Revolve Renewable Energy Corp. has bought its 250 MW Parker Photo voltaic and Storage Mission and the 1,000 MW Bouse Photo voltaic and Storage Mission to ENGIE IR Holdings LLC, an entirely owned subsidiary ENGIE S.A. The sale of the initiatives was accomplished pursuant to a share buy settlement dated January 10, 2023. ENGIE is listed on the Paris and Brussels inventory exchanges and has intensive renewable power operations throughout the U.S., Mexico and Canada.
The full consideration payable by ENGIE is throughout the vary of steering beforehand supplied by the corporate for the sale of utility scale growth belongings. It consists of an upfront cost of $2,000,000 (inclusive of the reimbursement of growth prices), which has been paid on completion of the transaction.
The remaining consideration is linked to every of the Tasks efficiently finishing the next growth milestones: completion of additional interconnection research; issuance by ENGIE of a Discover To Proceed (NTP) development works to the relevant EPC contractor; and on the commissioning date (COD), with such date being the date {that a} undertaking has been synchronized to the grid and is able to delivering all of its put in capability to the grid.
The primary of those milestones is predicted to be achieved in 2023 when additional interconnection research are issued.
On completion of the transaction ENGIE acquired 100% of the shares in Revolve Renewable AZ LLC and Revolve Parker Photo voltaic LLC on a money and debt-free foundation.
ENGIE might be chargeable for the additional growth of the initiatives together with all future growth prices and different monetary liabilities.
As a part of the transaction the events have entered right into a put possibility settlement permitting ENGIE to promote the initiatives again to the corporate for a restricted interval following receipt of the outcomes of the following interconnection research due for every undertaking. Ought to ENGIE train this put possibility, the corporate will repurchase the respective undertaking, whereas additionally refunding ENGIE and growth bills incurred or reimbursed.
“We’re delighted to announce the sale of our Bouse and Parker photo voltaic & storage initiatives to ENGIE,” says Steve Dalton, CEO of Revolve. “It is a important transaction for the corporate and marks the sale of our first utility scale initiatives from our U.S. growth portfolio. It efficiently demonstrates our growth strategy in addition to our technique in working with skilled utility companions to ship important returns for our shareholders. The transaction will even present the corporate with further assets to advance its remaining growth portfolio, whereas additionally evaluating alternatives so as to add additional greenfield undertaking alternatives to its energetic growth portfolio within the close to time period.”
Agentis Capital acted as unique monetary adviser to the corporate on the transaction, whereas Baker Botts acted as the corporate’s U.S. authorized counsel and Miller Thomson LLP acted as the corporate’s Canadian authorized counsel.
The Bouse Mission is a 1,000 MW photo voltaic and battery storage undertaking, positioned on roughly 6,155 acres of land wholly managed by the BLM in La Paz County 27 miles east of Quartzsite, Ariz. All the undertaking web site is positioned in a photo voltaic variance space as recognized in BLM’s Photo voltaic PEIS and Document of Resolution (ROD) (BLM/DOE 2012, BLM 2012a). The Bouse Mission has the capability to offer electrical energy to an equal of roughly 1.2 million houses. The corporate commenced the greenfield growth of the Bouse Mission in early 2021.
The Parker Mission is a 250MW photo voltaic and storage undertaking, positioned on roughly 1,530 acres of land wholly managed by the Bureau of Land Administration (BLM) in La Paz County, Ariz. The undertaking is close to present transmission infrastructure and simply accessed via present state street community. It has the capability to offer electrical energy to an equal of roughly 300,000 houses. The corporate commenced the greenfield growth of the Parker Mission in mid-2021.
Picture: Andreas Gücklhorn on Unsplash
