Revolve Achieves a Key Milestone and Completes WindRiver Acquisition Previously Announced in October 2023
On February 14, 2024, Revolve completed the proposed acquisition of WindRiver Power Corporation, which was announced in October 2023. WindRiver is a Canada-based owner, operator, and developer of wind and hydro projects in the provinces of British Columbia and Alberta. This acquisition is a key milestone in Revolve’s stated strategy of utilizing both a development strategy and acquiring operating assets. Those interested can listen to a summary conversation on the WindRiver transaction with Revolve CEO Steve Dalton accessible in our full report. These operating projects produced 28,463MWh of energy for the first six months of 2023 and generated C$3.17 million in gross revenue. WindRiver’s share of revenue was C$0.9 million for the first six months. Following the completion of the acquisition, Revolve now has a total portfolio consisting of: (1) Operating Assets: 12.33MW (net) of operating assets under long-term PPAs across Canada and Mexico, covering wind, solar, battery storage, and hydro generation; (2) Under Construction: a 3MW CHP project and a 450kWp rooftop solar project that are both under construction and expected to be operational later this year; and (3) Development: a diverse portfolio of development projects across the US, Canada, and Mexico, with a combined capacity of more than 3,000MW. REVV acquired all outstanding shares of WindRiver for approximately C$4.85 million. Additional contingent payments of up to C$14 million may be made based on project milestones. WindRiver is also entitled to contingent payments of up to C$5.7 million from previously sold assets. The company financed the acquisition using a secured loan of C$3.97 million from RE Royalties Ltd. (RE, RROYF). Revolve provided the remaining cash needed through its own balance sheet funds.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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