Revolve Provides Development Update on its 80MWh/20MW Vernal Battery Storage Project in the US
VANCOUVER, BC, Nov. 22, 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 80MWh/20MW Vernal Battery Storage project (the "Vernal BESS Project") This news release is the latest in a series of updates the Company will provide on its Utility Scale development portfolio in the US.
The Vernal BESS Project is an 80MWh / 20MW battery storage project, located on a 47-acre land parcel wholly owned and administered by the State Land Trust (the "State Trust") in Uintah County, 4 miles north of Vernal, Utah.
The project is the Company's first stand-alone battery storage project under development in the US, which is a fast-growing segment of the energy market in the country.
The project site already benefits from excellent access through the existing local road network and is in close proximity to existing transmission infrastructure.
The Company has planned a very active work programme during 2023 and is targeting a RTB (ready to build) date of 2024 for the Vernal BESS Project.
Steve Dalton, Revolve CEO commented: "We are excited about the progress being made on the Vernal BESS battery storage project, our first battery storage project in our US utility scale portfolio. We look forward to working towards some key project milestones during the course of next year ahead of a target ready to build status in 2024 "
Development activity on the Vernal BESS Project commenced in May 2021 with the submission of an application to lease the project site from the State Trust in Utah. This was followed by the submission of an interconnection application and scoping for the permitting required for the project.
- Site control – Following completion of the application process signed a lease agreement with the State Trust in Jan 2022, which allows for the development, construction and long-term operation of the Vernal BESS Project. The current acreage under contract is 47 acres although the final project site is expected to utilise a much smaller footprint.
- Interconnection – the Vernal BESS Project is ideally located less than a half mile from the existing transmission network in the area. In May 2022 the company applied for an interconnection with Pacificorp the transmission system operator / owner of the interconnection infrastructure located adjacent to the project site as part of their 2022 Cluster 2 study.
- The results of this first phase of the study process were recently received by Revolve and they are currently being assessed in conjunction with the Company's technical advisers. Based on the analysis to date, the Company expects to advance the project to the next stage of the study process in early 2023.
- Permitting – The permitting requirements for a battery storage project are in general less onerous than those required for a wind or solar energy projects and the timeline would also be expected to be shorter. The Company engaged Wood Group to prepare a permitting matrix and timeline for the project. Permitting work on the project will commence Q1 2023 based on this matrix and is estimated to take up to eighteen months to achieve full approval given the relevant authorities are supportive of the project.
The company is planning to ramp up development activity of the project during 2023, with a particular focus on:
- Interconnection – completion of the Phase Two study by Pacificorp and subject to the results of this study the company will continue to the next phase of the interconnection process.
- Environmental & Permitting – commenced of the work to prepare applications for the state and local county permits required for the project. These include completion of a plan of development for the project, a cultural resources survey and report, a conditional use permit and easements / permits required for the short transmission line that will be constructed to connect into the nearest substation.
- Commercial – the Company is also actively following the All-Source Request for Proposal ("RFP") issued by Pacificorp in April this year. The RFP is targeting 1,945MW of new wind, solar and battery storage capacity to assist Pacificorp to meet the objectives set out in its 2021 Integrated Resource Plan ("IRP"). Submissions to this RFP are due in Q1 2023 from projects that can achieve a commercial operation date by the December 31, 2026. Further information on this RFP can be found at: https://www.pacificorp.com/content/dam/pcorp/documents/en/pacificorp/suppliers/rfps/pacificorps-2022-all-source-request-for-proposals/PacifiCorp_2022AS_RFP_Main_Document.pdf
For additional information on our assets visit:
https://revolve-renewablepower.com/company-news/
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 phase.
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 (distributed generation) assets.
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
Steve Dalton, CEO, [email protected] or [email protected], Phone: +1 778-885-5550
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