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Revolve Renewable Power Corp. is pleased to announce the sale of its 250MW Parker Solar and Storage Project (the “Parker Project“) and the 1,000MW Bouse Solar and Storage Project (the “Bouse Project“) (together referred to as the “Projects“) to ENGIE IR Holdings LLC a wholly owned subsidiary ENGIE S.A. (“ENGIE“), a global leader in the energy sector. The sale of the Projects was completed pursuant to a share purchase agreement dated January 10, 2023. ENGIE is listed on the Paris and Brussels stock exchanges (ticker: ENGI) and has extensive renewable energy operations across the US, Mexico and Canada.
The total consideration payable by ENGIE is within the range of guidance previously provided by the Company for the sale of utility scale development assets. It includes an upfront payment of US$2,000,000 (inclusive of the reimbursement of development costs), which has been paid on completion of the transaction.
The remaining consideration is linked to each of the Projects successfully completing the following development milestones:
The first of these milestones is expected to be achieved in 2023 when further interconnection studies are issued.
On completion of the transaction ENGIE acquired 100% of the shares in Revolve Renewable AZ LLC and Revolve Parker Solar LLC on a cash and debt free basis.
ENGIE will be responsible for the further development of the Projects including all future development costs and other financial liabilities.
As part of the transaction the parties have entered into a put option agreement (the “Put Option“) allowing ENGIE to sell the Projects back to the Company for a limited period following receipt of the results of the next interconnection studies due for each project. Should ENGIE exercise this put option, the Company will repurchase the respective project, while also refunding ENGIE and development expenses incurred or reimbursed.
Steve Dalton, CEO of Revolve commented: “We are delighted to announce the sale of our Bouse and Parker solar & storage projects to ENGIE. This is a significant transaction for the Company and marks the sale of our first utility scale projects from our US development portfolio. It successfully demonstrates our development approach as well as our strategy in working with experienced utility partners to deliver significant returns for our shareholders. The transaction will also provide the Company with additional resources to advance its remaining development portfolio, while also evaluating opportunities to add further greenfield project opportunities to its active development portfolio in the near term.
We look forward to continuing to supporting the team at ENGIE in developing the projects to a construction ready stage.”
Agentis Capital acted as exclusive financial adviser to the Company on the Transaction, while Baker Botts acted as the Company’s U.S. legal counsel and Miller Thomson LLP acted as the Company’s Canadian legal counsel.
The Bouse Project is a 1,000MW solar and battery storage project, located on approximately 6,155 acres of land wholly managed by the BLM in La Paz County 27 miles east of Quartzsite, Arizona. The entire project site is located in a solar variance area as identified in BLM’s Solar PEIS and Record of Decision (ROD) (BLM/DOE 2012, BLM 2012a). The Bouse Project has the capacity to provide electricity to an equivalent of approximately 1.2 million homes. The Company commenced the greenfield development of the Bouse Project in early 2021.
The Parker Project is a 250MW solar and storage project, located on approximately 1,530 acres of land wholly managed by the Bureau of Land Management (the “BLM”) in La Paz County, Arizona. The Project is near existing transmission infrastructure and easily accessed through existing state road network. It has the capacity to provide electricity to an equivalent of approximately 300,000 homes. The Company commenced the greenfield development of the Parker Project in mid 2021.
ENGIE IR Holdings LLC, is a wholly owned subsidiary of ENGIE North America Inc., and serves as the holding company for all ENGIE’s North American solar development pipeline, which includes projects both in construction and pre-construction prior to a project’s respective tax equity close.
In 2020, ENGIE family of companies had an annual revenue more than US$68.2 billion and EBITDA of US$11.3 billion. ENGIE S.A., the parent company, is listed on the Paris and Brussels Stock Exchanges (ticker: ENGI) and represented in the main financial indices.
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the US and Mexico with a portfolio of approx. 2450MW under development. The Company has a second division, Revolve Renewable Business Solutions which installs and operates sub 20MW “behind the meter” distributed generation (or “DG”) assets. Revolve Renewable Business Solutions currently has an operating portfolio of 2.85MW with an additional 6.2MW under construction phase.
Revolve has an accomplished management team with a demonstrated track record of taking projects from “greenfield” through to “ready to build” (or “RTB”) status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To-date, Revolve has developed and sold over 300MW of projects.
Going forward, Revolve is targeting 5,000MW of utility-scale projects under development in the US and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG (distributed generation) assets.
