Mr. Myke Clark reports

REVOLVE ACCELERATES DEVELOPMENT WORK ON MEXICO WIND PORTFOLIO

Revolve Renewable Power Corp.'s project development work on the company's two utility scale wind projects in Mexico is being accelerated as a result of increased regulatory certainty. Development work on its two most advanced projects, which have a combined projected capacity of 531 megawatts (MW), is intensifying following new electricity generation regulations that have been implemented in Mexico.

"The government of Mexico has implemented significant updates to legislation for the energy sector that provides greater certainty for renewable energy developers and distributed generation providers," said Revolve chief operating officer Omar Bojorquez. "Our successful history developing utility-scale wind energy and smaller-scale distributed generation commercial projects in Mexico has positioned us well as we seek to advance two large scale utility wind projects and expand our distributed generation business."

Revolve has two late-stage utility wind projects in Mexico. For project overviews, please see table.

                                    
Project name  El 24 wind farm     Presa Nueva (I & II)

Location      Tamaulipas, Mexico  Nuevo Leon, Mexico  
Technology    Wind                Wind                
Size          131 MW              400 MW              
RTB target    Q4 2026             Q1 2027             

For both projects:

Wind assessment campaigns and detailed energy yield assessments have been completed. The company is in the process of optimizing the project designs based on new turbine models.

The interconnection application process is already under way for both projects and has been updated to reflect new turbine technology and project designs.

Land lease option agreements have been executed for both projects and the rights of way required for the transmission lines required for interconnection are well advanced. The projects are located in a high wind resource area of northeastern Mexico and in close proximity to the high-voltage transmission network.

Environmental permitting for both projects commenced a number of years ago and is expected to be taken up again post the regulatory updates and increasing market certainty from recent government announcements.

The majority of minor permits and authorizations required for both projects are already in place and will be updated as needed to reflect any further optimization of the design for each project.

The El 24 and Presa Nueva wind projects are key assets in the company's "develop and sell" pipeline of renewable energy projects -- one of three key pillars in Revolve's business model. Revolve develops large utility-scale projects from greenfield to ready-to-build status, at which point it sells the development rights to large utilities and independent power producers. The sale of the Parker and Bouse projects in the United States (latest update June 10, 2024 -- Revolve Receives US$3.4 million Bouse Solar and Storage Project Milestone Payment) are a recent example of this segment of the company's revenue stream.

The second pillar of the company's model is the "develop and hold" segment -- Revolve develops, builds, owns and operates smaller utility scale projects (under 50 MW) as well as distributed generation (DG) projects. The third pillar, merger and acquisition expansion, supports both of these strategies. Revolve accelerates its growth through strategic acquisitions of operating assets and/or later stage development assets.

Mexico regulatory update

On March 18, 2025, a decree was published, enacting a package of new secondary laws in the energy sector, among which the Electricity Sector Law (LSE) was issued. This new law repeals the Electricity Industry Law of 2014 (LIE) and establishes a new framework to govern all activities that comprise Mexico's electricity sector.

Distributed generation

The new regulations increase the permit threshold for self-generation projects, or DG, from 500 kilowatts (kW) to 700 kW. For Revolve and the company's customers, this will allow for larger projects without the need for a self-generation permit. Additionally, a simplified procedure will be introduced for self-consumption interconnection permits for projects with capacities ranging between 700 kW and 20 MW. Both of these changes will benefit the company's as it seeks to expand its DG business in Mexico.

Utility scale

For utility scale renewable energy projects, the new laws provide a path forward for private market participants after six years during which private investment in new power plants was virtually halted. The new regulations institute a framework for project development and implements certain timelines associated with interconnection.

The new regulations also recognize energy storage as a key element of the electricity sector. As a result, the company is assessing storage requirements for El 24 and Presa Nueva and updating project designs to incorporate energy storage.

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. Revolve also installs and operates sub-20-megawatt "behind the metre" distributed generation (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 United States, Canada and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

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