Revolve Renewable Power is a stock to watch, this analyst says

Beacon Securities analyst Kirk Wilson said in an Oct. 14 Watchlist Report that Revolve Renewable Power (Revolve Stock Quote, Chart, News, Analysts, Financials TSXV:REVV) is “in the right place at the right time,” with rising electricity demand across North America expected to drive strong growth in renewables.

“Overall demand is forecast to grow between 16% and 25% in Canada, the U.S., and Mexico by 2030, driven by data centers, electric vehicles and building electrification,” Wilson said. “With renewables anticipated to increase their share of that supply, REVV is well positioned.”

Revolve owns and operates a mix of run-of-river, wind, and solar projects in Canada, the U.S. and Mexico, generating 12 MW of current production from two hydro plants in British Columbia, one wind project in Alberta, and a solar facility in Mexico.

Fiscal 2024 revenue reached C$9.1-million with a 96% gross margin, while the most recent quarter (FQ3/25, ended March 2025) delivered C$4.3-million in revenue.

Wilson said near-term development could double production by year-end 2026 through the Bright Meadows Solar Project, a 15.7-MW facility approved by the Alberta government. Once operational, it should power over 3,700 homes and generate annual EBITDA of C$2.5–2.8-million at margins above 85%, increasing total output to roughly 28 MW. A second doubling could follow by year-end 2027 with a 30-MW mid-stage solar project in southern Alberta, which received provincial approval on Sept. 15, 2025. Development is expected to cost about C$40-million, with construction slated for early 2027, funded through debt, equity, and investment tax credits. The project’s EBITDA is projected at C$3.8–4.2-million at a 70% margin, bringing total production to ~58 MW.

Wilson also highlighted US$45-million-plus in deferred revenue expected from Revolve’s 2023 sale of 1.25 GW of solar and BESS projects to ENGIE, from which the company has already received US$6.2-million. Two remaining milestone payments, tied to construction start and commissioning, could deliver more than twice Revolve’s current enterprise value within one to three years.

Revolve’s 3-GW development portfolio provides diversification across large, mid-size, and distributed assets throughout North America. The company expects to sell its El 24 and Presa Nueva wind projects in Mexico (530 MW combined) in 2026 for roughly US$22-million, based on unit valuations similar to the 2023 ENGIE deal.

Wilson said that investor appetite for small-cap renewable developers remains strong, citing UGE International’s August 2024 acquisition at 125× EV/revenue and Synex’s March 2025 sale at 8.4× EV/revenue and 38.1× EV/EBITDA, underscoring the premium being paid for quality renewable portfolios.

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