Canadian renewable energy developer Revolve Renewable Power is acquiring a 125MW portfolio of utility-scale solar development projects in the US.
The portfolio comprises three projects: the 30MWdc Henry project in Illinois, the 56MWdc Columbus project in New Mexico and the 39MWdc Endeavor project in Wisconsin.
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The acquisition will expand Revolve’s project pipeline to more than 3GW and is expected to close this month. It will be completed through the company’s wholly owned US subsidiary.
“This acquisition is a significant step in building Revolve’s US solar development platform and reflects exactly the kind of disciplined, opportunistic acquisitions we look for as we grow Revolve’s pipeline with quality projects,” said CEO Myke Clark. “These three projects bring secured land and development-stage assets that we can advance efficiently toward construction-ready status. Revolve sees significant future potential in the US solar market as demand for power continues to grow.”
According to Revolve, each project has secured site control through executed ground leases and option agreements and is located within territories served by utilities including Ameren, Columbus Electric Co-Op and Wisconsin Power & Light.
Revolve will pay a development fee of US$0.02/W upon notice to proceed with construction, alongside deferred consideration equivalent to 10% of a project’s realised sale value or fair market value.
The company said no upfront or milestone payments are required unless an individual project advances to construction.
Following the acquisition, Revolve’s US development portfolio will span solar, wind and energy storage projects across Illinois, New Mexico, Wisconsin, Utah and Colorado, alongside projects under development in Canada and Mexico.
The company said development of the newly acquired projects will be funded through existing resources and strategic financing facilities as they advance through permitting, interconnection and financing stages.
Founded in 2012, Revolve develops utility-scale wind, solar, hydro and battery storage projects across North America. The company said it has developed and sold more than 1.55GW of renewable energy projects to date and currently operates 13MW of generation assets across Canada and Mexico.
