Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser
Revolve announces proposed acquisition of Canadian Renewable energy operator and developer WindRiver Power. (Credit: Steve from Pixabay)
Revolve Renewable Power Corp. (TSXV:REVV) (OTCQB:REVVF) (“Revolve” or the “Company”), an owner, operator and developer of renewable energy projects is pleased to announce the proposed acquisition of WindRiver Power Corporation (“WindRiver”) a Canadian based owner, operator and developer of wind and hydro projects (the “Proposed Acquisition”) in the Provinces of British Columbia and Alberta.
Revolve, Revolve Acquisition Corp. (the “Purchaser”) a wholly owned Alberta subsidiary of Revolve, and WindRiver have entered into an arrangement agreement dated October 3, 2023 (the “Arrangement Agreement”), pursuant to which the Purchaser and WindRiver shall complete a plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement”) to effect the Proposed Acquisition. Following the completion of the Arrangement, WindRiver shall become a wholly owned subsidiary of Revolve and the Purchaser.
The Proposed Acquisition, once completed, will add 96.63MW of net operational and development capacity to the Company’s portfolio, which is split between 6.63MW of net operational capacity and 90MW of development assets, all located within Canada. The Proposed Acquisition is consistent with the Company’s strategy of building a diversified renewable energy platform across North America while adding long term recurring revenue and cashflow. It will also provide a strong base to expand our activities in the Canadian market where the Company has already commenced greenfield development work earlier this year.
Completion of the Proposed Acquisition is subject a number of conditions, including the final acceptance of the TSX Venture Exchange (the “TSXV”), receipt of WindRiver shareholder approval, receipt of a final order approving the Arrangement from the Court of King’s Bench of Alberta, Judicial Centre of Calgary (the “Final Order”) and other customary closing conditions. Closing of the Proposed Acquisition is expected to occur in early December of this year.
Steve Dalton, CEO of Revolve commented: “We are delighted to reach agreement for our first acquisition in the Canadian market. As we outlined in our updated corporate presentation a number of weeks ago the acquisition of operating assets is a key part of our strategy to accelerate the transition of the Company to an owner / operator business model.
The acquisition of WindRiver will add long term recurring revenue and cashflow to the business, accelerate our expansion into the Canadian market and bring with it a highly experienced operations and development team.
We look forward to working with the WindRiver team towards completion of the transaction in the coming months.”
Source: Company Press Release