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VANCOUVER, BC, Feb. 28, 2023 /PRNewswire/ – Revolve Renewable Power Corp. REVV (“Revolve” or the “Company“) an owner, operator and developer of renewable energy projects, is pleased to announce its unaudited financial and operating results for the quarter and six months ending December 31, 2022 (Q2 FY2023). All amounts reported are in US dollars.
In Q2 FY2023 the Company continued to make strong progress in both its utility scale development and Distributed Generation (or “DG”) business units. As at the quarter end the Company had an operational DG portfolio of 2.85MW, DG projects under construction of 6.2MW and utility scale projects under development of 3,600MW.
Key business and financial highlights for Q2 FY2023 included:
- Renewable energy generation for the quarter was 492,563kWh and 675,211kWh for the six months ending December 31, 2022. This represents the Company’s first full quarter of energy generation since the completion of the acquisition of the Centrica Business Solutions Mexico portfolio in August 2022. We expect further optimization of these assets over the coming months.
- Distributed Generation assets under construction of 6.2MW consisting of a 3MW CHP (or “combined heat and power”) project and a 3.2MWh battery storage project. These are both expected to be commissioned and revenue generating during Q3 FY2023.
- Distributed Generation project pipeline of 65.8MW consisting of a wide range of new rooftop solar, battery storage and CHP opportunities with industrial customers across a number of different industries. As at the date of this release this pipeline has increased to 71.8MW, which the Company is working to convert into signed power purchase agreements / projects under construction in the short term.
- Utility scale projects under development of 3,600MW as at the 31 December 2022, which has since been reduced to 2,350MW as at the date of this release following the successful sale of the Bouse Solar & Storage and Parker Solar & Storage projects to…
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