VANCOUVER, BC / ACCESSWIRE / June 26, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF); ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects, is pleased to announce that the Company has been awarded a land lease by the New Mexico Commissioner of Public lands to construct a solar and battery storage project on state land in Dona Ana County, New Mexico.
This state land will form part of the 200MW Afton Solar & Storage being developed by the Company.
Afton Solar & Storage Project Summary
The Afton Solar & Storage Project is an 200MW solar and battery storage project, located on a 640 acre land parcel wholly owned and administered by the State Land Trust (the "State Trust") in Dona Ana County, 12 miles south west of Las Cruces, New Mexico. The project site already benefits from excellent access through the existing state road network and is adjacent to both existing and planned transmission infrastructure. The company is targeting a RTB (ready to build) date during 2025 for the Afton Solar & Storage Project.
Development Highlights
As a result of the primary land position being secured through the award of the State land lease the Company will now accelerate development works on the Project over the coming 12 months. These development works are expected to be as follows:
- Interconnection - the Afton Solar & Storage Project is located adjacent to the existing high voltage transmission network in the state. In addition to this there are plans to significantly upgrade the transmission network across Southern New Mexico to facilitate the transmission of wind and solar energy between New Mexico and Arizona. These upgrades are currently planned to be located within close proximity of the Project site. An interconnection application for the Project is expected to be submitted later this year.
- Permitting - an initial plan of development has already been completed including an initial analysis of the environmental and cultural resources related to the Project site. The Company will now look to finalize a permitting schedule for the Project with the majority of these permitting works expected to commence in 2024.
- Basic Engineering - the Company is also in the process of appointing a 3rd party engineering firm to begin basic engineering works, which will focus on a preliminary design of the project layout.
For additional information on our development portfolio and other operating projects please visit:
https://revolve-renewablepower.com/company-news/
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
[email protected]
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.