VANCOUVER, BC / ACCESSWIRE / May 30, 2023 / Revolve Renewable Power Corp. (TSXV:REVV) ("Revolve" or the "Company") an owner, operator and developer of renewable energy projects is pleased to announce its unaudited financial and operating results for the quarter ending March 31, 2023 (Q3 FY2023). All amounts reported are in US dollars.
Key business and financial highlights for Q3 FY2023 included:
- Total revenues of US$888,185 for the quarter ending March 31, 2023 consisting of electricity generation revenue from our operational DG portfolio as well as the initial proceeds from the sale of the development rights to the Bouse and Parker Solar & Storage projects to ENGIE. Total revenues of US$1,012,524 for the financial year to date.
- Renewable energy generation for the quarter was 334,870kWh and 1,010,081kWh for the financial year to date. Extensions to various power purchase agreements ("PPA's") agreed with existing customers increasing the average contract length of PPA's remaining to 9 years.
- Strong gross profit margin trend continues driven by low operating costs associated with rooftop solar DG projects and contribution from Utility Scale project sale proceeds. Gross margins for the quarter ending March 31, 2023 were 83.2% and 82.7% for the financial year to date.
- Distributed Generation assets under construction during the quarter of 6.2MW consisting of a 3MW CHP project and a 3.2MWh battery storage project. Subsequent to the quarter end the Company announced the successful commissioning of the 3.2MWh battery storage project, which is now operational and generating revenue.
- Significant increase in the distributed generation project pipeline from 65.8MW at the end of the last quarter to 156.8MW as at the date of this release. This increase is the result of a number of business development initiatives undertaken since the start of the year, which have started to generate new project opportunities. The Company is now focused on converting this pipeline into signed power purchase agreements and is pleased to report the signing of an LOI for a new 533kW rooftop solar project in Mexico. The Company has also issued further LOI's to prospective customers for an additional 32MW of new DG capacity, which are currently awaiting acceptance and signing.
- Utility scale projects under development of 2,838MW as at the date of this release, this reflects (i) the sale of 1,250MW of US solar and storage projects to ENGIE on January 11, 2023 (https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of-utility-scale-solar-and-storage-projects) and (ii) the recent addition of 480MW of new greenfield development projects in the US.
- Net Income for the quarter ending March 31, 2023 was US$523,085 and a Net Loss of (US$235,972) for the financial year to date.
- Cash on balance sheet as at March 31, 2022 was US$1,410,390, following receipt of the US$2m upfront payment from ENGIE from the sale of the Bouse and Parker solar & storage projects.
Full Financial Statements and Management Discussion and Analysis can be found on the Company's website (https://revolve-renewablepower.com/financials/).
The Company has also issued a Q3 FY2023 Financial & Operating Results presentation, which can also be found on the Company's website (https://revolve-renewablepower.com/financials/).
Steve Dalton, CEO, commented, "Our Q3 FY2023 results demonstrate the benefits of our diversified strategy towards the renewable energy market. Revenue from our operating portfolio of DG assets was combined with the initial proceeds from the sale of some of our utility scale assets to increase revenue to US$1m. We are also extremely pleased with the Cancun BESS project reaching commercial operations and with the progress across our DG business unit in general. We expect to start construction on our next DG project shortly and are confident on further DG projects being signed in the coming months."
About Revolve
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 2,838MW 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 6MW with an additional 3MW under construction.
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 1,550MW 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 DG assets
For further information contact:
Steve Dalton, CEO
or
Sunita Prasad
VP, Corporate Development & Investor Relations
Phone: +1 778-885-5550
[email protected]
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.
SOURCE: Revolve Renewable Power Corp.