Revolve sells 1.25 GW people solar-plus-storage projects to Engie
- Renewables developer Revolve Renewable Power Corp (CVE: REVV) has sold 2 solar-plus-storage projects in Arizona surpassing a gigawatt of combined potential capacity to a neighborhood subsidiary of French power major Engie SA (EPA: ENGI).
Revolve claimed on Wednesday that it moved the 1,000-MW Bouse as well as 250-MW Parker projects to Engie IR Holdings LLC for an ahead of time payment of USD 2 million (EUR 1.87 m) and also earn-out that will be given if certain milestones are accomplished. The Engie unit, which functions as the holding firm for the French team's solar development pipe in The United States and Canada, will be responsible for the further development of the schemes.
Revolve's chief executive officer Steve Dalton stated that this is the very first sale of utility-scale projects from the company's United States development portfolio.
"The transaction will also supply the firm with additional resources to progress its continuing to be development portfolio, while likewise examining chances to add more greenfield project opportunities to its active development portfolio in the close to term," he added.
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