Revolve Receives US$3.4 Million Bouse Solar and Storage Project Milestone Payment

VANCOUVER, BC / ACCESSWIRE / June 10, 2024 / Revolve Renewable Power Corp. (TSXV:REVV)(OTCQB:REVVF) has announced the completion of a significant milestone connected to the 1,000MW Bouse Solar and Storage Project. This project, sold to ENGIE IR Holdings LLC in January 2023, has garnered a US$3.4 million milestone payment for Revolve upon completing further interconnection studies.

No additional development costs were incurred for this milestone. The deferred revenue of US$960,000 from the initial payment is now anticipated to be recognized in Q4 FY2024 financial statements. This development boosts Revolve’s strategic projects and financial forecast for the year.

Steve Dalton, CEO of Revolve, expressed satisfaction with the progress, highlighting the Bouse Project's capacity to deliver power to approximately 1.2 million homes. The next steps include further advancing toward a notice to proceed with construction.

Engie opted not to exercise its put option to resell the project back, confirming confidence in the venture's progression. Revolve continues to expand its portfolio across North America, emphasizing green energy projects.