ReVolve Renewable Power Corp, a Dublin-headquartered energy company recently listed on the Toronto Stock Exchange, has reached an agreement to purchase a $1.5 million company.
ReVolve has agreed to acquire Centrica Business Solutions (CBS) Mexico for 33 million Mexican pesos, according to a statement released by the company in Canada last week.
CBS Mexico operates in the Mexican distributed generation market and is focused on the development, installation and operation of a number of different distributed generation solutions/projects at the premise of various industrial customers in the country.
The transaction is strategic for ReVolve as the company moves from a pure developer of renewable energy projects to an independent power producer with recurring revenue and cash flows.
CBS Mexico assets to be acquired include six operational rooftop solar projects and one operational combined heat and power project totaling 2.85 megawatts (MW).
The power generated by these projects is sold under several fixed-price power purchase agreements with industrial customers in central Mexico.
The contracts have an average remaining term of around eight years.
The projects were commissioned between 2019 and 2021 and are expected to generate revenues and earnings before interest, taxes, depreciation and amortization in excess of the equivalent of US$400,000 and US$300,000 per year, respectively.
The assets acquired also include a 3 MW cogeneration project awaiting final approvals before commencing commercial operations.
Steve Dalton, ReVolve’s chief executive, said the acquisition would accelerate the company’s strategy for the distributed generation market, shifting it from pure development to power generation.
https://www.independent.ie/business/irish/revolve-renewable-power-buys-firm-linked-to-bord-gais-41697158.html ReVolve Renewable Power acquires a Bord Gáis-affiliated company