ENGIE Purchases Parker and Bouse Solar+Storage Projects from Revolve

0
33

Revolve Renewable Power Corp. has offered its 250 MW Parker Solar and Storage Project and the 1,000 MW Bouse Solar and Storage Project to ENGIE IR Holdings LLC, an entirely owned subsidiary ENGIE S.A. The sale of the tasks was accomplished pursuant to a share buy settlement dated January 10, 2023. ENGIE is listed on the Paris and Brussels inventory exchanges and has in depth renewable energy operations throughout the U.S., Mexico and Canada. 

The whole consideration payable by ENGIE is inside the vary of steering beforehand offered by the corporate for the sale of utility scale improvement belongings. It consists of an upfront cost of $2,000,000 (inclusive of the reimbursement of improvement prices), which has been paid on completion of the transaction.

The remaining consideration is linked to every of the Projects efficiently finishing the next improvement milestones: completion of additional interconnection research; issuance by ENGIE of a Notice To Proceed (NTP) building works to the relevant EPC contractor; and on the commissioning date (COD), with such date being the date {that a} challenge has been synchronized to the grid and is able to delivering all of its put in capability to the grid.

The first 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 Solar LLC on a money and debt-free foundation.

ENGIE will likely be chargeable for the additional improvement of the tasks together with all future improvement prices and different monetary liabilities.

As a part of the transaction the events have entered right into a put choice settlement permitting ENGIE to promote the tasks again to the corporate for a restricted interval following receipt of the outcomes of the following interconnection research due for every challenge. Should ENGIE train this put choice, the corporate will repurchase the respective challenge, whereas additionally refunding ENGIE and improvement bills incurred or reimbursed.

“We are delighted to announce the sale of our Bouse and Parker solar & storage projects to ENGIE,” says Steve Dalton, CEO of Revolve. “This is a significant transaction for the company and marks the sale of our first utility scale projects from our U.S. development portfolio. It successfully demonstrates our development approach as well as our strategy in working with experienced utility partners to deliver significant returns for our shareholders. The transaction will also provide the company with additional resources to advance its remaining development portfolio, while also evaluating opportunities to add further greenfield project opportunities to its active development portfolio in the near term.”

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 Project is a 1,000 MW solar and battery storage challenge, positioned on roughly 6,155 acres of land wholly managed by the BLM in La Paz County 27 miles east of Quartzsite, Ariz. The whole challenge website is positioned in a solar variance space as recognized in BLM’s Solar PEIS and Record of Decision (ROD) (BLM/DOE 2012, BLM 2012a). The Bouse Project has the capability to offer electrical energy to an equal of roughly 1.2 million properties. The firm commenced the greenfield improvement of the Bouse Project in early 2021.

The Parker Project is a 250MW solar and storage challenge, positioned on roughly 1,530 acres of land wholly managed by the Bureau of Land Management (BLM) in La Paz County, Ariz. The challenge is close to present transmission infrastructure and simply accessed via present state highway community. It has the capability to offer electrical energy to an equal of roughly 300,000 properties. The firm commenced the greenfield improvement of the Parker Project in mid-2021.

Image: Andreas Gücklhorn on Unsplash

LEAVE A REPLY

Please enter your comment!
Please enter your name here