Irish energy company ReVolve to list in Canada
Irish company ReVolve Renewable Power has signed an agreement that will see it list on the TSX Venture Exchange (TSXV) in Canada.
eVolve is a developer of utility-scale renewable energy projects in North America, focused on wind, solar and battery storage
The listing will be through the reverse takeover of Philippines Metals Inc, which signed an agreement last week to allow the company to be taken over.
Steve Dalton, Managing Director of ReVolve, said, “This listing will give ReVolve access to an experienced institutional investor base to enable us to advance our various development opportunities in the United States and Mexico. This is an essential step on the path that will see ReVolve become a major company dedicated to the development of renewable energies.
“A growing number of institutional investors want exposure to renewable energy and have a preference for public markets. We will now be able to work with this investor base to build an extensive portfolio of wind, solar and battery storage projects across North America.
ReVolve was established in 2012 and has built a portfolio of projects in different renewable energy technologies in the US and Mexican markets.
It is rapidly expanding its pipeline and development activities in the United States and is targeting an active pipeline of up to 3 gigawatts (GW) in development by the end of 2022 in addition to a 2 GW target for Mexico.
It has a portfolio of approximately 3.3 GW of projects under active development and an additional 1.1 GW of new opportunities, which it is in the process of converting into a near-term pipeline.
This pipeline, including these greenfield opportunities, is split between 1.92 GW of wind projects, 370 MW of solar projects, 1.97 GW of solar and battery storage projects and a 50 MW dedicated battery storage project.
Prior to the proposed listing, ReVolve raised just over €4.8 million in two tranches. It raised just over €3 million primarily through existing shareholders in August 2021 and raised an additional €1.7 million via PMI in December 2021.
The company previously raised around €2.5 million between 2012 and 2015 before returning €6.7 million to shareholders in various share buybacks three years later.
The transaction is subject to the conditional approval of the TSXV.