- Revolve Renewable Power Corp. (REVV) has completed the US$1.42 million purchase of a 100 per cent interest in Centrica Business Solutions Mexico S.A. de C.V.
- It secured recurring revenues from six projects and near-term revenues from another project
- Revolve also acquired assets that include a combined heat and power project
- The new projects are expected to generate base case revenues of US$1.4 million and EBITDA of US$700,000 per annum
- Revolve Renewable Power Corp. (REVV) is unchanged and is trading at $0.34 per share as of 1:30 p.m. ET
Revolve Renewable Power Corp. (REVV) has completed the US$1.42 million purchase of a 100 per cent interest in Centrica Business Solutions Mexico S.A. de C.V.
The company has secured an ongoing recurring revenue stream from six operating distributed generation projects with this transaction. It also will see near-term revenues from one additional project expected to be operational during 2023.
“It accelerates Revolve’s entry into the distributed generation market while transitioning our business from being solely a development company to an independent power producer generating electricity, revenues and cashflow… we develop and create a pipeline of distributed generation assets in the US and Mexico and expect to announce new sales contracts as we continue to convert our pipeline of opportunities into new renewable energy generating capacity and revenue,” Steve Dalton, CEO of Revolve, said.
Revolve also acquired assets that include a combined heat and power project installed at the site of an industrial user and awaiting final permits before starting commercial operations. Once operational, the energy generated by the construction project will also be sold under a fixed price power purchase agreement with a term of 10 years.
According to the company, the newly purchased projects are expected to generate base case revenues of US$1.4 million and EBITDA of US$700,000 per annum.
Revolve Renewable Power Corp. (REVV) is unchanged and is trading at $0.34 per share as of 1:30 p.m. ET.
