Revolve Reports Q3 FY2024 Revenue Increase of 65%

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VANCOUVER, BC / ACCESSWIRE / May 30, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), a North American owner, operator and developer of renewable energy projects, is pleased to report its financial results for the three and nine month period ended March 31, 2024 ("Q3 FY2024"). All amounts reported are in US dollars.

Tania Ontiveros, CFO of Revolve commented, "This is the Company's first quarter since completing the acquisition of WindRiver, which has allowed us to report a 65% increase in revenues over the same period last year. Momentum is building across the various parts of the business and we look forward to reporting further progress over the coming months."

Key Business & Financial Highlights in Q3 2024

  • Total revenues for the 3 month period to March 31, 2024 of US$337,439 consisting of electricity generation revenue from our operational DG portfolio and the Box Springs Wind project since the acquisition of WindRiver Power Corporation ("WindRiver") closed in mid-February. Total revenues for the 9 month period to the same date were US$1,668,201, representing a 65% increase on the same period in FY2023. This included (i) the milestone payment received in August 2023 from the sale of the Parker Solar & Storage project (ii) electricity generation sales from the operating DG portfolio and Box Springs Wind project and (iii) asset management income from the operation of the Hunter Creek and Sakwi Creek Hydro projects.

  • Renewable energy generation from the Company's operational projects was 3,877,342kWh for the 3 month period to March 31, 2024 and 4,822,522kWh for the 9 month period to March 31, 2024.

  • During the quarter the Company completed the acquisition of WindRiver, a Canadian based renewable energy operator and developer with interests in a number of operating hydro and wind projects as well as a hydro project development pipeline (https://revolve-renewablepower.com/revolve-completes-acquisition-of-windriver-power-corporation-a-canadian-renewable-energy-operator-and-developer/).

  • Distributed Generation ("DG") assets under construction remained at 3.45MW with permitting work continuing on the 3MW CHP project and installation work continuing on the 450kWp rooftop solar project both located in Mexico.

  • Distribution Generation assets under development remained stable at c.140MW with a continued focus on converting this pipeline into signed power purchase agreements ("PPAs") Letters of Intent ("LOI") have been signed for a number of new DG projects with a combined capacity of 2.22MW. Progress has been slow in converting these to signed PPAs as customers are delaying final decisions until post the Mexican government elections in early June 2024. We remain hopeful that PPAs can be signed for these projects prior to the year end FY2024.

  • Development work across our utility scale portfolio continues to be focused on the 80MWh/20MW Vernal BESS and 49.5MW Primus Wind projects in the US. An interconnection agreement was signed for the Vernal BESS project in April this year and the project remains on track to reach ready to build status within the next 12 months. The Primus Wind project is expected to complete the interconnection process in the coming months and a ready to build date within the next 12 months is also targeted for this project.

  • The Company remains well positioned in the Mexican utility scale market with over 500MW of wind projects in mid to late stage development. As reported in our Q2 FY2024 financial results we are continuing to see signs of improving market conditions in Mexico and growing interest in renewable power purchase agreements from large corporates.

  • We continue to analyse new greenfield development projects in Canada and the US with a view to adding further capacity to our pipeline by the end of FY2024. Limited transmission capacity and congested interconnection queues remain an issue for developers leading to the Company being selective in what opportunities are being pursued.

  • Net Loss for the quarter ending March 31, 2024 was US$1,167,546 compared with a Net Profit of US$523,085 for the quarter ending March 31, 2023. The Company recorded a Net Loss for the 9 month period to March 31, 2024 of US$667,027 compared with a Net Loss of $235,972 for the 9 month period to March 31, 2023.

  • Cash on balance sheet as at March 31, 2024 was US$1,295,455 following completion of the final tranche of the private placement during January 2024 as well as the consolidation of cash held by WindRiver and the Box Springs Wind project.