Revolve Provides Development Update on its Vernal BESS & Primus Wind Projects
VANCOUVER, BC, March 23, 2023 /CNW/ - Revolve Renewable Power Corp. (TSXV: REVV) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects is pleased to provide an update on the ongoing development activity of both its 80MWh/20MW Vernal Battery Storage project (the "Vernal BESS Project") and 50MW Primus Wind Energy project (the "Primus Wind Project").
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 site already benefits from excellent access through the existing local road network and is in close proximity to existing transmission infrastructure. The company is targeting a RTB (ready to build) date of 2024 for the Vernal BESS Project.
As indicated in the previous project update issued on November 22, 2022 (https://revolve-renewablepower.com/revolve-provides-development-update-on-its-80mwh-20mw-vernal-battery-storage-project-in-the-us/) the Company initiated an active development program for the project during 2023. An update on this development program is outlined below.
- 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 received by Revolve in November 2022 and the following completion of our internal analysis a decision was made to progress to the second phase of the interconnection process. The Company secured a surety facility of US$1.8m, which facilitated meeting the financial security posting requirements under the PacifiCorp interconnection regulations in order to move to this second phase. The second phase study is expected to be received later this year.
- The Company is targeting having a signed interconnection agreement for the Vernal BESS Project in 2024.
- Permitting – Commencement of the work to prepare applications for the state and local county permits required for the project has now begun. These include 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. We are targeting approval for a number of these permits throughout 2023.
The Primus Wind Project is a 49.6MW wind project, located north of Burlington in Kit Carson County along the Eastern Plains of Colorado, one of the main wind energy states in the US. Development activity on the Primus Wind Project commenced in August 2021 and to date has consisted of securing site control, interconnection and energy resource assessment
As indicated in the previous project update issued on November 2, 2022 (https://revolve-renewablepower.com/revolve-provides-development-update-on-49-6mw-primus-wind-project/) the Company targeted a number of key development milestones for the project during 2023 with a view of targeting ready to build status during 2024. An update on these development milestones is outlined below.
- Interconnection – the Primus Wind Project is located in close proximity to the existing transmission network in the state. In addition to this there are plans to significantly upgrade the transmission network across the Eastern Plains in Colorado to facilitate the continued expansion of renewable energy electricity generation projects. An interconnection application was submitted to Tri State in May 2022. The results of this first phase of the study process were received by the Company in January 2023 and the following completion of our internal analysis a decision was made to progress to the second phase of the interconnection process. The Company is targeting having a signed interconnection agreement for the Primus Wind Project in 2024.
- Permitting – a final permitting schedule has now been completed for the Primus Wind Project and permitting works are due to start in the coming weeks. The initial permitting works will consist of the certificate of public convenience and necessity, which includes a detailed investigation of cultural and biological resources as well as a conditional use permit, which requires a site plan, impact, geotechnical and mitigation analysis and a certification of intent. Wood Group have been appointed to manage the permitting process on behalf of the Company.
- Energy Resource – the Company has continued to collect wind resource data from the site from the meteorological mast that was installed in September 2022. The Company expects to commission an energy yield assessment report at the end of this year following collection of an initial 12 months of data from the project site.
- Basic Engineering – the Company is in the final stages of appointing a 3rd party engineering firm to begin basic engineering works, which will focus on a preliminary design of the project layout and location of the turbines. This is expected to be completed by the end of June this year and will be refined as further information is received from the wind resource assessment campaign over the course of this year.
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 approx. 2,350MW 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 and 71.8MW under development.
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 (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 Sunita Prasad, VP, Corporate Development & Investor Relations, Phone: +1 778-885-5550, [email protected]
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