Mr. Myke Clark reports

REVOLVE COMPLETES ACQUISITION OF 30 MW SOLAR DEVELOPMENT PROJECT IN ALBERTA, CANADA AND ADVANCES PERMITTING PROCESS

Revolve Renewable Power Corp. has completed the acquisition of a 30-megawatt (MW) mid-stage development solar project in Alberta, Canada. The project acquisition, first announced on Sept. 16, 2024, is now complete and the company is advancing the required permitting and interconnection process. The first 20 MW phase of the project is expected to achieve ready-to-build (RTB) status in early 2026.

"The closing of this acquisition expands our Canadian presence and adds an attractive near-term 30 MW project to our development pipeline," said chief executive officer Myke Clark. "The transaction is consistent with our M&A 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. The Canadian renewables market is growing significantly and Revolve is committed to growing our operational portfolio and development pipeline. These projects play a key role in our strategy of delivering strong, stable returns to shareholders based on attractive renewable energy projects."

30 MW Alberta project overview

• Capacity: 30 MW, or enough to power more than 5,000 typical Canadian homes. The project is expected to be developed in two phases of 20 MW and 10 MW. The first phase is targeting ready to build milestone in early 2026, with commissioning targeted for mid-2026.
• Location: South 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.
• 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 to update 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.

The project significantly expands the company's presence in the Canadian market. Revolve currently generates a long-term, recurring revenue stream from 6.63 MW of net operational capacity from the Box Springs wind project in Alberta and two British Columbia "run of river" power projects. The company also has a growing development pipeline that includes 90 MW of development assets in British Columbia and a 150 MW solar project development in Saskatchewan.

"Our Canadian portfolio is robust and represents a growing opportunity for Revolve. Our experience across the Canadian, U.S. and Mexican renewables markets allows us to identify and transact on high-return assets and development stage projects in multiple jurisdictions. Completing the acquisition of the 30 MW Alberta solar project is a great example of the type of opportunities we are pursuing," 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 United States, Canada and Mexico. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub 20 MW "behind the metre" 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 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 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 track 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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