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Revolve Renewable Power Corp., a North American renewable energy developer and operator, has signed a binding offer to acquire a 95% interest in a 9.6 megawatt wind project in the United States. This marks the company’s first operating renewable energy asset in the U.S.
The proposed acquisition, valued at US$10.5 million on a cash and debt-free basis, is subject to standard closing conditions. The project includes six 1.6 MW wind turbines currently generating electricity under a Power Purchase Agreement with a regional utility. Once the transaction is finalized, the project is expected to deliver approximately US$2.2 million in annual revenue and US$885,000 in EBITDA during its first year under Revolve’s ownership.
“This Proposed Acquisition is another significant milestone for Revolve as we continue to execute on our growth plan across North America,” said CEO Myke Clark. “Once completed, this acquisition will add another strong recurring revenue stream to our growing portfolio of assets. We continue to see a number of exciting opportunities to supplement our strategy by acquiring operating assets in the US and Canada. This is the third significant acquisition of operating assets in our recent history, and we are committed to accelerating that process as we scale our business through additional acquisitions and organic growth.”
To support the purchase, Revolve has entered into a term sheet with RE Royalties Ltd. for a secured loan of up to US$ 8 million, covering around 80% of the upfront acquisition cost.
