ReVolve Renewable Power Corp (TSX-V:REVV) has provided an update on its current funding strategy for a new renewable energy development platform that the company is considering establishing.
The company said it is exploring a number of different options regarding the long-term funding of its business and in particular to support its strategy of creating long-term recurring revenue and cashflow for shareholders.
One such option is to work with a long-term funding partner at a project portfolio level with a view to providing the company with sufficient access to capital to allow it to finance, construct and operate its portfolio of utility-scale and distributed generation projects.
READ: Revolve Renewable Power rapidly advances its energy portfolio to reach various ready-to-build targets in 2024
The company confirmed that it has appointed Agentis Capital Advisors to act as its financial adviser and to lead discussions with potential interested parties on such a structure. These discussions are at a very early stage and there can be no guarantee that any discussions will reach a successful conclusion or that the company will decide to continue to pursue this option.
The company also confirmed that the financing structures under consideration in the process being led by Agentis do not currently envisage the issuance of any common shares of the company.
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. It develops utility-scale wind, solar and battery storage projects in the US and Mexico with a portfolio of around 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 assets. Revolve Renewable Business Solutions currently has an operating portfolio of 2.85MW with an additional 6.2MW under construction phase.
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.
Contact the author at jon.hopkins@proactiveinvestors.com