Revolve requests interconnection agreement for EL 24

Executive Summary

• Revolve Renewable Power Corp. has formally submitted a request for an interconnection agreement to the Comision Federal de Electricidad (CFE) for its 130 MW EL 24 wind farm project in Tamaulipas, Mexico.
• The company has satisfied all regulatory and technical conditions, including receiving the generation permit and providing required financial guarantees, marking a critical step toward connecting the project to Mexico's national electric system.
• Management expects the final interconnection agreement to be issued and signed in the coming weeks (targeting early Q2 2026), with a target "ready to build" date of the end of 2026.

Key Details

• Project: EL 24 Wind Project, 130 MW utility-scale renewable energy development in Tamaulipas, Mexico.
• Interconnection Status: Request for interconnection agreement submitted to CFE on Feb. 17, 2026, via the accelerated permitting process.
• Regulatory Compliance: All required conditions satisfied, including:
  • Completion of interconnection study submissions.
  • Receipt of the project's generation permit (announced Dec. 22, 2025).
  • Provision of required financial guarantees of support.
• Timeline Expectations:
  • Final interconnection agreement expected to be issued for signing in the coming weeks.
  • Execution of the agreement targeted for early Q2 2026.
  • Remaining outstanding permits for construction and operation to be secured post-execution.
  • Target "ready to build" date: End of 2026.
• Financial Instruments & Guarantees:
  • Submitted a 40 million Mexican pesos ($2.3 million USD) letter of credit to CFE in support of the interconnection request.
  • Extended existing Export Development Canada (EDC) account performance security guarantee (APSG) facility by $2.5 million USD to facilitate the issuance of the letter of credit.
  • The APSG (first announced Jan. 6 and Jan. 23, 2025) allows Revolve to issue letters of credit without cash collateral, improving access to cash and working capital.
• Strategic Impact: Advancing EL 24 increases the proportion of late-stage, finance-ready assets in Revolve's portfolio, reducing development risk and positioning the company to capitalize on growing electricity demand and renewable energy investment in Mexico.

Notable Quotes

• "Securing the interconnection agreement is essential for ensuring grid access and is a key catalyst for advancing project-level financing," said chief executive officer Myke Clark. "We expect the interconnection agreement to be executed by early Q2 2026. Following execution, Revolve will focus on securing the remaining outstanding permits required for construction and operation with a target ready to build date of the end of 2026. The continued advancement of EL 24 enhances long-term shareholder value by increasing the proportion of late-stage, finance-ready assets within the company's portfolio, reducing development risk and positioning Revolve to capitalize on growing electricity demand and renewable energy investment in Mexico."