Mr. Steve Dalton reports

REVOLVE ANNOUNCES ESG & CORPORATE GOVERNANCE STRATEGY AND CHANGES TO ITS NON-EXECUTIVE DIRECTORS

Revolve Renewable Power Corp. has outlined its environmental, social and governance (ESG) strategy, including proposed changes to the company's board of directors.

ESG policy and reporting

As a developer and operator of renewable energy projects, the company is playing an important role in the transition to net zero in the key markets in which it operates.

The company is committed to formalizing its corporate sustainability strategy and priorities and intends on commencing a formal process to complete its first ESG report. The work involved in the preparation of this report will guide Revolve's ESG efforts in the areas that are most important to the business and stakeholders in the years to come as the company continues to expand its activities and operational base.

Revolve intends to appoint a third party advisory firm to assist with a stakeholder outreach program, which will be used to gather information and data required in order to prepare and complete the ESG report.

The final ESG report is expected to be finalized in the first half (H1) of 2024 and will be made available on the company's website once completed.

Corporate governance strategy

As the company continues to implement its strategy toward becoming a large developer and operator of renewable energy projects, a transition of its corporate governance structures will also be required. This transition is intended to continue to build on the skills, knowledge and experience of the board while considering the strategic needs of the company as it grows its operational asset base in the months and years ahead.

In this regard, the board has agreed to a corporate governance plan that will see the company: (i) reduce the number of directors from eight currently to seven directors consisting of two executive directors and five non-executive directors; and (ii) adopt a succession and renewal plan regarding the existing non-executive directors, which will target the addition of a number of new non-executive directors over the next two years.

This succession and renewal plan will focus on building the diversity of the board as well as adding non-executive directors with further experience in the renewable energy market in North America.

Following adoption of this plan, the board has been informed by Finn Lyden that he has decided to step down as a non-executive director of the company and will be resigning on Nov. 8, 2023.

Steve Dalton, chief executive officer, commented: "Finn was a key investor and board member of the company and has been a strong supporter of the management team for over 10 years. He has provided invaluable advice and guidance to the board, and his insights and industry experience have been instrumental particularly as the company completed its move to being a public company. I would like to thank him personally and on behalf of the board for his support and contribution to Revolve."

In addition to this change, the company is pleased to announce the appointment of Susan Shaw (PEng) to the board as a non-executive director. Ms. Shaw has over 40 years of experience in energy, including nuclear power, waste to energy and district energy, but has focused the last 20 years on renewable power in the Canadian market. Across these energy specialties, her roles included business development, construction and project management, engineering and operations, and executive positions with profit/loss responsibility. Ms. Shaw is a graduate of Georgia Tech and was the first woman licensed in the United States as a waste-to-energy plant operator.

She led the Canadian District Energy Association for several years and is a founding director of an Ontario renewable energy co-op. Ms. Shaw currently teaches renewable energy courses at Fanshawe College.

Mr. Dalton said: "On behalf of the board, I am delighted to welcome Susan to Revolve. Susan brings a wealth of experience and a long track record in the Canadian renewable energy market, which will benefit the company greatly as we continue to build our Canadian operations and deliver our overall strategy."

Following these changes, J.P. Maguire, will replace Mr. Lyden as a member of the human resources and compensation committee.

About Revolve Renewable Power 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 U.S. 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.

Revolve is targeting 5,000 megawatts of utility-scale projects under development in the U.S. and Mexico, and in parallel is rapidly growing its portfolio of revenue-generating DG assets.

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