VANCOUVER, BC, August 29, 2022 /PRNewswire/ – Revolve Renewable Power Corp. REVV (“Turn” or the “company“) is pleased to announce the completion of the purchase of a 100% interest in Centrica Business Solutions Mexico SA de CV (“CBS Mexico”) as announced on May 26th2022. CBS Mexico, op Mexico– registered subsidiary of Centrica PLC CLAowns and operates six distributed generation projects, with a seventh under development, in Mexico.
The acquisition of CBS Mexico provides Revolve with:
- An established and continuously recurring revenue stream from six operating distributed power generation projects (the “Operational Projects”) and near-term visibility of revenues from another decentralized generation project expected to be operational in the first half of 2023 (the “construction project”) ;
- Operational projects with a total capacity of 2.85 megawatts (“MW”) and the construction project with a capacity of 3 MW, the project is fully constructed, awaiting final permits and is expected to be commissioned in the first half of 2023;
- It is estimated that the operational projects generate annual revenues of $400,000 and EBITDA of $300,000 (see currency note below). It is estimated that the construction project, once operational, will generate additional $1,000,000 in sales and $400,000 of EBITDA;
- Consistent with and underpins the company’s recent strategic move into the distributed power generation market (see Revolve press release by 04/26/2022) and provides a platform for future short-term growth.
Mister. Steve DaltonCEO of Revolve, commented: “We are very pleased to have completed the acquisition of CBS Mexico. It accelerates Revolve’s entry into the distributed power generation market and transforms our business from a pure development company into an independent power producer generating power, revenue and cash flow. We look forward to entering into a broader partnership with RE Royalties as we develop and build a pipeline of distributed generation assets in the United States
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