ReVolve Renewable Power Corp (TSX-V:REVV) announced the establishment of a new division, to be known as ReVolve Renewable Business Solutions, which will focus on the distributed generation market and sub 20 megawatt (MW) renewable energy projects.
The North American developer of utility-scale renewable energy generation projects said the new division will target both ‘behind the meter’ and grid-connected wind, rooftop solar, ground-mounted solar, battery storage and related energy efficiency projects in the US and Mexico.
“While the size of distributed generation projects is smaller than we have focused on to date they provide the company with the opportunity to transition from a pure developer of renewable energy projects to an independent power producer in the short to medium term,” ReVolve Renewable Power CEO Steve Dalton said in a statement.
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In connection with the announcement, ReVolve Renewable said it has appointed Eric Hickert as head of ReVolve Renewable Business Solutions and Cecilia Aguillon as a key adviser for its US operations as well as also providing support around distributed generation and the company's activities in Mexico.
It added that recruitment for rest of the team, which will focus on business development, technical and engineering activities, is at an advanced stage and the company expects to complete further new hires over the course of the next two months.
The company noted its new business initiative will be complementary to ReVolve's existing operations and is expected to generate stable, recurring cash flows as the unit grows.
Projects targeted by ReVolve Renewable Business Solutions are expected to include rooftop solar, battery storage and energy efficiency projects of up to 5MW located at the customer’s premises, the company said.
ReVolve Renewable Business Solutions will develop, construct and finance these projects and will enter into long term (up to 10 years) power purchase agreements for the sale of electricity from the projects with the underlying customers.
As well, the company confirmed that it has established an initial pipeline of distributed generation project opportunities in both the US and Mexico, covering the full range of technologies being targeted by the company as well a wide range of medium and large businesses.
ReVolve added that it expects to be in a position to provide further updates to shareholders on this pipeline over the course of the coming months.
ReVolve Renewable Power is in the business of developing utility-scale renewable energy generation projects in North America with a particular focus on wind, solar and battery storage technologies.
Contact Sean at sean@proactiveinvestors.com