Mr. Steve Dalton reports
REVOLVE ANNOUNCES APPROVAL OF THE PLAN OF ARRANGEMENT BY THE SHAREHOLDERS OF WINDRIVER POWER CORPORATION
Shareholders of WindRiver Power Corp. have approved the proposed arrangement agreement for acquisition of all of its issued and outstanding common shares by Revolve Acquisition Corp., a wholly owned subsidiary of Revolve Renewable Power Corp., as referenced in the news release dated on Oct. 4, 2023.
The special meeting of shareholders of WindRiver was held on Nov. 6, 2023, where the special resolution of the arrangement was approved. Out of 90.25 per cent of the votes cast by the shareholders present or represented by proxy, all voted for and there were no votes against the resolution.
The final order approving the arrangement from the Court of King's Bench of Alberta, Judicial Center of Calgary, is anticipated to be granted by mid-November. Closing of the proposed acquisition is expected to occur in early December, 2023.
About WindRiver Power Corp.
Since its establishment in 2008, WindRiver built a successful record in the renewable energy industry, completing the development of several wind and hydro projects across both British Columbia and Alberta totalling 200 megawatts.
It holds equity interests in 6.63 megawatts of net operational capacity split between two operating hydro projects and one operating wind farm, all locate in Canada. In addition to this, WindRiver is currently developing 90 megawatts of hydro development projects located in B.C. These projects are at varying stages of development with target ready to build dates in 2025 to 2026, subject to future power contracting opportunities with BC Hydro.
About Revolve Acquisition Corp.
Revolve was formed in 2012 to capitalize on the growing global demand for renewable power. Revolve develops utility-scale wind, solar and battery storage projects in the United States and Mexico with a portfolio of approximately 2,838 megawatts under development. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub-20-megawatt behind-the-metre distributed generation (DG) assets. Revolve Renewable Business Solutions currently has an operating portfolio of six megawatts, with an additional three megawatts under construction phase and 156 megawatts under development.
Revolve has an accomplished management team with a demonstrated record of taking projects from greenfield through to ready-to-build (RTB) status and successfully concluding project sales to large operators of utility-scale renewable energy projects. To date, Revolve has developed and sold over 1,550 megawatts of projects.
Going forward, Revolve is targeting 5,000 megawatts of utility-scale projects under development in the United States and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG (distributed generation) assets.
We seek Safe Harbor.
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