VANCOUVER, BC, Nov. 16,
2022 /CNW/ - Revolve Renewable Power Corp.
(TSXV: REVV) ("Revolve" or the "Company") is pleased
to provide an update on the ongoing development activity of its
250MW Parker Solar & Storage
project (the "Parker Project"). Revolve is active on several
utility scale solar, battery storage and wind projects in the US.
This release is part of an ongoing effort to keep shareholders
apprised of ongoing development activities at the Company's
portfolio of utility scale solar, battery storage and wind projects
in the US and Mexico.
Parker Project Summary
The Parker Project is a 250MW solar and battery storage project,
located on approximately 1,530 acres of land wholly managed by the
Bureau of Land Management (the "BLM") in La Paz County, 9 miles southeast of
Parker, Arizona (see figure
1). The entire project site is located in a solar
variance area as identified in BLM's Solar PEIS and Record of
Decision (ROD) (BLM/DOE 2012, BLM 2012a). It has the capacity to
provide electricity to an equivalent of approximately 300,000
homes. The site already benefits from excellent access through the
existing state road network, and it is also in close proximity to
existing transmission infrastructure.
Considerable progress has been achieved on the Parker Project
over the last eighteen (18) months and it is now moving towards the
mid-stage of development. The Company is targeting a RTB (ready to
build) timeline of 2024 for the Parker Project.
Development Highlights
Development activity on the Parker Project commenced in
July 2021 and to date has consisted
of securing the site control through the variance process with the
BLM, interconnection and environmental field studies.
- Site control - The Company submitted a right of way
(SF299) application to the BLM under the variance process for the
lands required for the Project in September
2021. Following the submission of the SF299 application and
payment of the applicable fee the Company's secured its interest in
the project site.
- The variance process included various preliminary meetings with
relevant federal and state agencies, tribal consultation and a
public consultation meeting held on February
2nd, 2022.
- As announced in the news release dated August 4th, 2022
(https://revolve-renewablepower.com/revolve-successfully-completes-blm-variance-process-for-the-250mw-parker-solar-and-storage-project/)
following completion of this process the Company was notified of
the BLM decision to approve the Parker Project for further review
in accordance with National Environmental Policy Act
("NEPA") of 1969 and all other applicable laws, regulations
and policies.
- Environmental Field Studies - The Company appointed Wood
Group Inc. ("Wood"), a global engineering consultancy firm
with extensive experience across the energy sector in the United States, to lead the field studies
required as part of the NEPA process. These studies commenced in
September this year and to date the biological resources survey has
been completed as is under review by the BLM with work ongoing on
the cultural, paleo and surface water resource surveys. It is
expected that these will be completed during Q1 2023 along with any
remaining studies by the end of Q2 2023.
- Once completed, each of these studies will be provided to the
BLM for review and when finalised will form part of the final NEPA
submission for approval.
- Interconnection – the Parker Project is ideally located
within 1 mile of the existing transmission network in the area and
adjacent to an existing utility corridor, which runs through BLM
land and directly along the project site.
- In late 2021 the Company applied for an interconnection with
the Western Area Power Administration ("WAPA") the transmission
system operator / owner of the interconnection infrastructure
located adjacent to the project site. Revolve has been working with
WAPA over the course of the last 12 months and expects the Phase
One study results to be released during Q1 2023.
2023 Development Activities
The Company is planning to continue the development of the
Project during 2023 with a particular focus on:
- Interconnection – completion of the Phase One study by WAPA and
subject to the results of this study the company will continue to
the next phase of the interconnection process.
- Environmental & Permitting – completion of the remaining
environmental field studies during Q1 and Q2 2023, updating of the
plan of development for the project and completion of the
environmental review process by the BLM under NEPA.
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 c.3,600MW 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 2.85MW
with an additional 6.2MW 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 300MW
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.
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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/revolve-provides-development-progress-on-its-250mw-parker-solar--storage-project-in-the-us-301679605.html
SOURCE ReVolve Renewable Power Corp
