Wind turbines at the Box Springs Wind Farm located in the northwest of Medicine Hat are shown in this August 2020 File Photo.--News File Photo
@MedicineHatNews
The majority owner of the Box Springs Wind Farm in Medicine Hat says it has acquired a proposal to build a solar farm in central Alberta.
Revolve Renewable Power Corp. announced Monday it has an agreement with an unnamed developer to acquire a 30-megawatt development plan sited on land south of Edmonton.
It would pay $100,000 up front toward a total reimbursement of $790,000 spent to date on development costs as well as an undisclosed purchase price subject to several conditions.
They include construction and commissioning dates for the project that has apparently not yet been submitted to the Alberta Utilities Commission for approval.
Revolve, a publicly traded company, states the project would proceeded in two phases, including an initial phase in 2026 with a 20-megawatt peak generating capacity.
It estimates annualized unadjusted earnings between $1.8 million and $3 million from the phase.
“The transaction is consistent with our mergers and acquisitions strategy of targeting projects under 30 megawatts in the U.S. and Canada, where we continue to see excellent opportunities to acquire, develop, build and operate quality assets with attractive returns,” stated Revolve CEO Steve Dalton in the companies release.
Vancouver-based Revolve’s operational portfolio includes 51 per cent ownership stake in the three-turbine (six-megawatt) Box Springs Wind Farm, which supplies power to the City of Medicine Hat.
It also lists mid-stage battery and wind development projects in Utah and Colorado.
