- Revolve (REVV) has signed an agreement for a C$1.86M secured loan from RE Royalties (RE)
- It will use the funds to install its first 3.2 MWh battery storage system for a major hotel chain in Cancun, Mexico
- The loan carries a 12-per-cent interest rate and a term of 24 months
- RE Royalties provides financing solutions for renewable energy clients through long-term, recurring royalty streams
- Revolve develops utility-scale wind, solar and battery storage projects in the U.S. and Mexico with a portfolio of 3,600 MW under development
- RE Royalties (RE) is down by 2.82 per cent, trading at $0.69 per share
- Revolve (REVV) is unchanged, trading at $0.49 per share
Revolve (REVV) has signed an agreement for a C$1.86M secured loan from RE Royalties (RE).
It will use the funds to install its first 3.2 MWh battery storage system for a major hotel chain in Cancun, Mexico. The company expects the system to be fully commissioned by Q1 2023.
The loan has a term of 24 months and is repayable at maturity. Drawn funds carry an interest rate of 12 per cent, payable on a quarterly basis.
Revolve will pay RE a financing fee of 2 per cent of the loan amount. It will also pay RE a royalty of 5 per cent of gross project revenue for the term of the energy services agreement.
“We are excited by the growing momentum behind our distribution generation business and look forward to working with experienced funders such as RE Royalties as we secure further new projects in the months ahead,” stated Eric Hickert, CEO of Revolve Business Solutions.
RE Royalties provides financing solutions for renewable energy clients through long-term, recurring royalty streams.
Revolve develops utility-scale wind, solar and battery storage projects in the U.S. and Mexico with a portfolio of 3,600 MW under development. Its Renewable Business Solutions division installs and operates sub-20-MW distributed generation assets.
RE Royalties (RE) is down by 2.82 per cent, trading at $0.69 per share as of 1:40 pm EST.
Revolve (REVV) is unchanged, trading at $0.49 per share as of 1:39 pm EST.
