Leveraging Investments in the Renewable Energy and Distributed Power Megatrend
Revolve Renewable Power is transitioning from a pure development company to an owner and operator of renewable energy projects. This strategic shift should allow for more predictable revenue and cash flow. The strategic shift to an owner and operator model will see the company retain ownership of projects through construction and into operation, creating long-term recurring revenue and cash flow through organic growth of its existing 3-gigawatt (GW) portfolio of projects, which will also be supplemented by strategic acquisitions. By the end of FY24, the company aims to have 59MW of operating & construction portfolio under different stages, with 10MW of acquired operating assets. By the end of FY25, the company is targeting 189MW of operating & construction portfolio, driven by 80MW of utility-scale projects under construction, combined with 10MW of acquired operating assets and 40MW of distributed generation (DG) projects. Additionally, the company intends to convert 40MW per year over FY24 and FY25 from its DG development portfolio into projects under construction or operational status. The company sold its Bouse and Parker Solar & Storage projects to ENGIE for a total consideration of between $50 million and $62.5 million, which are linked to the successful completion of development milestones. The company has already received $2.85 million and is expected to receive further payments when the critical milestones are completed. Revolve acquired WindRiver Power Corporation for upfront consideration of C$4.85 million, with an additional payment of C$14 million on completion of the sale of hydro development projects. This acquisition will add ~7MW of net operational and 90MW of development assets in Canada, in line with the company’s strategy of building a diversified renewable energy platform across North America.Philippine Metals is a mineral exploration stage company engaged in the exploration of its exploration and evaluation assets, located in the Philippines. Co. has not been able to identify a known body of commercial grade ore on any of its exploration and evaluation assets. The ability of Co. to realize the costs it has incurred on these exploration and evaluation assets is dependent upon Co. being able to identify a commercial ore body, to finance its exploration costs and to resolve any environmental, regulatory or other constraints which may hinder the development of the exploration and evaluation assets. Co. has not earned any revenues and is considered to be in the exploration stage.
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