Revolve Signs Agreement To Acquire 30MWp Solar Project In Canada

Acquisition expands Revolve's growing renewable energy portfolio in Canada

Revolve Renewable Power Corp.("Revolve" or the "Company"), a North American owner, operator and developer of renewable energy projects, is pleased to announce the proposed acquisition of the development rights to a 30 megawatt ("MWp") solar project in Alberta, Canada (the "Project"). The Company has entered into a binding Letter of Intent ("LOI") to acquire the assets related to the Project and will enter into an asset transfer agreement ("ATA"), subject to certain customary closing conditions.

Following the recent Alberta Utilities Commission ("AUC") permit approval for the Company's 15.7 MW Bright Meadows solar project, the Company has moved to secure a further late-stage development project in the province. The current intention is to have the Bright Meadows project ready to build and under construction in 2026, which will be followed by this 30 MWp project in 2027 creating a consistent pipeline of 'Develop and Build' projects in Canada.

"Revolve is actively expanding its presence in Canada given the strong renewable energy potential and this project acquisition contributes to that growth strategy," said CEO Myke Clark. "This project has significant permitting and development work completed and will add another late-stage solar project to our growing project pipeline. The transaction is consistent with our M&A strategy of targeting projects under 30 MW in the US and Canada, where we continue to see excellent opportunities to acquire, develop, build and operate quality assets with attractive returns. We will continue to evaluate and pursue additional utility-scale opportunities across North America, leveraging our proven development expertise to build a diversified and resilient portfolio of clean energy assets."

Project Overview

• Project Capacity - 30 MWp solar project located in southern Alberta. A land lease agreement has been signed with one landowner for the entire Project area.
• Development Status - the Project has been under development for the last two years and is considered to be at the mid-stage of development with site control completed along with various other permitting and interconnection works. The project is currently in the AUC permitting process with a decision on the permit approval expected by the end of 2025.
• Development Program - the Company is targeting having the Project ready to build in early 2027, with commissioning targeted for mid-2028.

Financial Forecast - once fully commissioned, the Project is expected to generate annualized revenue in the range of C$5.6m to C$6.0m and EBITDA of between C$3.8m to C$4.2m. The current cost estimate to build the Project ranges between C$38m and C$40m, which will include a combination of debt, equity and the Investment Tax Credit of up to 30% available for renewable energy projects in Canada. The Company intends to update these forecasts closer to construction commencing and as the commercial arrangements for the sale of electricity from the Project are finalized. Revolve intends to build, own and operate the Project, which, once operational, will substantially enhance the revenue and cashflow profile of the Company. Construction on the Project is currently targeted for 2027, subject to interconnection studies and final permitting. This schedule aligns strategically with the targeted construction of the 15.7 MW Bright Meadows solar project in 2026.

Under the terms of the LOI, which was entered into on September 19, 2025, the Company will pay an upfront consideration of C$75,000 upon signing of the definitive ATA, which includes the reimbursement of certain development costs incurred in the development of the Project to date. The Company has also agreed to pay further consideration and reimbursement of historical development costs of up to C$1,479,750, subject to the final installed capacity of the Project and linked to the successful completion of various milestones including the commencement of construction and the commercial operation date of the Project. It is expected that these milestones will be met during the period 2026 to 2028. The transaction will be financed through existing cash resources held by the Company.

The Project acquisition, once completed, will add to the Company's growing portfolio of operating and development projects in Alberta. Revolve is advancing the 15.7 MW Bright Meadows Solar Project which was recently granted approval from the AUC. The Company also operates the 6 MW Box Springs Wind Project in Alberta.