streetwise-The Energy Report (Reporter)
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Renewable Energy Firm Hits Milestone in Sale of Projects to Global Co.

% of readers think this story is Fact. Add your two cents.


Source: Streetwise Reports 06/10/2024

Revolve Renewable Power Corp. (TSXV:REVV;OTCQB:REVVF) announced the completion of a major milestone related to its sale of the Bouse Solar and Storage Project in Arizona to ENGIE IR Holdings LLC, a subsidiary of global energy leader ENGIE S.A. Read to see why analysts believe this sector is set to take off.

Revolve Renewable Power Corp. (TSXV:REVV;OTCQB:REVVF) announced the completion of a major milestone related to its sale of the Bouse Solar and Storage Project in Arizona to ENGIE IR Holdings LLC, a subsidiary of global energy leader ENGIE S.A.

The transaction, announced last year, included an upfront payment of US$2 million with remaining considerations dependent on the completion of several development goals.

The company reported that the first, completion of further interconnection studies, has been met at Bouse and a milestone payment of US$3.4 million has been paid to Revolve.

“We are delighted to reach a key milestone for the Bouse Project and the overall transaction with ENGIE,” said Revolve Chief Executive Officer Steve Dalton. “The Bouse Project is one of the largest solar and battery storage projects being developed for the Californian market, and we look forward to further progress being made towards notice to proceed in the coming years.”

Bouse is a 1,000 MW (megawatt) solar and battery storage project located on approximately 6,155 acres of land managed by the Bureau of Land Management (BLM) in La Paz County, 27 miles east of Quartzsite, Arizona. The entire project site is located in a solar variance area as identified in BLM’s Solar PEIS and Record of Decision (ROD) and has the capacity to provide electricity to an equivalent of approximately 1.2 million homes.

The terms of the sale also included the Parker Solar and Storage Project, also in La Paz County on BLM land. Located near existing transmission infrastructure and the local state road network, it has the capacity to power about 300,000 homes.

Co. Capitalizing on Global Demand

Revolve, which was formed in 2012 to capitalize on the growing global demand for renewable power, develops utility-scale wind, solar and battery storage projects in the US, Canada, and Mexico. Its second division, Revolve Renewable Business Solutions, installs and operates sub-20MW “behind the meter” distributed generation (or “DG”) assets.

According to research by Statista, electricity generation in the renewable energy market is projected to amount to more than 7.3 billion KWh in 2024, and it is expected to grow at a compound annual growth rate (CAGR) of 3.88% between 2024 and 2028.

Revolve’s portfolio includes 11 MW (net) of operating assets under long-term power purchase agreements across Canada and Mexico covering wind, solar, battery storage, and hydro generation; a 3MW CHP project and a 450 kWp rooftop solar project that are both under construction and expected to be operational later this year; and a diverse portfolio of utility-scale development projects across the U.S,. Canada and Mexico have a combined capacity of over 3,000MWs, as well as a 140 MW+ distributed generation portfolio that is under development.

The company has developed and sold over 1,550MW of projects so far, it said. Going forward, Revolve said it is targeting 5,000 MW of utility-scale projects under development and is rapidly growing its portfolio of revenue-generating DG assets in parallel.

Further considerations of the Bouse and Parker Project deal with ENGIE include issuance by ENGIE of a Notice to Proceed (NTP) construction works to the applicable Engineering and Procurement Contractor (EPC); and the Commercial Operations Date (COD), when that project has been synchronized and is capable of delivering all of its installed capacity to the grid.

As part of the transaction, the parties entered into a put option agreement allowing ENGIE to sell the Bouse Project back to the company for a limited period following receipt of the results of the next interconnection studies due for each project. ENGIE has chosen not to exercise that option and it has expired.

The Catalyst: Renewable Energy Demand to Power Industry

According to research by Statista, electricity generation in the renewable energy market is projected to amount to more than 7.3 billion KWh in 2024, and it is expected to grow at a compound annual growth rate (CAGR) of 3.88% between 2024 and 2028.

“The energy market is expected to continue growing, with increasing demand for energy worldwide as populations grow and economies develop,” the report said. “However, the mix of energy sources is expected to shift towards cleaner and more sustainable options, with renewable energy sources like solar, wind, and hydropower projected to continue growing rapidly. Fossil fuels are expected to gradually decline in importance.”

Mordor Intelligence noted the United States’ share of the renewable energy market is estimated at more than 434 GW in 2024 and is expected to reach 700 GW by 2029, growing at a CAGR of 10%.

Renewable energy growth will be driven by falling costs of technologies, increasing demand, supportive policies and regulations, and improvements in energy storage and grid integration technologies, Statista analysts wrote.

“In addition, the COVID-19 pandemic has accelerated the shift towards renewable energy, as governments and businesses have recognized the importance of building resilient and sustainable energy systems,” they noted. “The Russia-Ukraine war has brought to light the precarious and exposed reliance on certain energy sources, such as gas and oil, ultimately necessitating a significant diversification of countries’ energy portfolios in the long term. Overall, the outlook for the renewable energy market is positive, and the sector is expected to continue to play an increasingly important role in meeting global energy demand while reducing greenhouse gas emissions.”

Mordor Intelligence noted the United States’ share of the renewable energy market is estimated at more than 434 GW in 2024 and is expected to reach 700 GW by 2029, growing at a CAGR of 10%.

Therefore, increasing investments in the sector are expected to drive the US renewable energy market during the forecast period.

“Factors such as increasing solar and wind energy installations over the period, supportive government policies, declining solar panel costs, and additional subsidies on renewables are expected to drive the renewable energy market during the forecast period,” analysts wrote. [OWNERSHIP_CHART-10982]

The U.S. government announced the framework to invest US$555 billion in clean energy programs, which is expected to be a big opportunity for companies in this space.

Ownership and Share Structure

About 60% of the company is owned by insiders and management, Revolve said.

Top shareholders include Joseph O’Farrell with 13.21%, Roger Norwich with 12.15%, the CEO and Director Stephen Dalton with 6.01%, President and Director Omar Bojoquez with 4.82%, and Jonathan Clare with 1.84%, according to Reuters and the company.

The rest is retail.

Revolve has a market cap of CA$23.64 million with 63.04 million shares outstanding and 38.08 million free-floating. It trades in a 52-week range of CA$0.50 and CA$0.20.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Important Disclosures:

  1. Revolve Renewable Power Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.
  2. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Revolve Renewable Power Corp.
  3. Steve Sobek wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee.
  4. This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.

For additional disclosures, please click here.

( Companies Mentioned: TSXV:REVV;OTCQB:REVVF, )


Source: https://www.streetwisereports.com/article/2024/06/10/renewable-energy-firm-hits-milestone-in-sale-of-projects-to-global-co.html


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Lion’s Mane Mushroom Nootropic

Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, But it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity.


Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins.


Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system.


Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome.


Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function.


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.