- Revolve Renewable Power (REVV) has finalized the sales involving a pair of its projects
- The Vancouver-based renewable energy company is selling its 250MW Parker Solar and Storage Project and 1,000MW Bouse Solar and Storage Project
- Both sales are to ENGIE IR Holdings, a subsidiary of French multinational utility company ENGIE S.A.
- The deal includes an up-front US$2 million cash payment, while the remainder of the sale is tied to development milestones of the two projects, including a commissioning date
- Revolve Renewable Power is up 1.67 percent, trading at $0.61 at 10:44 a.m. EST
Revolve Renewable Power (REVV) has finalized the sales involving a pair of its projects.
The Vancouver-based renewable energy company is selling its 250MW Parker Solar and Storage Project and 1,000MW Bouse Solar and Storage Project.
Both sales are to ENGIE IR Holdings, a subsidiary of French multinational utility company ENGIE S.A.
ENGIE is listed on the Paris and Brussels stock exchanges and already has extensive renewable energy operations across the United States, Mexico and Canada.
The deal includes an up-front US$2 million cash payment, while the remainder of the sale is tied to development milestones of the two projects, including a commissioning date.
ENGIE will be responsible for the further development of the projects, including all future development costs and other financial liabilities.
“We are delighted to announce the sale of our Bouse and Parker solar & storage projects to ENGIE. This is a significant transaction for the Company and marks the sale of our first utility-scale projects from our US development portfolio. It successfully demonstrates our development approach as well as our strategy for working with experienced utility partners to deliver significant returns for our shareholders. The transaction will also provide the Company with additional resources to advance its remaining development portfolio while also evaluating opportunities to add further greenfield project opportunities to its active development portfolio in the near term,” said Revolve CEO Steve Dalton.
“We look forward to continuing to support the team at ENGIE in developing the projects to a construction-ready stage.”
Revolve Renewable Power is up 1.67 percent, trading at $0.61 at 10:44 a.m. EST.
