Home News RE Royalties Accomplish Project Financing for Revolve

RE Royalties Accomplish Project Financing for Revolve

RE Royalties Accomplish Project Financing for Revolve

Revolve Renewable Power Corp. (TSXV: REVV) (“Revolve” or the “Company”) is pleased to announce further to the news release dated September 15, 2022, that it has a signed financing agreement with RE Royalties Ltd. ( TSXV: RE) for the provision of a C$1.86m secured loan (the “Secured Loan”).

The Secured Loan will be used to partly fund the Company’s first battery storage system (or “BESS”), a 3.2MWh system that will be installed at the site of a major hotel chain in Cancun, Mexico. Installation works for the project have already begun and it is expected to be fully commissioned during Q1 2023.

The financing agreement consists of a secured loan agreement and a royalty agreement between Revolve and RER.

The first tranche of the Secured Loan has already been drawn down with the remaining balance to be drawn down subject to certain project-related milestones. The Secured Loan will have a term of 24 months and will be repayable at maturity. The interest of 12% is applied on drawn funds, with interest payable on a quarterly basis during the term.

The Company will pay RE Royalties a financing fee of 2% of the Secured Loan amount. The Secured Loan will be secured by certain assets of the Company.  The Company will also enter into a royalty agreement with RER under which RER will receive a royalty of 5% on gross revenues generated by the Project for the term of the ESA (“Energy Services Agreement”).

Eric Hickert, CEO of Revolve Business Solutions commented, “We are delighted to close a further loan facility with RE Royalties for our first BESS project. 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.”

Fiscal Stimulus Bolsters US Economic Growth in Q1, Fastest GDP Growth Since 2003

The second-fastest gross domestic product growth since the third quarter of 2003, reported by the Commerce Department on Thursday, left output just 0.9% shy of its level at the end of 2019.

US Economy Grew Robustly in First Quarter

GDP grew at a 6.4% annual rate in the quarter, leaving the economy within 1% of its peak.

Asia-Pacific Markets Broadly Lower As Investors Turn Cautious

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session.

World Shares Near Record High on Strong US Economic Data and Earnings

US economic growth accelerated in the first quarter, fuelled by massive government aid.

How the US Won the Economic Recovery

I looked for a country that got the economic response to Covid-19 right. I found the US.

Barclays Boss Predicts Biggest Economic Boom Since 1948

The UK is about to experience its biggest economic boom since the aftermath of World War Two, according to Barclays boss Jes Staley. His upbeat...

Buying American Is Easier Said Than Done: Will Biden’s Plan Juice the US Economy?

Joe Biden and Donald Trump don't agree on much, but this much they do: We should buy American products. But that's easier said than done.

Silver Down As Dollar and Yields on Bonds Rose as US Economy Advanced

Benchmark U.S. 10-year Treasury yields hovered near a more than two-week high, increasing the opportunity cost of holding non-yielding bullion.

Yellen Doesn’t See Biden Plan Creating Inflation ‘Issue’

President Joe Biden’s economic plan is unlikely to create inflation pressure in the U.S. because the boost to demand will be spread over a decade, said Treasury Secretary Janet Yellen.

Inflationary Pressure, Hawkish Fed Official Remarks Keep US Stocks on Leash

Dow added 2.4%, the S&P 500 gained 5.6%, and the Nasdaq jumped 7%. Dow was down 0.54% at 33,875 while the S&P was down by 0.72%. Nasdaq was down by 0.85%.