Mr. Steve Dalton reports

REVOLVE ANNOUNCES ACQUISITION OF 30MWP SOLAR DEVELOPMENT PROJECT IN ALBERTA

Revolve Renewable Power Corp. will acquire the development rights to a 30-megawatt-peak (MWp) solar project in Alberta, Canada.

Revolve Meadows Solar GP Inc., a wholly owned Alberta subsidiary of Revolve, and the project developer have entered into an asset transfer agreement dated Sept. 14, 2024 (the ATA). Under the ATA, the assets related to the project will transfer to the purchaser on completion of the transaction, which is expected to occur on or before Nov. 15, 2024.

Under the terms of the ATA, the company will pay an upfront consideration of $100,000, which includes the reimbursement of certain development costs incurred in the development of the project to date. The company has also agreed to pay further consideration and reimbursement of historical development costs of up to $790,000, subject to the final installed capacity of the project and linked to the successful completion of various milestones, including the commencement of construction and the commercial operation date of the project.

The transaction will be financed through existing cash resources held by the company.

Project overview:

• Project capacity -- 30 MWp solar project expected to be developed in two phases of 20 MWp and 10 MWp;
• Project location -- the project is located south of the city of Edmonton in an area of non-prime agricultural land. A land lease agreement has been signed with one landowner for the entire project area;
• Development status -- the project has been under development for the last two years and is considered to be at mid-stage of development with site control completed along with various other permitting and interconnection works;
• Development program -- the company is targeting having the first phase of the project ready to build in early 2026, with commissioning targeted for mid-2026;
• Financial forecast -- once fully commissioned, the first phase of the project is expected to generate annualized revenue in the range of $3.0-million to $5.0-million, and EBITDA (earnings before interest, taxes, depreciation and amortization) of between $1.8-million to $3.0-million. The company intends on updating these forecasts closer to construction commencing and as the commercial arrangements for the sale of electricity from the project are finalized. Revolve intends to build, own and operate the project, which, once operational, will substantially enhance the revenue and cash flow profile of the company.

Steve Dalton, chief executive officer of Revolve, commented: "We are delighted to continue to expand our presence in the Canadian market through the proposed acquisition. The transaction is consistent with our [merger and acquisition] strategy of targeting projects under 30 MW in the [United States] 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 six MW Box Springs wind project and [British Columbia]-based interest in two run-of-river power projects."

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. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub 20 MW behind-the-meter distributed generation (or DG) assets. Revolve's portfolio includes the following:

• Operating assets: 11 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 (combined heat and power) project and a 450-kilowatt-peak rooftop solar project that are both under construction and expected to be operational later this year; and
• 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 MW plus 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 (distributed generation) assets.

We seek Safe Harbor.