Engie Acquires 1,250 MW Solar & Storage Projects in US from Revolve Renewable Power

Engie commissions 200 MW solar project in India

Engie has acquired the 250 MW Parker Solar and Storage Project, and the 1,000 MW Bouse Solar and Storage Project from Revolve Renewable Power. The announcement has been made by Revolve Renewable Power and the projects have been sold to Engie IR Holdings LLC that is a wholly owned subsidiary of Engie. The two companies signed a share purchase agreement.

Engie is a global renewable energy player listed on the Paris and Brussels stock exchanges and has extensive renewable energy operations across the US, Mexico and Canada. Revolve Renewable Power is a Vancouver-headquartered renewable energy company that has developed about 2.8 GW of RE capacity comprising solar, wind and storage segments.

The total consideration payable by Engie is within the range of guidance previously provided by Revolve Renewable Power for the sale of utility scale development assets. It includes an upfront payment of $2 million, which has been paid on completion of the transaction.

The remaining consideration is linked to each of the projects successfully completing some development milestones. These include completion of further interconnection studies, a notice by Engie to proceed construction works to the applicable EPC contractor and on the commissioning date with such date being the date that a project has been synchronized to the grid and is capable of delivering all of its installed capacity to the grid.

The official statement held that on completion of the transaction, Engie acquired 100% of the shares in Revolve Renewable AZ LLC and Revolve Parker Solar LLC on a cash and debt free basis.

Engie will be responsible for the further development of the projects including all future development costs and financial liabilities.

Steve Dalton, CEO, Revolve Renewable Power, said that this transaction marks the sale of Revolve’s first utility scale projects from its US development portfolio. “The transaction will also provide the firm 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,” said Dalton.

The Bouse Project is a 1,000 MW solar and battery storage project in Arizona. It has the capacity to provide electricity to an equivalent of approximately 1.2 million homes.

The Parker Project is a 250 MW solar and storage project in La Paz County, Arizona that has a capacity to provide electricity to an equivalent of approximately 300,000 homes.