Ms. Tania Ontiveros reports

REVOLVE REPORTS Q3 FY2024 REVENUE INCREASE OF 65%

Revolve Renewable Power Corp. has released its financial results for the three- and nine-month period ended March 31, 2024 (fiscal Q3 2024). All amounts reported are in United States dollars.

Tania Ontiveros, chief financial officer of Revolve, commented: "This is the company's first quarter since completing the acquisition of WindRiver, which has allowed us to report a 65-per-cent increase in revenues over the same period last year. Momentum is building across the various parts of the business and we look forward to reporting further progress over the coming months."

Key business and financial highlights in Q3 2024

• Total revenues for the three-month period to March 31, 2024, of $337,439 (U.S.) consisting of electricity generation revenue from the company's operational DG portfolio and the Box Springs Wind project since the acquisition of WindRiver Power Corp. closed in mid-February. Total revenues for the nine-month period to the same date were $1,668,201 (U.S.), representing a 65-per-cent increase on the same period in FY2023. This included (i) the milestone payment received in August, 2023, from the sale of the Parker solar and storage project (ii) electricity generation sales from the operating DG portfolio and Box Springs wind project and (iii) asset management income from the operation of the Hunter Creek and Sakwi Creek hydro projects.
• Renewable energy generation from the company's operational projects was 3,877,342-kilowatt-hours for the three-month period to March 31, 2024, and 4,822,522 kWh for the nine-month period to March 31, 2024.
• During the quarter the company completed the acquisition of WindRiver, a Canadian-based renewable energy operator and developer with interests in a number of operating hydro and wind projects as well as a hydro project development pipeline.
• Distributed Generation (DG) assets under construction remained at 3.45 megawatts with permitting work continuing on the three MW CHP project and installation work continuing on the 450-kilowatt-peak rooftop solar project both located in Mexico.
• Distribution Generation assets under development remained stable at c.140 MW with a continued focus on converting this pipeline into signed power purchase agreements (PPAs) letters of intent (LOI) have been signed for a number of new DG projects with a combined capacity of 2.22 MW. Progress has been slow in converting these to signed PPAs as customers are delaying final decisions until post the Mexican government elections in early June, 2024. The company remains hopeful that PPAs can be signed for these projects prior to the year-end 2024.
• Development work across the company's utility scale portfolio continues to be focused on the 80 MWh/20 MW Vernal BESS and 49.5 MW Primus wind projects in the United States. An interconnection agreement was signed for the Vernal BESS project in April this year and the project remains on track to reach ready to build status within the next 12 months. The Primus wind project is expected to complete the interconnection process in the coming months and a ready-to-build date within the next 12 months is also targeted for this project.
• The company remains well positioned in the Mexican utility scale market with over 500 MW of wind projects in mid- to late-stage development. As reported in the company's fiscal Q2 2024 financial results the company is continuing to see signs of improving market conditions in Mexico and growing interest in renewable power purchase agreements from large corporates.
• The company continues to analyze new greenfield development projects in Canada and the U.S. with a view to adding further capacity to the company's pipeline by the end of 2024. Limited transmission capacity and congested interconnection queues remain an issue for developers leading to the company being selective in what opportunities are being pursued.
• Net loss for the quarter ending March 31, 2024, was $1,167,546 (U.S.) compared with a net profit of $523,085 (U.S.) for the quarter ending March 31, 2023. The company recorded a net loss for the nine-month period to March 31, 2024, of $667,027 (U.S.) compared with a net loss of $235,972 for the nine-month period to March 31, 2023.
• Cash on balance sheet as at March 31, 2024, was $1,295,455 (U.S.) following completion of the final tranche of the private placement during January, 2024, as well as the consolidation of cash held by WindRiver and the Box Springs wind project.

Full financial statements and management discussion and analysis can be found on the company's website and is also filed on SEDAR+.

The company has also issued a fiscal Q3 2024 financial an\d operating results presentation, which can be found on the company's website.

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 and battery storage projects in the United States, Canada and Mexico. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub-20 MW behind the meter distributed generation assets.

Revolve's portfolio includes the following:

Operating assets: 12.33 MW (net) of operating assets under long-term power purchase agreements across Canada and Mexico covering wind, solar, battery storage and hydro generation.

Under construction: A three MW CHP project and a 450 kWp rooftop solar project that are both under construction and expected to be operational later this year.

Development: A diverse portfolio of utility scale development projects across the United States, Canada and Mexico with a combined capacity of over 3,000 MW as well as a 146 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 United States, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets

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