ReVolve Renewable Power Corp (TSX-V:REVV) said it has successfully signed land option agreements with private landowners for an additional 10,500 hectares adjacent to its existing 400 megawatts (MW) Presa Nueva Wind development project in Mexico’s General Bravo municipality.
The renewable energy projects owner and developer said the execution of the option agreements marks the completion of its planned land acquisition program in the state of Nueva León, Mexico, which aimed to add further greenfield development projects to its portfolio.
"Our development team have done some great work in the field over the last twelve months, building relationships and trust with the local community in General Bravo,” ReVolve CEO Steve Dalton said in a statement. “The company has a long and successful track record in North Eastern Mexico and we are delighted to add further development capacity to our growing portfolio of projects, which now stands at 1.5GW (gigawatts) in Mexico."
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ReVolve said the option area will be combined into a third phase of the Presa Nueva project, which is expected to have a capacity of up to 300MW. The Presa Nueva Project is located in a high wind resource area of North Eastern Mexico and is close to the high voltage transmission network serving the city of Monterrey and the surrounding areas.
The company said it has maintained a long-term interest in this area of Mexico, having already successfully developed the 269MW Dolores Wind project between 2016 and 2019 as well as actively developing the 400MW Presa Nueva project since mid-2018.
Additionally, it said it has had an ongoing wind measurement campaign in the municipalities of General Bravo and China, Nuevo León since 2018 and it expects to add further wind measurement equipment to the expanded area now under option over the coming months.
It intends to begin initial development work on Phase III of the Presa Nueva project consisting of basic project design and constraints analysis in the coming weeks. A ready-to-build date of 2025 is targeted for Phase III of the project, allowing it to analyse the potential to incorporate other technologies such as battery storage and green hydrogen production into the overall project design, ReVolve added.
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.
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