ReVolve Renewable Power (TSXV: REVV) announces the successful completion of the BLM variance process for the 1GWac Bouse Solar and Storage project

VANCOUVER, BC, May 24, 2022 /CNW/ - ReVolve Renewable Power Corp, ("ReVolve") or the "Company") (TSXV: REVV) is pleased to announce that the Bureau of Land Management (the "BLM") has notified the Company that its right of way / variance land application for the 1GWac Bouse Solar and Storage project (the "Bouse Project"), located in La Paz County, Arizona has been approved for further processing.

The Bouse Project is a 1GWac solar and battery storage project, located on approximately 6,155 acres of land wholly managed by the BLM in La Paz County 27 miles east of Quartzsite, Arizona. The entire project site is located in a solar variance area as identified in BLM's Solar PEIS and Record of Decision (ROD) (BLM/DOE 2012, BLM 2012a).

ReVolve Renewable Power AZ LLC, a 90% owned subsidiary of the Company submitted a right of way (SF299) application to the BLM in May 2021 including a Plan of Development and Variance Factor Analysis for the Bouse Project. Following the submission of the SF299 application, the Company has worked with the BLM in accordance with the right of way regulations (43 CFR 2800) published by the BLM on December 19, 2016 to advance approval of the Bouse Project.

This process included various preliminary meetings with relevant federal and state agencies, tribal consultation and a public consultation meeting, held on February 2^nd, 2022. Following completion of this process the Company has been officially notified of the BLM decision to approve the Bouse Project for further processing.

The Company will now continue through the BLM approval process, which will consist of completion of an environmental review of the Bouse Project in accordance with National Environmental Policy Act ("NEPA") of 1969 and all other applicable laws, regulations and policies.

Development activities for the Bouse Project over the course of 2022 are expected to consist of the following:

• Completion of field studies including biological, aquatic and cultural resource assessments.
• Completion of the Phase One interconnection study by the California Independent System Operator ("CAISO") expected in early Q4 2022.
• Review and amendment of the plan of development for the project.
• Publication by the BLM of the notice of intent to commence the NEPA process.

The Company can also confirm that it has appointed Ecosphere Environmental Services ("Ecosphere"), a specialist environmental consultancy firm with extensive experience across the western United States. Ecosphere have been appointed to lead the field studies required as part of the NEPA process. Both the biological and aquatic field studies have already commenced and will be completed in the coming weeks. The cultural resource assessments will be completed during Q3 2022.

Steve Dalton, CEO of ReVolve commented: "Completion of the variance approval process is a major milestone for the development of the Bouse Project and is the result of some excellent work by the ReVolve development team working closely with the BLM over the last 12 months. We now look forward to continuing this work with the BLM and our external consultants as the project moves into the NEPA process. Once fully permitted the Bouse Project will be one of the largest solar & storage projects in Arizona and is expected to play a significant role in meeting the rapidly growing renewable energy needs across both Arizona and California."    

ReVolve Renewable Power Corp. (www.revolve-renewablepower.com) is in the business of developing utility scale renewable energy generation projects in North America with a particular focus on wind, solar and battery storage technologies. The Company has also recently establish ReVolve Renewable Business Solutions, a division dedicated to the development and operation of distribution generation and sub 20MW renewable energy projects in the US and Mexico.  

The Company was established in 2012 and since then has successfully built a diversified portfolio of projects across the different renewable energy technologies in both the US and Mexican markets. It currently has a portfolio of 3.3 gigawatts ("GW") of projects under active development and a further 1GW of greenfield opportunities, which it is in the process of converting to its pipeline in the near term.

ReVolve is in the process of rapidly expanding its pipeline and development activities in the US and is targeting an active portfolio of up to 3GWs under development by the end of 2022 in addition to a 2GW target for Mexico.

Although ReVolve believes, in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because ReVolve can give no assurance that they will prove to be correct. When used in this press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. The forward-looking statements and information in this press release include information relating to the business plans of ReVolve and ReVolve's management's expectation on the future development of the Bouse Project, including the completion of the BLM approval process, publication by the BLM of the notice of intent to commence the NEPA process, completion of field studies including biological, aquatic and cultural resource assessments, completion of the Phase One interconnection study by CAISO, the review and amendment of the plan of development for the project, the Bouse Project becoming one of the largest solar & storage projects in Arizona, the growth and performance of the Company's business in the United States and Mexico, including the planned MW capacity of its projects and its expansion into the distributed generation market. Such statements and information reflect the current view of ReVolve and/or ReVolve, respectively.

The forward-looking statements contained in this news release are based on current expectations, estimates, projections and assumptions, having regard to the Company's experience and its perception of historical trends, and includes, but is not limited to, expectations, estimates, projections and assumptions relating to the extent of regulations pertaining to the Company's projects and ReVolve's ability to continue as going concern. Risks and uncertainties that may cause actual results to differ materially from those contemplated in those forward-looking statements and information, including but not limited to: the effects of weather, catastrophes and public health crises, including COVID-19; labour availability; disruptions to the Company's supply chains; changes to regulatory environment, including interpretation of production tax credits; armed hostilities and geopolitical conflicts; failure to obtain necessary regulatory approvals in a timely fashion, or at all; risks related to the development and potential development of the Company's projects; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; the availability of tax incentives in connection with the development of renewable energy projects and the sale of electrical energy; as well as those factors discussed in the sections relating to risk factors discussed in the Company's continuous disclosure filings on SEDAR. Such statements and information reflect the current view of ReVolve. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking information contained in this press release represents the expectations of ReVolve as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. ReVolve does not undertake to update this information at any particular time except as required in accordance with applicable laws.

Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE ReVolve Renewable Power Corp