Polaris Renewable Energy Stock Price, News & Analysis

Polaris Renewable Energy (TSX:PIF) has engaged Pareto Securities to arrange fixed income meetings with potential eligible investors. The company is considering issuing a rated five-year green bond through private placement. The proceeds would be used to refinance existing debt, acquire the Punta Lima wind farm in Puerto Rico, and make other renewable energy investments. S&P Global Ratings will provide ratings, and the bond would be issued under the company's green finance framework with Morningstar Sustainalytics' second-party opinion.

Polaris Renewable Energy (TSX:PIF) has announced a quarterly dividend of US$0.15 per common share. The dividend will be paid on November 22nd, 2024 to shareholders of record as of November 11th, 2024. The company confirms this is an 'eligible dividend' for Canadian tax purposes. The board of directors has expressed their commitment to maintaining quarterly dividend payments and will consider potential increases in the future.

Polaris Renewable Energy reported Q3 2024 financial results with consolidated energy production of 168,639 MWh, down from 178,877 MWh in Q3 2023. Revenue decreased to $17.7 million from $18.8 million, primarily due to lower production at the Nicaragua geothermal facility. Adjusted EBITDA was $12.4 million, compared to $13.7 million in Q3 2023. Net earnings were $451 ($0.02 per share), down from $1,018 ($0.05 per share) in Q3 2023. The company maintained stable operating costs and completed a solar panel optimization project in Dominican Republic. Post-quarter, Polaris announced a $20 million agreement to acquire the 26.0 MW Punta Lima Wind Farm in Puerto Rico.

Polaris Renewable Energy has announced the acquisition of Punta Lima Wind Farm in Puerto Rico through an Equity Capital Contribution Agreement. The 26.0 MW operating onshore wind farm has a 20-year power purchase agreement with PREPA extending until March 2044. The transaction, structured as a tax-equity deal, involves a $20 million equity contribution from Polaris, who will become the manager and operator with controlling interest, while Santander retains a tax equity position. The deal is expected to close in approximately 90 days, pending regulatory approvals.

Polaris Renewable Energy Inc. (TSX:PIF) has announced details for its Q3 2024 Earnings Conference Call and Webcast. The event is scheduled for Thursday, October 31st, 2024, at 10:00 am EST. Investors can participate by dialing Toll Free 888-506-0062 or International Toll-Free Number 973-528-00-11 with entry code 793587. Alternatively, they can access the webcast via the provided URL.

A digital recording of the earnings call will be available for replay two hours after the call's completion. Replay options include:

• Toronto: 1 877-481-4010, Passcode: 50364
• International (toll-free): 1 919-882-2331, Passcode: 50364

The replay will be available until November 14, 2024.

Polaris Renewable Energy Inc. (TSX:PIF) has announced the renewal of its Normal Course Issuer Bid (NCIB) approved by the Toronto Stock Exchange. Under the renewed NCIB, Polaris may purchase up to 2,045,613 common shares, representing 10% of its public float. The Board has approved the repurchase of up to 194,595 shares (0.95% of public float) during the period from August 23, 2024, to August 22, 2025. As of August 20, 2024, Polaris had 21,078,642 shares issued and outstanding. The company can purchase a maximum of 12,865 shares daily through the TSX. Under the current NCIB, Polaris has repurchased 25,400 shares at a weighted-average price of $13.05 per share. The company had USD$45.2 million in unrestricted consolidated cash as of June 30.

Polaris Renewable Energy Inc. (TSX:PIF) has declared a quarterly dividend of US$0.15 per common share. The dividend will be paid on August 23rd, 2024 to shareholders of record at the close of business on August 12th, 2024. This dividend is designated as an "eligible dividend" for Canadian tax purposes. The company's board of directors remains committed to paying quarterly dividends and will consider future dividend increases as appropriate.

Polaris Renewable Energy Inc. (TSX:PIF) reported its Q2 2024 financial results. Key highlights include:

• Consolidated energy production of 186,887 MWh, down 11% year-over-year
• Revenue of $18.7 million, compared to $20.8 million in Q2 2023
• Net earnings of $985,000 or $0.05 per share
• Adjusted EBITDA of $13.3 million
• Cash position of $45.2 million, including restricted cash
• Quarterly dividend of $0.15 per share declared

The decrease in production and revenue was primarily due to scheduled maintenance at the Nicaragua geothermal facility and lower hydrology in Peru. Despite challenges, the company maintained cost control measures and expects generation for the remainder of the year to align with expectations.

Polaris Renewable Energy Inc. (TSX:PIF) has announced details for its Q2 2024 Earnings Conference Call and Webcast, scheduled for Thursday, August 1st, 2024, at 10:00 am EST. Investors can participate by dialing 888-506-0062 (Toll Free) or 973-528-00-11 (International Toll-Free) with entry code 100892. Alternatively, they can access the webcast via the provided URL.

A digital recording of the earnings call will be available for replay two hours after the call's completion. Replay options include dialing 1 877-481-4010 (Toronto) or 1 919-882-2331 (International toll-free) with passcode 50363. The replay will be available until August 15, 2024.