Revolve Renewable Power has acquired development rights to a 30 MW solar project in Alberta, Canada.
Revolve Meadows Solar, a wholly owned subsidiary of Revolve, and the project developer have entered into an asset transfer agreement (ATA) in which assets related to the project will transfer to the purchaser on completion of the transaction, which is expected to occur by November 15.
Under the terms of the ATA, the company will pay an upfront consideration of C$100,000, as well as further consideration and reimbursement of historical development costs of up to C$790,000. The second payment is subject to the final installed capacity of the project and linked to the completion milestones that include commencement of construction and the commercial operation date of the project.
The 30 MW solar project, located near Edmonton, is expected to be developed in two phases of 20 MW and 10 MW. The company is targeting having the first phase of the project ready to build in early 2026, with commissioning targeted for mid 2026.
“We are delighted to continue to expand our presence in the Canadian market through the proposed acquisition,” says Steve Dalton, CEO of Revolve.
“The transaction is consistent with our M&A strategy of targeting projects under 30 MW in the U.S. and Canada, where we continue to see excellent opportunities to acquire, develop, build and operate quality assets with attractive returns. In addition to the Vernal BESS and Primus Wind projects, Revolve is now expecting to have 100 MW of utility scale assets ready to build over the next 18 months. The project will also add to our Canadian development portfolio and our operational, Alberta-based 6 MW Box Springs Wind Project and BC-based interest in two ‘run of river’ power projects.”
