Mr. Steve Dalton reports

REVOLVE PROVIDES DEVELOPMENT UPDATE ON ITS VERNAL BESS PROJECT

Revolve Renewable Power Corp. has provided an update on the continuing development work for its 80-megawatt-hour/20-megawatt Vernal battery storage project.

Vernal BESS project summary

The Vernal BESS project is an 80MWh/20MW battery storage project, located on a 47-acre land parcel wholly owned and administered by the State Land Trust in Uintah county, four miles north of Vernal, Utah. The project site benefits from excellent access through the existing local road network and is in close proximity to existing transmission infrastructure.

The company has identified the project as a key project within its utility-scale development portfolio that it intends on financing, constructing and operating for the generation of long-term revenue and cash flow.

Development highlights

As indicated in the previous project updates issued on March 23, 2023, and on Sept. 11, 2023, the company has been actively developing the project since 2022 with a particular focus on completing the interconnection process.

• Interconnection: The project is ideally located less than a half mile from the existing transmission network in the area. The company applied for an interconnection with PacifiCorp in May, 2022, as part of its 2022 Cluster 2 study and has since received both the phase 1 and phase 2 interconnection studies. The results of these studies were in line with the company's expectations both in terms of the overall cost of the interconnection and the potential commissioning timeline.

On this basis the company decided to finalize the interconnection application process and has recently signed an interconnection agreement with PacifiCorp, completing what is a major milestone for the development of the project.

• Permitting: The remaining permitting works on the project are continuing and will over the coming months consist of preparing and applying for a conditional use permit and building permit with the local county, completing the plan of development and construction permit with the Utah State Land Trust, and finalizing the detailed design and engineering for the interconnection transmission line.

The company continues to target a ready-to-build date in late 2024/early 2025 with construction works to commence in 2025 and commercial operations during 2026. These dates remain subject to securing suitable offtake arrangements for the project.

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 United States, Canada and Mexico. The company has a second division, Revolve Renewable Business Solutions, which installs and operates sub-20 MW behind-the-metre distributed generation (or DG) assets.

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