Revolve Renewable Power

VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company") an owner, operator and developer of renewable energy projects is pleased to announce that it plans to release its June 30, 2023 full year financial statements ("FY2023") on October 30, 2023 before the markets open at 8am Eastern Time. The Company will publish its FY2023 financial statements along with supplementary information providing an update on the business.

FY2023 Financial Guidance

Ahead of this publication the Company is pleased to provide the following forward-looking guidance in respect of expected revenues and EBITDA[1] for FY2023. Revenues for the period FY2023 are expected to be in the region of US$1.1m with an EBITDA1 loss of US$1.9m. This compares with Nil revenue and an EBITDA1 loss of US$3.7m for the 12 month period ending June 20, 2022 ("FY2022").

FY2024 Financial Forecast

The Company has also completed its corporate strategy and financial forecasting for the financial year ending June 30, 2024 ("FY2024") and is pleased to provide the following forward-looking guidance in respect of forecasted revenues and EBITDA1 for FY2024.

The Company is projecting revenue to increase to US$5m and to be breakeven at an EBITDA1 level for FY2024. The increased revenues and profitability is expected to be driven by the Company's existing operational distribution generation portfolio as well as in particular further contingent milestone payments from utility scale projects previously sold to 3rd parties.

An updated corporate presentation inclusive of its FY2024 corporate strategy and financial guidance can be found on the investor section of the Company's website www.revolve-renewablepower.com

About Revolve

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. 2,350MW 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 and 71.8MW under development.

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 1,550MW 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.

For further information contact:

Steve Dalton, CEO

IR@revolve-renewablepower.com

Or

Sunita Prasad

VP, Corporate Development & Investor Relations

Phone: +1 778-885-5550

IR@revolve-renewablepower.com

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures including Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA"). Non-IFRS measures and industry metrics do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. These measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management's perspective. Accordingly, these measures should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. The term EBITDA consists of net loss or gain and excludes interest, taxes, depreciation and amortization. The most directly comparable measure to EBITDA calculated in accordance with IFRS is net gain or net loss. The term EBITDA margin consists of the percentage of net loss or gain and excludes interest, taxes, depreciation and amortization. These measures, have limitations, and are provided in addition to, and not as an alternative for, and should be read in conjunction with, the information contained in our financial statements prepared in accordance with GAAP (including the notes), included in our filings on SEDAR+ at sedarplus.ca and posted on our website.

Financial Projections

The Company's financial projections are inherently speculative and may prove to be inaccurate. Any financial projections provided in this press release have been prepared in good faith based upon the estimates and assumptions considered reasonable by management. However, projections are no more than estimates of possible events and should not be relied upon to predict the results that the Company may attain. Future oriented financial information in this press release includes statements with respect to (i) revenues and EBITDA for FY2023; and (ii) that the Company's revenue will increase to US$5m and that it will have a break-even EBITDA for FY2024; and (iii) that it's increase in revenue and EBITDA will be driven by the Company's existing operational distribution generation portfolio as well as further contingent milestone payments from utility scale projects previously sold to 3rd parties. There is a risk that the conditions related to these contingent payments may not be met and therefore the payments will not be received by the Company, which would materially impact the Company's FY2024 projected revenues and EBITDA. The projections are based upon a number of estimates and assumptions and have not been examined, reviewed or compiled by independent accountants or other third-party experts, including assumptions with respect to the Company's anticipated expenses and future revenues from the Company's existing operational distribution generation portfolio as well as further milestone payments from utility scale projects previously sold to 3rd parties. These assumptions may vary from the actual results. Accordingly, there is no assurance that future events will correspond to management's assumptions or that actual results during the periods covered will approximate the financial projections. Any variations of actual results from projections may be material and adverse. Future-oriented financial information and financial outlooks, as with forward-looking information generally, are, without limitation, based on the reasonable assumptions of the Company and management as at the date hereof. Our actual financial position and results of operations may differ materially from management's current expectations and, as a result, our revenue, profitability, EBITDA may differ materially from any revenue, and profitability profiles provided in this press release. Such information is presented for illustrative purposes only and may not be an indication of our actual financial position or results of operations.

Revolve does not provide reconciliations for forward-looking non-GAAP financial measures as Revolve is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various events that have not yet occurred, are out of Revolve's control and/or cannot be reasonably predicted, and that would impact the most directly comparable forward-looking GAAP financial measure. For these same reasons, Revolve is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Forward Looking Information

The forward-looking statements contained in this news release constitute 'forward-looking information' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to (i) statements with respect to the business plans of the Company, including it's goal of developing 5,000MW of utility-scale projects in the US and Mexico and growing its portfolio of revenue-generating DG (distributed generation) assets; (ii) the Company's intention to distribute it's its FY2023 financial statements along with supplementary information providing an update on the business on October 30, 2023 before the markets open at 8am Eastern Time; and (iii) that increases to the Company's revenue and EBITDA for the 2024 financial year will be driven by the Company's existing operational distribution generation portfolio as well as further milestone payments from utility scale projects previously sold to 3rd parties. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.

Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

[1] See "Note Regarding Non-IFRS Measures" below for further information regarding non-IFRS measures included in this press release.

SOURCE: Revolve Renewable Power Corp.View source version on accesswire.com:

https://www.accesswire.com/780323/revolve-announces-forward-guidance-for-fy2023-financial-results-and-a-fy2024-financial-forecast

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Revolve Renewable Power Corp.: Revolve Announces Forward Guidance for FY2023 Financial Results and a FY2024 Financial Forecast

VANCOUVER, BC / ACCESSWIRE / September 11, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects is pleased to provide an update on the ongoing interconnection application process for its 80MWh/20MW Vernal Battery Storage project (the "Project").

Vernal BESS Project Summary

The Vernal BESS Project is an 80MWh / 20MW battery storage project, located on a 47-acre land parcel wholly owned and administered by the State Land Trust (the "State Trust") in Uintah County, 4 miles north of Vernal, Utah. The project site already benefits from excellent access through the existing local road network and is in close proximity to existing transmission infrastructure.

Development Highlights

As indicated in the previous project update issued on March 23, 2023 (https://revolve-renewablepower.com/revolve-provides-development-update-on-its-vernal-bess-primus-wind-projects/) the Company initiated an active development program for the project during 2023, which was a key part of this development program related to the interconnection process for the Project.

Interconnection - the Project is ideally located less than a half mile from the existing transmission network in the area. In May 2022 the company applied for an interconnection with PacifiCorp, the transmission system operator / owner of the interconnection infrastructure located adjacent to the project site as part of their 2022 Cluster 2 study.The results of this first phase of the study process were received by Revolve in November 2022 and the Company decided to move forward to the second phase of the interconnection process. The Company secured a surety facility of US$1.8m, which facilitated meeting the financial security posting requirements under the PacifiCorp interconnection regulations in order to move to this second phase.Revolve has now received the final second phase study for the Project, the results of which continue to remain in line with the Company's expectations both in terms of the overall cost of the interconnection and the potential commissioning timeline.The Company is now expected to sign an interconnection agreement for the Project by the end of this year ahead of the previously indicated timeline of 2024.Permitting and other development works on the project are continuing with a ready to build ("RTB") target date in late 2024.

For additional information on our assets visit:

https://revolve-renewablepower.com/company-news/

About Revolve

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. 2,847MW 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 6MW with an additional 3MW under construction phase and c.156MW under development.

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 1,550MW 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.

For further information contact:

Steve Dalton, CEO

IR@revolve-renewablepower.com

or

Sunita Prasad

VP, Corporate Development & Investor Relations

Phone: +1 778-885-5550

IR@revolve-renewablepower.com

Forward Looking Information

The forward-looking statements contained in this news release constitute 'forward-looking information' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and 'forward-looking statements' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, 'forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to the Company's Vernal BESS project and its expectations on the future development of this project particularly as it relates to the interconnection process and the completion of various permitting and development milestones. The Company can provide no assurances as to whether it will be able to successfully complete the interconnection process for the Vernal BESS project as well as whether the required permits will be granted by the responsible 3rd party authorities. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.

Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Revolve Renewable Power Corp.View source version on accesswire.com:

https://www.accesswire.com/782439/revolve-provides-development-update-on-its-vernal-bess-project

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Revolve Renewable Power Corp.: Revolve Provides Development Update on its Vernal BESS Project

Revolve Provides Development Update on its Vernal BESS Project

VANCOUVER, BC / ACCESSWIRE / September 11, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects is pleased to provide an update on the ongoing interconnection application process for its 80MWh/20MW Vernal Battery Storage project (the "Project").

Vernal BESS Project Summary

The Vernal BESS Project is an 80MWh / 20MW battery storage project, located on a 47-acre land parcel wholly owned and administered by the State Land Trust (the "State Trust") in Uintah County, 4 miles north of Vernal, Utah. The project site already benefits from excellent access through the existing local road network and is in close proximity to existing transmission infrastructure.

Development Highlights

As indicated in the previous project update issued on March 23, 2023 (https://revolve-renewablepower.com/revolve-provides-development-update-on-its-vernal-bess-primus-wind-projects/) the Company initiated an active development program for the project during 2023, which was a key part of this development program related to the interconnection process for the Project.

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. 2,847MW 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 6MW with an additional 3MW under construction phase and c.156MW under development.

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 1,550MW 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.

The forward-looking statements contained in this news release constitute ''forward-looking information'' within the meaning of applicable securities laws in each of the provinces and territories of Canada and the respective policies, regulations and rules under such laws and ''forward-looking statements'' within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 (collectively, ''forward-looking statements"). The words "will", "expects", "estimates", "projections", "forecast", "intends", "anticipates", "believes", "targets" (and grammatical variations of such terms) and similar expressions are often intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward looking statements in this press release include statements with respect to the Company's Vernal BESS project and its expectations on the future development of this project particularly as it relates to the interconnection process and the completion of various permitting and development milestones. The Company can provide no assurances as to whether it will be able to successfully complete the interconnection process for the Vernal BESS project as well as whether the required permits will be granted by the responsible 3 party authorities. This forward-looking information and other forward-looking information are based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we currently believe are appropriate and reasonable in the circumstances. Despite a careful process to prepare and review the forward-looking information, there can be no assurance that the underlying opinions, estimates and assumptions will prove to be correct. Material factors underlying forward-looking information and management's expectations include: the receipt of applicable regulatory approvals; the absence of material adverse regulatory decisions being received and the expectation of regulatory stability; the absence of any material equipment breakdown or failure; availability of financing on commercially reasonable terms and the stability of credit ratings of the Company and its subsidiaries; the absence of unexpected material liabilities or uninsured losses; the continued availability of commodity supplies and stability of commodity prices; the absence of interest rate increases or significant currency exchange rate fluctuations; the absence of significant operational, financial or supply chain disruptions or liability, including relating to import controls and tariffs; the continued ability to maintain systems and facilities to ensure their continued performance; the absence of a severe and prolonged downturn in general economic, credit, social or market conditions; the successful and timely development and construction of new projects; the absence of capital project or financing cost overruns; sufficient liquidity and capital resources; the continuation of long term weather patterns and trends; the absence of significant counterparty defaults; the continued competitiveness of electricity pricing when compared with alternative sources of energy; the realization of the anticipated benefits of the Company's acquisitions and joint ventures; the absence of a change in applicable laws, political conditions, public policies and directions by governments, materially negatively affecting the Company; the ability to obtain and maintain licenses and permits; maintenance of adequate insurance coverage; the absence of material fluctuations in market energy prices; the absence of material disputes with taxation authorities or changes to applicable tax laws; continued maintenance of information technology infrastructure and the absence of a material breach of cybersecurity; the successful implementation of new information technology systems and infrastructure; favourable relations with external stakeholders; our ability to retain key personnel; our ability to maintain and expand distribution capabilities; and our ability to continue investing in infrastructure to support our growth.

Such uncertainties and risks may include, among others, market conditions, delays in obtaining or failure to obtain required regulatory approvals in a timely fashion, or at all; the availability of financing, fluctuating prices, the possibility of project cost overruns, mechanical failure, unavailability of parts and supplies, labour disturbances, interruption in transportation or utilities, adverse weather conditions, and unanticipated costs and expenses, variations in the cost of energy or materials or supplies or environmental impacts on operations, disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR+ at sedarplus.ca. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned that given these risks, undue reliance should not be placed on these forward-looking statements, which apply only as of their dates. Other than as specifically required by law, the Company undertakes no obligation to update any forward-looking statements to reflect new information, subsequent or otherwise. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Such statements and information reflect the current view of the Company. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Revolve Renewable Power Corp. (CA76157B1067) : Revolve Provides Development Update on its Vernal BESS Project

Revolve Announces Proposed Acquisition of Canadian Renewable Energy Operator and Developer, WindRiver Power Corporation

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects is pleased to announce the proposed acquisition of WindRiver Power Corporation ("WindRiver") a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition") in the Provinces of British Columbia and Alberta.

Revolve, Revolve Acquisition Corp. (the "Purchaser") a wholly owned Alberta subsidiary of Revolve, and WindRiver have entered into an arrangement agreement dated October 3, 2023 (the "Arrangement Agreement"), pursuant to which the Purchaser and WindRiver shall complete a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") to effect the Proposed Acquisition. Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser.

The Proposed Acquisition, once completed, will add 96.63MW of net operational and development capacity to the Company's portfolio, which is split between 6.63MW of net operational capacity and 90MW of development assets, all located within Canada. The Proposed Acquisition is consistent with the Company's strategy of building a diversified renewable energy platform across North America while adding long term recurring revenue and cashflow. It will also provide a strong base to expand our activities in the Canadian market where the Company has already commenced greenfield development work earlier this year.

Completion of the Proposed Acquisition is subject a number of conditions, including the final acceptance of the TSX Venture Exchange (the "TSXV"), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King's Bench of Alberta, Judicial Centre of Calgary (the "Final Order") and other customary closing conditions. Closing of the Proposed Acquisition is expected to occur in early December of this year.

Steve Dalton, CEO of Revolve commented: "We are delighted to reach agreement for our first acquisition in the Canadian market. As we outlined in our updated corporate presentation a number of weeks ago the acquisition of operating assets is a key part of our strategy to accelerate the transition of the Company to an owner / operator business model.

The acquisition of WindRiver will add long term recurring revenue and cashflow to the business, accelerate our expansion into the Canadian market and bring with it a highly experienced operations and development team.

We look forward to working with the WindRiver team towards completion of the transaction in the coming months."

WindRiver Background

WindRiver was established in 2008 as a developer of wind and hydro projects in Canada. It has since built a successful track record in the industry completing the development of a number of projects across both British Columbia and Alberta totalling over 200MW's.

WindRiver currently holds equity interests in the following portfolio of projects:

Development Projects

In addition to the operating projects, WindRiver currently has two hydro development projects that it has been progressing through the development cycle for several years. These are the:

These projects are at varying stages of development with target ready to build dates in 2025-2026 subject to future power contracting opportunities with B.C. Hydro.

Both the operating and development projects are currently managed by the WindRiver team, who are expected to remain in place post transaction and are expected to play an integral role in expanding the Company's presence in the Canadian market.

Following completion of the Proposed Acquisition, the Company will have 12.33MW (net) of operating assets under long term power purchase agreements, 3MW under construction and a development portfolio of c.3,084.2MW across the US, Canada and Mexico.

The Transaction

Revolve, the Purchaser and WindRiver have entered into the Arrangement Agreement, pursuant to which the Purchaser and WindRiver shall complete the Arrangement to effect the Proposed Acquisition. Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser.

Under the terms of the Arrangement Agreement, the Purchaser will acquire all of the outstanding common shares of WindRiver (the "WindRiver Shares") in exchange for CAD $0.21787175502, in cash, per WindRiver Share, for total gross upfront consideration of C$4,850,000.

The Purchaser may also pay up to CAD $14,000,000 depending on whether WindRiver's Tamihi Creek and Kinskuch Lake hydro projects achieve certain milestones, are sold to a third party by the Purchaser or other post-closing events occur. In addition the Company has agreed to reimburse certain historic development costs related to these projects, to be reimbursed once construction has commenced on the respective project.

The Company has also agreed to pass through contingent payments of up to CAD $5,700,000 expected to be received by WindRiver from development assets previously sold to 3 parties by WindRiver.

The Arrangement Agreement contains customary representations and warranties, covenants and conditions for a transaction of this nature. A copy of the Arrangement Agreement will be filed on Revolve's SEDAR+ profile and will be available for viewing at www.sedarplus.com.

The Transaction is an arm's length transaction for purposes of the policies of the TSXV and the Company expects that the Transaction will meet the criteria of an "Expedited Acquisition" pursuant to Policy 5.3 - Acquisitions and Disposition of Non-Cash Assets of the TSXV's Corporate Finance Manual.

Acquisition Financing

Concurrently with signing of the Arrangement Agreement the Company has also signed financing agreements with RE Royalties Ltd. (TSXV:RE) ("RE Royalties") for the provision of a secured loan of up to CAD$5,000,000 or 80% of the total upfront consideration to part finance the Proposed Acquisition (the "Secured Loan"). The financing agreements consist of a secured loan agreement and a royalty agreement between Revolve and RE Royalties.

The Secured Loan will be drawn down as part of completion of the Proposed Acquisition and will have a term of 36 months. It will be repayable at maturity, bear interest at 12% on drawn funds, with interest payable on a quarterly basis during the term. The Company will pay RE Royalties a financing fee of 1% of the Secured Loan amount on signing of the loan. The Secured Loan will be secured on certain assets of the Company.

The Company has also entered into a royalty agreement with RE Royalties under, which they will receive a variable royalty of between 0.5% to 1% on gross revenues generated by certain Operational Projects for the life of the power purchase agreements for each relevant Operational Project.

About Revolve

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 2,838MW 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 6MW with an additional 3MW under construction.

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 1,550MW 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 assets.

Forward-Looking Information

Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of Revolve and management's expectation on the growth and performance of its business in the United States and Mexico, including the planned MW capacity of its projects; its expansion into the distributed generation market; potential opportunities in the distributed generation market; the completion and timing of the development of its planned portfolio of distributed generation projects; potential revenues and cashflows generated from its DG division; the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers; statements regarding the Proposed Acquisition, including the benefits and terms of the Proposed Acquisition, the completion of the Proposed Acquisition and the timing thereof; receipt of all shareholder, court, regulatory, TSXV and other third party approvals required pursuant to the Proposed Transaction and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition; statements with respect to WindRiver, its projects and proposed development plans, the impact of the Proposed Acquisition on Revolve's development portfolio; and the WindRiver team's retention following closing of the Proposed Acquisition. Such statements and information reflect the current view of Revolve and/or WindRiver respectively.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects, Revolve's ability to continue as going concern and the ability of the parties to receive, in a timely manner, the necessary shareholder, court, regulatory, TSXV and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; failure to obtain required shareholder, court, regulatory, TSXV and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition; failure to retain the WindRiver team following the closing of the Proposed Acquisition; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Revolve Renewable Power Corp. (CA76157B1067) : Revolve Announces Proposed Acquisition of Canadian Renewable Energy Operator and Developer, WindRiver Power Corporation

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects is pleased to announce the proposed acquisition of WindRiver Power Corporation ("WindRiver") a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition") in the Provinces of British Columbia and Alberta.

Revolve, Revolve Acquisition Corp. (the "Purchaser") a wholly owned Alberta subsidiary of Revolve, and WindRiver have entered into an arrangement agreement dated October 3, 2023 (the "Arrangement Agreement"), pursuant to which the Purchaser and WindRiver shall complete a plan of arrangement under the Business Corporations Act (Alberta) (the "Arrangement") to effect the Proposed Acquisition. Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser.

The Proposed Acquisition, once completed, will add 96.63MW of net operational and development capacity to the Company's portfolio, which is split between 6.63MW of net operational capacity and 90MW of development assets, all located within Canada. The Proposed Acquisition is consistent with the Company's strategy of building a diversified renewable energy platform across North America while adding long term recurring revenue and cashflow. It will also provide a strong base to expand our activities in the Canadian market where the Company has already commenced greenfield development work earlier this year.

Completion of the Proposed Acquisition is subject a number of conditions, including the final acceptance of the TSX Venture Exchange (the "TSXV"), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King's Bench of Alberta, Judicial Centre of Calgary (the "Final Order") and other customary closing conditions. Closing of the Proposed Acquisition is expected to occur in early December of this year.

Steve Dalton, CEO of Revolve commented: "We are delighted to reach agreement for our first acquisition in the Canadian market. As we outlined in our updated corporate presentation a number of weeks ago the acquisition of operating assets is a key part of our strategy to accelerate the transition of the Company to an owner / operator business model.

The acquisition of WindRiver will add long term recurring revenue and cashflow to the business, accelerate our expansion into the Canadian market and bring with it a highly experienced operations and development team.

We look forward to working with the WindRiver team towards completion of the transaction in the coming months."

WindRiver Background

WindRiver was established in 2008 as a developer of wind and hydro projects in Canada. It has since built a successful track record in the industry completing the development of a number of projects across both British Columbia and Alberta totalling over 200MW's.

WindRiver currently holds equity interests in the following portfolio of projects:

Operating Projects

6MW Box Springs Windfarm Project, located in Medicine Hat, Alberta, was commissioned in 2014 and consists of three Gamesa G90 turbines. The project sells electricity under a 20-year fixed price power purchase agreement with the City of Medicine Hat. WindRiver is a 51% shareholder in this project.11MW Hunter Creek Hydro Project, a run-of-river hydro facility located in Hope, British Columbia. The project was developed by WindRiver and was commissioned in June 2018. It sells electricity to B.C. Hydro under a long term power purchase agreement. WindRiver is an indirect 21% shareholder in this project.6MW Sakwi Hydro, located in Harrison Hot Springs, British Columbia. WindRiver was also the developer of this project and it was commissioned in Dec 2014. The project also sells electricity to B.C. Hydro under a long term power purchase agreement. WindRiver is an indirect 21% shareholder in the project.

(collectively the "Operational Projects")

Development Projects

In addition to the operating projects, WindRiver currently has two hydro development projects that it has been progressing through the development cycle for several years. These are the:

15MW Tamihi Creek Hydro Project, located in the Chilliwack River Valley near Chilliwack, British Columbia. WindRiver is the developer of the project and a 70% shareholder.75MW Kinskuch Lake Hydro Project, located north of Terrace, British Columbia. The project has the potential to develop significant storage capacity, beyond "run-of-river", at Kinskuch Lake. WindRiver is the developer of the project and an 87.5% shareholder.

These projects are at varying stages of development with target ready to build dates in 2025-2026 subject to future power contracting opportunities with B.C. Hydro.

Both the operating and development projects are currently managed by the WindRiver team, who are expected to remain in place post transaction and are expected to play an integral role in expanding the Company's presence in the Canadian market.

Following completion of the Proposed Acquisition, the Company will have 12.33MW (net) of operating assets under long term power purchase agreements, 3MW under construction and a development portfolio of c.3,084.2MW across the US, Canada and Mexico.

The Transaction

Revolve, the Purchaser and WindRiver have entered into the Arrangement Agreement, pursuant to which the Purchaser and WindRiver shall complete the Arrangement to effect the Proposed Acquisition. Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser.

Under the terms of the Arrangement Agreement, the Purchaser will acquire all of the outstanding common shares of WindRiver (the "WindRiver Shares") in exchange for CAD $0.21787175502, in cash, per WindRiver Share, for total gross upfront consideration of C$4,850,000.

The Purchaser may also pay up to CAD $14,000,000 depending on whether WindRiver's Tamihi Creek and Kinskuch Lake hydro projects achieve certain milestones, are sold to a third party by the Purchaser or other post-closing events occur. In addition the Company has agreed to reimburse certain historic development costs related to these projects, to be reimbursed once construction has commenced on the respective project.

The Company has also agreed to pass through contingent payments of up to CAD $5,700,000 expected to be received by WindRiver from development assets previously sold to 3rd parties by WindRiver.

The Arrangement Agreement contains customary representations and warranties, covenants and conditions for a transaction of this nature. A copy of the Arrangement Agreement will be filed on Revolve's SEDAR+ profile and will be available for viewing at www.sedarplus.com.

The Transaction is an arm's length transaction for purposes of the policies of the TSXV and the Company expects that the Transaction will meet the criteria of an "Expedited Acquisition" pursuant to Policy 5.3 - Acquisitions and Disposition of Non-Cash Assets of the TSXV's Corporate Finance Manual.

Acquisition Financing

Concurrently with signing of the Arrangement Agreement the Company has also signed financing agreements with RE Royalties Ltd. (TSXV:RE) ("RE Royalties") for the provision of a secured loan of up to CAD$5,000,000 or 80% of the total upfront consideration to part finance the Proposed Acquisition (the "Secured Loan"). The financing agreements consist of a secured loan agreement and a royalty agreement between Revolve and RE Royalties.

The Secured Loan will be drawn down as part of completion of the Proposed Acquisition and will have a term of 36 months. It will be repayable at maturity, bear interest at 12% on drawn funds, with interest payable on a quarterly basis during the term. The Company will pay RE Royalties a financing fee of 1% of the Secured Loan amount on signing of the loan. The Secured Loan will be secured on certain assets of the Company.

The Company has also entered into a royalty agreement with RE Royalties under, which they will receive a variable royalty of between 0.5% to 1% on gross revenues generated by certain Operational Projects for the life of the power purchase agreements for each relevant Operational Project.

About Revolve

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 2,838MW 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 6MW with an additional 3MW under construction.

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 1,550MW 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 assets.

For further information contact:

Steve Dalton, CEO

IR@revolve-renewablepower.com

or

Sunita Prasad

VP, Corporate Development & Investor Relations

Phone: +1 778-885-5550

IR@revolve-renewablepower.com

Forward-Looking Information

Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of Revolve and management's expectation on the growth and performance of its business in the United States and Mexico, including the planned MW capacity of its projects; its expansion into the distributed generation market; potential opportunities in the distributed generation market; the completion and timing of the development of its planned portfolio of distributed generation projects; potential revenues and cashflows generated from its DG division; the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers; statements regarding the Proposed Acquisition, including the benefits and terms of the Proposed Acquisition, the completion of the Proposed Acquisition and the timing thereof; receipt of all shareholder, court, regulatory, TSXV and other third party approvals required pursuant to the Proposed Transaction and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition; statements with respect to WindRiver, its projects and proposed development plans, the impact of the Proposed Acquisition on Revolve's development portfolio; and the WindRiver team's retention following closing of the Proposed Acquisition. Such statements and information reflect the current view of Revolve and/or WindRiver respectively.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects, Revolve's ability to continue as going concern and the ability of the parties to receive, in a timely manner, the necessary shareholder, court, regulatory, TSXV and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; failure to obtain required shareholder, court, regulatory, TSXV and other third party approvals and the ability of the parties to satisfy, in a timely manner, the other conditions to the closing of the Proposed Acquisition; failure to retain the WindRiver team following the closing of the Proposed Acquisition; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Revolve Renewable Power Corp.View source version on accesswire.com:

https://www.accesswire.com/789844/revolve-announces-proposed-acquisition-of-canadian-renewable-energy-operator-and-developer-windriver-power-corporation

Revolve Renewable Power Corp.: Revolve Announces Proposed Acquisition of Canadian Renewable Energy Operator and Developer, WindRiver Power Corporation

All amounts in Canadian dollars unless otherwise stated

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF) ("RE Royalties" or the "Company"), a global leader in renewable energy royalty financing, has entered into an agreement with Revolve Acquisition Corp. (the "AcquisitionCo"), a wholly owned subsidiary of Revolve Renewable Power Corp. (TSXV:REVV) ("Revolve"), to provide a CAD $4.0 million secured loan (the "Loan"). Revolve is a North American renewable energy developer with 2.8 GW of wind, solar, and battery projects under development in the USA and Mexico.

The Loan will support AcquisitionCo's proposed acquisition of WindRiver Power Corporation ("WindRiver") a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition"). WindRiver has a minority ownership (21%) in two operational run-of-river hydro projects in British Columbia, and a majority ownership (51%) in an operational wind project in Alberta with a combined gross capacity of 23 MW (the "Operational Projects"). WindRiver also has majority ownerships (70 to 87.5%) in two development-stage hydro projects in British Columbia with a combined gross capacity of 90 MW.

Completion of the Proposed Acquisition is subject to certain conditions, including the final acceptance by the TSX Venture Exchange (the "TSXV"), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King's Bench of Alberta, Judicial Centre of Calgary (the "Final Order") and other customary closing conditions.

The Operational Projects receive revenue from Power Purchase Agreements ("PPAs") with BC Hydro and the City of Medicine Hat, for the hydro projects and the wind project, respectively. The Operational Projects have PPAs with remaining terms ranging from 32-35 years for the hydro projects and 11 years for the wind project.

The Loan will have a term of 36 months and bear interest at the rate of 12% per annum, compounded monthly, and payable semi-annually. The Company will receive a structuring fee of 1.0% on the Loan value at closing, and a gross revenue royalty of 0.5% on the Operating Projects during the term of the Loan, growing to a gross revenue royalty of 1.0% upon repayment of the Loan for the remaining life of the PPAs.

This Loan represents RE Royalties' third transaction with Revolve, with the Company previously providing Revolve with a $1.6 Million loan to support its acquisition of an operational rooftop solar portfolio in Mexico, and a $1.9 Million loan to support the procurement of battery energy storage systems for three energy storage projects in Mexico.

Bernard Tan, CEO of RE Royalties, stated: "We're pleased to continue our partnership with Revolve and look forward to working with them on their growing portfolio of renewable energy projects. This investment presents an excellent opportunity for our investors and highlights the sustained demand for our innovative financing solutions."

On Behalf of the Board of Directors,

Bernard Tan

CEO

About Revolve Renewable Power

Revolve Renewable Power Corp. is working to develop utility scale renewable energy generation projects in North America, focused on wind, solar and battery storage technologies. Revolve currently has a portfolio of 2.9 gigawatts ("GW") of projects under active development and a further 2GW of greenfield opportunities, in the process of converting to its pipeline in the near term. Revolve is in the process of expanding its pipeline and development activities in the US and is targeting an active portfolio of up to 5GWs under development.

About RE Royalties Ltd.

RE Royalties Ltd. acquires revenue-based royalties over renewable energy facilities and technologies by providing non-dilutive financing solutions to privately held and publicly traded companies in the renewable energy sector. RE Royalties is the first to apply this proven business model to the renewable energy sector. The Company currently owns over 100 royalties on solar, wind, battery storage, energy efficiency and renewable natural gas projects in Canada, United States, Mexico, and Chile. The Company's business objectives are to provide shareholders with a strong growing yield, robust capital protection, high rate of growth through re-investment and a sustainable investment focus.

For further information, please contact:

Investor and Media Contact:

Melanee Henderson, Investor Relations

T: (778) 373-6731 TF 800-667-2114

E: melaneehenderson@reroyalties.com

Talia Beckett, Vice President of Communications

T: (778) 374-2000

E: taliabeckett@reroyalties.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The offer and sale of the securities has not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company and within the meaning of Canadian securities laws. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities including financing. The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com.

SOURCE: RE Royalties Ltd.View source version on accesswire.com:

https://www.accesswire.com/789791/re-royalties-enters-into-cad-40-million-loan-and-royalty-agreement-with-revolve-renewable-power

RE Royalties Ltd.: RE Royalties Enters into CAD $4.0 Million Loan and Royalty Agreement with Revolve Renewable Power

RE Royalties Enters into CAD $4.0 Million Loan and Royalty Agreement with Revolve Renewable Power

All amounts in Canadian dollars unless otherwise stated

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF) ("RE Royalties" or the "Company"), a global leader in renewable energy royalty financing, has entered into an agreement with Revolve Acquisition Corp. (the "AcquisitionCo"), a wholly owned subsidiary of Revolve Renewable Power Corp. (TSXV:REVV) ("Revolve"), to provide a CAD $4.0 million secured loan (the "Loan"). Revolve is a North American renewable energy developer with 2.8 GW of wind, solar, and battery projects under development in the USA and Mexico.

The Loan will support AcquisitionCo's proposed acquisition of WindRiver Power Corporation ("WindRiver") a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition"). WindRiver has a minority ownership (21%) in two operational run-of-river hydro projects in British Columbia, and a majority ownership (51%) in an operational wind project in Alberta with a combined gross capacity of 23 MW (the "Operational Projects"). WindRiver also has majority ownerships (70 to 87.5%) in two development-stage hydro projects in British Columbia with a combined gross capacity of 90 MW.

Completion of the Proposed Acquisition is subject to certain conditions, including the final acceptance by the TSX Venture Exchange (the "TSXV"), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King's Bench of Alberta, Judicial Centre of Calgary (the "Final Order") and other customary closing conditions.

The Operational Projects receive revenue from Power Purchase Agreements ("PPAs") with BC Hydro and the City of Medicine Hat, for the hydro projects and the wind project, respectively. The Operational Projects have PPAs with remaining terms ranging from 32-35 years for the hydro projects and 11 years for the wind project.

The Loan will have a term of 36 months and bear interest at the rate of 12% per annum, compounded monthly, and payable semi-annually. The Company will receive a structuring fee of 1.0% on the Loan value at closing, and a gross revenue royalty of 0.5% on the Operating Projects during the term of the Loan, growing to a gross revenue royalty of 1.0% upon repayment of the Loan for the remaining life of the PPAs.

This Loan represents RE Royalties' third transaction with Revolve, with the Company previously providing Revolve with a $1.6 Million loan to support its acquisition of an operational rooftop solar portfolio in Mexico, and a $1.9 Million loan to support the procurement of battery energy storage systems for three energy storage projects in Mexico.

Bernard Tan, CEO of RE Royalties, stated: "We're pleased to continue our partnership with Revolve and look forward to working with them on their growing portfolio of renewable energy projects. This investment presents an excellent opportunity for our investors and highlights the sustained demand for our innovative financing solutions."

About Revolve Renewable Power

Revolve Renewable Power Corp. is working to develop utility scale renewable energy generation projects in North America, focused on wind, solar and battery storage technologies. Revolve currently has a portfolio of 2.9 gigawatts ("GW") of projects under active development and a further 2GW of greenfield opportunities, in the process of converting to its pipeline in the near term. Revolve is in the process of expanding its pipeline and development activities in the US and is targeting an active portfolio of up to 5GWs under development.

About RE Royalties Ltd.

RE Royalties Ltd. acquires revenue-based royalties over renewable energy facilities and technologies by providing non-dilutive financing solutions to privately held and publicly traded companies in the renewable energy sector. RE Royalties is the first to apply this proven business model to the renewable energy sector. The Company currently owns over 100 royalties on solar, wind, battery storage, energy efficiency and renewable natural gas projects in Canada, United States, Mexico, and Chile. The Company's business objectives are to provide shareholders with a strong growing yield, robust capital protection, high rate of growth through re-investment and a sustainable investment focus.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The offer and sale of the securities has not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company and within the meaning of Canadian securities laws. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities including financing. The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com.

RE Royalties Ltd. (CA05663Q1090) : RE Royalties Enters into CAD $4.0 Million Loan and Royalty Agreement with Revolve Renewable Power

All amounts in Canadian dollars unless otherwise stated

VANCOUVER, BC / ACCESSWIRE / October 4, 2023 / RE Royalties Ltd. (TSXV:RE)(OTCQX:RROYF) ("RE Royalties" or the "Company"), a global leader in renewable energy royalty financing, has entered into an agreement with Revolve Acquisition Corp. (the "AcquisitionCo"), a wholly owned subsidiary of Revolve Renewable Power Corp. (TSXV:REVV) ("Revolve"), to provide a CAD $4.0 million secured loan (the "Loan"). Revolve is a North American renewable energy developer with 2.8 GW of wind, solar, and battery projects under development in the USA and Mexico.

The Loan will support AcquisitionCo's proposed acquisition of WindRiver Power Corporation ("WindRiver") a Canadian based owner, operator and developer of wind and hydro projects (the "Proposed Acquisition"). WindRiver has a minority ownership (21%) in two operational run-of-river hydro projects in British Columbia, and a majority ownership (51%) in an operational wind project in Alberta with a combined gross capacity of 23 MW (the "Operational Projects"). WindRiver also has majority ownerships (70 to 87.5%) in two development-stage hydro projects in British Columbia with a combined gross capacity of 90 MW.

Completion of the Proposed Acquisition is subject to certain conditions, including the final acceptance by the TSX Venture Exchange (the "TSXV"), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King's Bench of Alberta, Judicial Centre of Calgary (the "Final Order") and other customary closing conditions.

The Operational Projects receive revenue from Power Purchase Agreements ("PPAs") with BC Hydro and the City of Medicine Hat, for the hydro projects and the wind project, respectively. The Operational Projects have PPAs with remaining terms ranging from 32-35 years for the hydro projects and 11 years for the wind project.

The Loan will have a term of 36 months and bear interest at the rate of 12% per annum, compounded monthly, and payable semi-annually. The Company will receive a structuring fee of 1.0% on the Loan value at closing, and a gross revenue royalty of 0.5% on the Operating Projects during the term of the Loan, growing to a gross revenue royalty of 1.0% upon repayment of the Loan for the remaining life of the PPAs.

This Loan represents RE Royalties' third transaction with Revolve, with the Company previously providing Revolve with a $1.6 Million loan to support its acquisition of an operational rooftop solar portfolio in Mexico, and a $1.9 Million loan to support the procurement of battery energy storage systems for three energy storage projects in Mexico.

Bernard Tan, CEO of RE Royalties, stated: "We're pleased to continue our partnership with Revolve and look forward to working with them on their growing portfolio of renewable energy projects. This investment presents an excellent opportunity for our investors and highlights the sustained demand for our innovative financing solutions."

On Behalf of the Board of Directors,

Bernard Tan

CEO

About Revolve Renewable Power

Revolve Renewable Power Corp. is working to develop utility scale renewable energy generation projects in North America, focused on wind, solar and battery storage technologies. Revolve currently has a portfolio of 2.9 gigawatts ("GW") of projects under active development and a further 2GW of greenfield opportunities, in the process of converting to its pipeline in the near term. Revolve is in the process of expanding its pipeline and development activities in the US and is targeting an active portfolio of up to 5GWs under development.

About RE Royalties Ltd.

RE Royalties Ltd. acquires revenue-based royalties over renewable energy facilities and technologies by providing non-dilutive financing solutions to privately held and publicly traded companies in the renewable energy sector. RE Royalties is the first to apply this proven business model to the renewable energy sector. The Company currently owns over 100 royalties on solar, wind, battery storage, energy efficiency and renewable natural gas projects in Canada, United States, Mexico, and Chile. The Company's business objectives are to provide shareholders with a strong growing yield, robust capital protection, high rate of growth through re-investment and a sustainable investment focus.

For further information, please contact:

Investor and Media Contact:

Melanee Henderson, Investor Relations

T: (778) 373-6731 TF 800-667-2114

E: melaneehenderson@reroyalties.com

Talia Beckett, Vice President of Communications

T: (778) 374‐2000

E: taliabeckett@reroyalties.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange), nor any other regulatory body or securities exchange platform, accepts responsibility for the adequacy or accuracy of this release.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction, nor shall there be any offer or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities being offered have not been approved or disapproved by any regulatory authority nor has any such authority passed upon the accuracy or adequacy of the short form base shelf prospectus or the prospectus supplement. The offer and sale of the securities has not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to United States persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Forward-Looking Statements

This news release includes forward-looking information and forward-looking statements (collectively, "forward-looking information") with respect to the Company and within the meaning of Canadian securities laws. Forward-looking information is typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions, or are those, which, by their nature, refer to future events. This information represents predictions and actual events or results may differ materially. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the Company's financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, industry trends and growth opportunities including financing. The reader is referred to the Company's most recent filings on SEDAR as well as other information filed with the OTC Markets for a more complete discussion of all applicable risk factors and their potential effects, copies of which may be accessed through the Company's profile page at www.sedar.com.

SOURCE: RE Royalties Ltd.

View source version on accesswire.com:

https://www.accesswire.com/789791/re-royalties-enters-into-cad-40-million-loan-and-royalty-agreement-with-revolve-renewable-power

RE Royalties Enters into CAD $4.0 Million Loan and Royalty Agreement with Revolve Renewable Power

VANCOUVER, BC / ACCESSWIRE / July 12, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects, is pleased to announce the completion of the interconnection milestone related to the 250MW Parker Solar and Storage Project (the "Parker Project"), which was sold in January 2023 to ENGIE IR Holdings LLC a wholly owned subsidiary ENGIE S.A. ("ENGIE"), a global leader in the energy sector.

The terms of the sale, which also included the sale of the 1,000MW Bouse Solar & Storage Project (the "Bouse Project") are set out in the news release date January 11, 2023 (https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of-utility-scale-solar-and-storage-projects/) and are also summarised below.

The Transaction

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, which for reference is outlined in page 10 the Company's corporate presentation (https://revolve-renewablepower.com/wp-content/uploads/2023/06/Revolve-Corporate-Presentation-June-8-2023.pdf).

The Company received an upfront payment of US$2,000,000 (inclusive of the reimbursement of development costs) on completion of the transaction in January 2023. US$800,000 of this payment was recognised as revenue in the Company's Q3 FY2023 financial accounts with the remaining US$1,200,000 accounted for as deferred revenue.

Milestone Payments

The remaining consideration is linked to each of the Parker Project and Bouse Project successfully completing the following development milestones:

completion of further interconnection studies;Issuance by ENGIE of a Notice To Proceed (an "NTP") construction works to the applicable EPC contractor.on the Commissioning Date (the "COD"), with such date being the date that a project has been synchronized to the grid and is capable of delivering all of its installed capacity to the grid.

The Company previously guided that it expected the first of these milestones to be achieved in 2023 when further interconnection studies are issued. We are now pleased to confirm that the completion of further interconnection studies milestone has been met for the Parker Project.

Put Option

As part of the transaction the parties entered into a put option agreement (the "Put Option") allowing ENGIE to sell the Parker Project and Bouse Project back to the Company for a limited period following receipt of the results of the next interconnection studies due for each project.

This Put Option exercise period commenced when the interconnection study was received for the Parker Project and has now since expired for this project, with ENGIE choosing not to exercise the option.

The next milestone payment related to the Parker Project totalling US$850,000 has now become due and is expected to be paid within the next 30 days. There were no additional development costs incurred by the Company in relation to this milestone.

As a result of this the Company expects to record revenue from the transaction in Q1 FY2024 (July 2023 to September 2023) totalling of US$1,090,000 consisting of the milestone payment above and US$240,000 of previously deferred revenue.

Steve Dalton, CEO of Revolve commented: "We are delighted to reach a key milestone for the Parker Project and the overall transaction with ENGIE. The milestone payment provides us with further capital to continue funding the business and our expanding project development pipeline. While the expiration of the put option removes the risk of the Parker Project being sold back to us and the uncertainty that this generated for investors.

We can now look forward to continuing to supporting the team at ENGIE in developing the Parker Project towards reaching its next milestone as well as the release of the next interconnection study for the Bouse Project in the first half of next year. "

The Parker Project

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.

About Revolve

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 2,838MW 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 6MW with an additional 3MW under construction.

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 1,550MW 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 assets.

For further information contact:

Steve Dalton, CEO

IR@revolve-renewablepower.com

or

Sunita Prasad

VP, Corporate Development & Investor Relations

Phone: +1 778-885-5550

IR@revolve-renewablepower.com

Forward Looking Information

Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of Revolve and Revolve's management's expectation on the growth and performance of its business in the United States and Mexico, including the planned MW capacity of its projects; its expansion into the distributed generation market; potential opportunities in the distributed generation market; the completion and timing of the development of its planned portfolio of distributed generation projects; the completion of the Transaction, including final approval of the transaction by the TSXV; potential revenues and cashflows generated from its DG division; and the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers. Such statements and information reflect the current view of Revolve and/or Revolve, respectively.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects and Revolve's ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Revolve Renewable Power Corp.View source version on accesswire.com:

https://www.accesswire.com/767291/Milestone-Reached-on-250MW-Parker-Solar-Storage-Project

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Revolve Renewable Power Corp.: Milestone Reached on 250MW Parker Solar & Storage Project

VANCOUVER, BC / ACCESSWIRE / July 12, 2023 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) ("Revolve" or the "Company"), an owner, operator and developer of renewable energy projects, is pleased to announce the completion of the interconnection milestone related to the 250MW Parker Solar and Storage Project (the "Parker Project"), which was sold in January 2023 to ENGIE IR Holdings LLC a wholly owned subsidiary ENGIE S.A. ("ENGIE"), a global leader in the energy sector.

The terms of the sale, which also included the sale of the 1,000MW Bouse Solar & Storage Project (the "Bouse Project") are set out in the news release date January 11, 2023 (https://revolve-renewablepower.com/revolve-announces-sale-of-1250mw-of-utility-scale-solar-and-storage-projects/) and are also summarised below.

The Transaction

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, which for reference is outlined in page 10 the Company's corporate presentation (https://revolve-renewablepower.com/wp-content/uploads/2023/06/Revolve-Corporate-Presentation-June-8-2023.pdf).

The Company received an upfront payment of US$2,000,000 (inclusive of the reimbursement of development costs) on completion of the transaction in January 2023. US$800,000 of this payment was recognised as revenue in the Company's Q3 FY2023 financial accounts with the remaining US$1,200,000 accounted for as deferred revenue.

Milestone Payments

The remaining consideration is linked to each of the Parker Project and Bouse Project successfully completing the following development milestones:

The Company previously guided that it expected the first of these milestones to be achieved in 2023 when further interconnection studies are issued. We are now pleased to confirm that the completion of further interconnection studies milestone has been met for the Parker Project.

Put Option

As part of the transaction the parties entered into a put option agreement (the "Put Option") allowing ENGIE to sell the Parker Project and Bouse Project back to the Company for a limited period following receipt of the results of the next interconnection studies due for each project.

This Put Option exercise period commenced when the interconnection study was received for the Parker Project and has now since expired for this project, with ENGIE choosing not to exercise the option.

The next milestone payment related to the Parker Project totalling US$850,000 has now become due and is expected to be paid within the next 30 days. There were no additional development costs incurred by the Company in relation to this milestone.

As a result of this the Company expects to record revenue from the transaction in Q1 FY2024 (July 2023 to September 2023) totalling of US$1,090,000 consisting of the milestone payment above and US$240,000 of previously deferred revenue.

Steve Dalton, CEO of Revolve commented: "We are delighted to reach a key milestone for the Parker Project and the overall transaction with ENGIE. The milestone payment provides us with further capital to continue funding the business and our expanding project development pipeline. While the expiration of the put option removes the risk of the Parker Project being sold back to us and the uncertainty that this generated for investors.

We can now look forward to continuing to supporting the team at ENGIE in developing the Parker Project towards reaching its next milestone as well as the release of the next interconnection study for the Bouse Project in the first half of next year. "

The Parker Project

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.

About Revolve

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 2,838MW 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 6MW with an additional 3MW under construction.

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 1,550MW 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 assets.

Although Revolve believes, considering the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because Revolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of Revolve and Revolve's management's expectation on the growth and performance of its business in the United States and Mexico, including the planned MW capacity of its projects; its expansion into the distributed generation market; potential opportunities in the distributed generation market; the completion and timing of the development of its planned portfolio of distributed generation projects; the completion of the Transaction, including final approval of the transaction by the TSXV; potential revenues and cashflows generated from its DG division; and the Company's plans to develop, construct and finance rooftop solar, battery storage and energy efficiency projects of up to 5MW and enter into long term power purchase agreements for the sale of electricity from the projects with the underlying customers. Such statements and information reflect the current view of Revolve and/or Revolve, respectively.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects and Revolve's ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of Revolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of Revolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. Revolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.