Revolve Successfully Completes BLM Variance Process for the 250MW Parker Solar and Storage Project
VANCOUVER, BC, Aug. 4, 2022 /CNW/ - Revolve Renewable Power Corp., ("Revolve or the Company") (TSXV: REVV), is pleased to announce that of the United States Bureau of Land Management (the "BLM") has notified the Company that its right of way / variance land application for the 250 megawatt (or "MW") Parker Solar and Storage Project (the "Parker Project"), located in La Paz County, Arizona has been approved for further processing.
- The Parker Project is a 250MW solar and battery storage project, located on approximately 1,530 acres of land wholly managed by the BLM in La Paz County, 9 miles southeast of Parker, Arizona. 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 Company will now continue through the BLM approval process, which will consist of completion of an environmental review of the Parker Project in accordance with National Environmental Policy Act ("NEPA") of 1969 and all other applicable laws, regulations and policies.
- Development activities for the Parker Project over the remainder of 2022 are expected to consist of the following:
- Completion of field studies including biological, aquatic and cultural resource assessments;
- Continuation of the interconnection study process for the Parker Project by the Western Area Power Administration ("WAPA"); and
- Review and amendment of the plan of development for the project.
Revolve Parker Solar LLC., a 90% owned subsidiary of the Company, submitted a right of way (SF299) application to the BLM in September 2021 which included a Plan of Development and Variance Factor Analysis for the Parker Project. Following the submission of the SF299 application, the Company has worked with the BLM in accordance with the BLM's right of way regulations (43 CFR 2800) to advance approval of the Parker Project.
This process included various preliminary meetings with relevant federal and state agencies, tribal consultation and a public consultation meeting held on February 2nd, 2022. Following completion of this process the Company has been officially notified of the BLM decision to approve the Parker Project for further processing.
The Company also confirms that it has 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. The biological field studies have already commenced and will be completed in the coming months. The aquatic and cultural resource assessments will be completed during Q1 2023.
Steve Dalton, CEO of Revolve, commented: "Completion of the variance approval process is a major milestone for the development of the Parker Project and is the result of some excellent work by the Revolve development team working closely with the BLM over the last 10 months. We now look forward to continuing this work with the BLM and our external consultants as the project moves into the NEPA process."
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 3.7 gigawatts (or "GW") under development. The Company has a second division, Revolve Business Solutions Ltd., which installs and operates sub 20MW "behind the meter" distributed power generation (or "DG") assets, which has an operating portfolio of 3MW with an additional 3MW in the 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 which are currently in commercial construction.
Going forward, Revolve is targeting 5GW of utility-scale projects under development in the US and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating distributed power generation assets
Although Revolve believes, in light of 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 Revolves' management's expectation on the future development of the Parker Project, including the completion of the BLM approval process, publication by the BLM of the notice of intent to commence the NEPA process, completion of field studies including biological, aquatic and cultural resource assessments, completion of the Phase One interconnection study by WAPA, the review and amendment of the plan of development for the project, the Parker Project becoming one of the largest solar & storage projects in Arizona, the growth and performance of the Company's business in the United States and Mexico, including the planned MW capacity of its projects and its expansion into the distributed generation market. 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 Revolves' 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
Sunita Prasad, Vice President, Investor Relations, [email protected], T : +1 778 885 5550; or David Fry, Manager, Corporate Communications, [email protected]
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