Mr. Myke Clark reports

REVOLVE CORPORATE UPDATE HIGHLIGHTS SEVERAL KEY MILESTONES

Revolve Renewable Power Corp. has provided an update on key corporate and project milestones during the company's fiscal Q3 2025.

"Revolve has made strong progress during the first three months of 2025 as we signed a binding offer for a 9.6 MW operating wind project, accelerated utility-scale project development work across North America and advanced several key corporate initiatives that provide a solid foundation for continued growth," said chief executive officer Myke Clark. "We continue to see an increasing demand for distributed generation projects across our key target markets and we have advanced large projects in Canada, the U.S. and Mexico. The first three months of 2025 have contributed to the growth of our stable recurring revenue based while simultaneously advancing our utility-scale projects."

Wind project acquisition

• As announced on April 1, 2025, and signed on March 28, 2025, the company has signed a binding offer for the proposed acquisition of a 9.6-megawatt (MW) operating wind energy project in the United States. Subject to certain conditions, the binding offer provides for the acquisition of a 95-per-cent interest in the project for total consideration of $10.5-million (U.S.) on a cash- and debt-free basis. The project would be Revolve's first operating renewable energy project in the U.S. The proposed acquisition is a significant milestone for Revolve and once completed will add another recurring revenue stream to the company's growing portfolio of assets. This long-life asset has the potential to deliver double digit project returns based on increasing electricity prices and inflation factors.

Utility-scale projects in Canada, the United States and Mexico

• Development work on the company's two most advanced projects in Mexico, which have a combined projected capacity of 531 MW (megawatts), is accelerating following new electricity generation regulations that have been implemented in Mexico. Wind assessment campaigns and detailed energy yield assessments have been completed and the company is in the process of optimizing the project designs based on new turbine models. The two projects -- El 24 and Presa Nueva -- are part of Revolve's "develop and sell" portfolio of large projects.
• The company continues to make positive progress on the 20 MW/80 MWh Vernal battery energy storage system (BESS) project in Utah and the 49.5 MW Primus wind project in Colorado. Both projects have signed interconnection agreements and are considered near-term projects the company intends to own and operate under the company's "develop and hold" strategic pillar. The company continues to assess commercial offtake solutions for both of these projects ahead of an anticipated ready to build target date in early 2026.
• The company continued community engagement, interconnection and permitting work on Bright Meadows, the company's 15.7 MW solar project in Alberta. Development work is being completed in anticipation of a submission the into the Alberta Utilities Commission process in the coming months. The target ready-to-build (RTB) date for this project continues to be in late 2025.

Distributed generation project pipeline

• On Jan. 14, 2025, Revolve announced the completion of the construction and the commissioning at the 451-kilowatt (kW) Colima solar project located in Mexico. The Colima project is now operating and generating clean, renewable energy for a commercial local customer. Revolve now has 12 MW of operating solar, wind and hydro projects in Canada and Mexico. The project is part of Revolve's distributed generation portfolio of operating assets.
• The company has an additional 140 MW of projects in its distributed generation opportunities pipeline and is working diligently to convert those opportunities into letters of intent and, ultimately, projects Revolve owns and operates. The company is also assessing new markets outside of Mexico for its distributed generation business as it sees significant additional opportunity in the sector.

Corporate update and outlook

• Revolve executed the sale of a three MW combined heat and power (the CHP project) project from its distributed generation portfolio for total cash consideration of $1.5-million (U.S.), as announced on Feb. 18, 2025. The company decided to take advantage of an offer from an industrial customer to acquire the CHP project and to redeploy the capital from the sale into other near-term development opportunities.
• Revolve built on its relationship with Export Development Canada (EDC), signing an expansion of the company's account performance security guarantee (APSG) facility with EDC. The expanded APSG with EDC increased from $2.9-million (U.S.) to $4.5-million (U.S.). The APSG allows Revolve to issue letters of credit with the company's financial institution without putting up cash collateral, providing the company with better access to cash and working capital.
• On Jan. 30, 2025, Revolve announced a long-term loan facility with Vancity Capital Corp. to refinance a $3,968,800 acquisition loan originally provided by RE Royalties Ltd. to acquire the assets of Wind River Power Corp. The RE Royalties loan, entered into on Feb. 13, 2024, with a term of three years, has been repaid more than two years early without prepayment penalties. This efficient use of debt also creates a streamlined process for future acquisitions.
• Revolve continues to closely monitor the continuing global tariff situation. As the owner of operating assets that are not subject to tariffs, the company believes it is in a strong position to weather the current volatility. The company is assessing domestic supply opportunities in Canada, the U.S. and Mexico in an effort to mitigate the impact of tariffs on the renewable energy supply chain, if they occur. Revolve has a diversified portfolio of operating and development stage projects that provide geographic diversification, further mitigating any potential impacts to the supply chain.
• Revolve is advancing several key initiatives throughout 2025, including:
  • Filing of the Alberta Utilities Commission application for the Bright Meadows solar project in Alberta;
  • Receipt of a further interconnection study on El 24 and Presa Nueva in Mexico, and completion of the next phase of the interconnection process;
  • Completion of initial interconnection study for 100 MW solar project in Saskatchewan;
  • Complete assessment of new distributed generation markets and launch expansion;
  • Advance power purchase/offtake discussions for the 20 MW/80 MWh Vernal BESS project in Utah and the 49.5 MW Primus wind project in Colorado.

"The Revolve team hit several key milestones during the first three months of 2025 as we continue to execute on our focused business plan. While this is clearly a time of heightened volatility, we also believe there is opportunity to expand our portfolio through the opportunistic acquisition of attractively priced below-the-radar assets. The long-term economics of renewable energy, combined with Revolve's targeted and disciplined approach, provide the basis for strong remainder of 2025 and beyond," concluded Mr. Clark.

About Revolve Renewable Power Corp.

Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar, hydro and battery storage projects in the U.S., Canada and Mexico. Revolve also installs and operates sub 20 MW "behind the meter" distributed generation (or DG) assets. Revolve's portfolio includes the following:

• Operating assets: 12 MW (net) of operating assets under long-term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation;
• Development: a diverse portfolio of utility-scale development projects across the U.S., Canada and Mexico with a combined capacity of over 3,000 MW as well as a 140-plus MW distributed generation portfolio that is under development.

Revolve has an accomplished management team with a demonstrated record of taking projects from greenfield through to ready-to-build status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To date, Revolve has developed and sold over 1,550 MW of projects.

Going forward, Revolve is targeting 5,000 MW of utility-scale projects under development in the U.S., Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

We seek Safe Harbor.