Keep your eye on this Canadian cleantech stock, analyst says

Beacon Securities analyst Kirk Wilson says Revolve Renewable Power (Revolve Renewable Power Stock Quote, Chart, News, Analysts, Financials CSE:REVV) continues to de-risk its 130 MW El 24 wind project in Tamaulipas, Mexico, with several recent milestones advancing the asset toward a targeted build-ready date by year-end 2026.

In a Feb. 23 watchlist note, Wilson noted that on Feb. 17 the company submitted a request for an interconnection agreement to Mexico’s Comision Federal de Electricidad (CFE), along with a US$2.3-million letter of credit in support of the project. Management expects execution of the agreement by early Q2, after which it will focus on securing remaining construction permits.

The interconnection filing follows receipt of a generation permit for El 24 on December 22, 2025 — one of only five wind projects in Mexico to secure approval from a pool of roughly two dozen applicants.

Wilson said that with interconnection approval imminent, El 24 is further advanced than Revolve’s previously sold Bouse (1,000 MW) and Parker (250 MW) solar and storage projects, which were divested to ENGIE at valuations of US$40,000 to US$50,000 per MW without interconnection approval. On that basis, he suggested El 24 could command at least the top end of that range, implying potential value of approximately US$6.5-million in a sale scenario.

Separately, Revolve has secured US$40-million in strategic financing through a secured convertible credit agreement with Callaway Capital Management. The facility carries a 15% payment-in-kind interest rate and provides for two US$20-million tranches over four years. The first tranche has closed, with US$10-million advanced upfront and the remaining US$10-million available monthly for qualified purposes. The first tranche is convertible at C$0.28 per share, while the second tranche is convertible at C$0.40 per share. Callaway has the right to nominate four directors to Revolve’s seven-member board.

Wilson said the financing materially strengthens the balance sheet and supports execution across the company’s three-pillar strategy.

Revolve also received final approval to list on the Canadian Securities Exchange and began trading on the CSE on February 19, 2026, delisting from the TSX Venture Exchange. The move is intended to reduce listing costs while maintaining reporting issuer status.

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