Engie has purchased a 1.25 GW utility-scale solar and storage portfolio from Revolve Renewable Power, a Canadian startup. Through a share purchase agreement, Engie IR Holdings, a subsidiary of Engie, carried out the transaction. The solar and storage projects Bouse, with a 1 GW capacity, and Parker, with a 250 MW capacity, make up the acquired portfolio. Both projects are in Arizona’s La Paz County. The Bouse project, which spans 6,155 acres, has the ability to produce enough electricity to power approximately 1.2 million homes. 

The 1,530-acre Parker project can produce enough electricity to power the equivalent of about 300,000 households. Engie’s total consideration for these projects includes a $2 million upfront payment made upon completion of the agreement. Engie will acquire all of the shares of Revolve Parker Solar and Revolve Renewable AZ for cash upon completion of the transaction. The utility has also agreed to cover all future development expenses and other financial responsibilities associated with the purchased project portfolio.

In October 2022, Engie acquired 6 GW of solar and battery storage capacity from Belltown Power in the US. The portfolio consisted of 33 solar, storage, and standalone battery storage installations spread over the ERCOT, PJM, MISO, and WECC1 regions. The capacity is made up of 2.7 GW of solar projects, 0.7 GW of paired storage projects, and 2.6 GW of stand-alone battery projects. No financial details of the deal were disclosed.

REGlobal’s Views: This sale, the first such deal for utility-scale projects for Revolve, will help the company raise significant finance for new projects. Further, this transaction will help Engie to significantly expand its solar and storage portfolio in the US.