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Revolve acquires WindRiver to grow Canadian business

Adds 6.63 MW of operating capacity, 90 MW of gross development capacity in hydro projects

The acquisition of WindRiver by Revolve adds projects like the six-megawatt Sakwi Hydro Project in Harrison Hot Springs, B.C. to Revolve's portfolio. (Courtesy Revolve Renewable Power Corp.)

Revolve Renewable Power Corp. (REVV-X), a Vancouver-based renewables developer and operator, has completed its acquisition of Calgary wind and hydro developer WindRiver Power Corp. to build its Canadian presence and advance its new business strategy.

First announced in October 2023, the $4.85 million acquisition of WindRiver gives Revolve a portfolio of 12.33 megawatts of operating assets under long term power purchase agreements (PPAs) in Canada and Mexico. It adds 6.63 megawatts of net operating capacity of operating wind and hydro projects, and 90 megawatts of gross development capacity of hydro projects to Revolve’s portfolio.

Revolve’s development portfolio in Canada, the U.S. and Mexico now totals over 3,000 megawatts of utility-scale capacity.

“Part of our strategy is to create this North American-focused, renewable independent power producer, publicly listed company,” Steve Dalton, CEO of Revolve, told Sustainable Biz Canada. “We’re all about trying to own and operate renewable projects for the long-term.

"We’re moving away from our historic focus on development.”

Looking into Canada

Despite being headquartered in Vancouver, Revolve’s pivot to the Canadian market is a process that has taken the company over a decade to complete.

Created as an Irish company, its founders focused on the Mexican renewable energy market because there were few projects of the kind in that country in 2011, Dalton said. After years of developing and selling renewable projects in Mexico to European utilities, Revolve branched out of Mexico and into the U.S. and Canada in 2020.

Revolve started developing its U.S. projects, Dalton said, and prioritizing mergers and acquisitions. After completing its first acquisition in 2022 of a Mexican portfolio from a U.K. utility, the company searched for another transaction with a focus on assets. The company became aware of WindRiver through a third-party firm in 2022, and it “ticked a lot of boxes for us,” according to Dalton.

Buying WindRiver played into its ambition of building up its Canadian team and becoming an owner and operator of projects, rather than a pure developer.

“They were a fairly similar company to ourselves in that they were a developer of wind and hydro projects, albeit focused in Canada and not Mexico, and it had managed some success . . . It was a very good fit with our overall strategy.”

He added WindRiver has a “strong operating team” with 10 years of experience in developing hydro and wind projects.

Though initially expected to be closed by December, the acquisition was delayed because of additional conditions and the holidays, Dalton said.

Revolve’s new project portfolio

Three operating projects added to Revolve’s portfolio are:

  • The 11-megawatt Hunter Creek Hydro Project in Hope, B.C. that sells electricity to BC Hydro under a long-term PPA. Revolve holds an indirect 21 per cent stake;
  • the six-megawatt Box Springs Windfarm Project in Medicine Hat, Alta. that sells electricity to Medicine Hat under a 20-year PPA. Revolve holds a 51 per cent stake; and
  • the six-megawatt Sakwi Hydro Project in Harrison Hot Springs, B.C. that sells electricity to BC Hydro under a long-term PPA. Revolve holds an indirect 21 per cent stake.

For six months ended June 30, 2023, the projects generated $3.17 million in gross revenue and gross production of 28,463 megawatt-hours.

Its two hydro projects in development are:

  • The 75-megawatt Kinskuch Lake Hydro Project, north of Terrace, B.C. Revolve is now a developer of the project and an 87.5 per cent shareholder; and
  • the 15-megawatt Tahimi Creek Hydro Project in the Chilliwack River Valley, B.C. Revolve is now a developer and 70 per cent shareholder.

The targeted finish dates are from 2025 to 2026, with expectations for power contracting opportunities with BC Hydro.

Dalton hopes to expand the team at WindRiver from its current size of two to three staff members, and expects to develop more assets in provinces such as Saskatchewan. Revolve has its eye set on a call for power from BC Hydro scheduled later this year as another potential opportunity.

The company has a pipeline of 18 projects in Canada, the U.S. and Mexico. The Revolve CEO said the company “clearly (has) a little bit more to do in Canada,” and the country will be prioritized by searching both for new Canadian markets and acquisitions.

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