Polaris Renewable Energy Stock Price, News & Analysis

Polaris Renewable Energy reported its financial results for Q3 2022, generating $14.5 million in revenue, including $14.1 million from energy sales. However, it faced a net loss of $1.5 million or $0.07 per share, compared to a profit of $2.2 million or $0.11 per share in Q3 2021. Adjusted EBITDA decreased to $10.0 million. Energy production fell to 134,652 MWh primarily due to maintenance and lower hydrology. Despite challenges, the company maintains a strong cash position of $41.64 million and is advancing projects in Nicaragua and Panama.

Polaris Renewable Energy (TSX:PIF) has declared a quarterly dividend of US$0.15 per common share, scheduled for payment on November 25, 2022. Shareholders of record on November 14, 2022 will receive this eligible dividend, which has favorable tax implications for Canadian investors. The company, involved in renewable energy projects across Latin America, remains committed to ongoing dividend payments and potential increases. Current operations include geothermal, hydroelectric, and solar projects totaling approximately 72 MW of capacity.

Polaris Renewable Energy Inc. informs holders of its 7.00% unsecured convertible debentures, maturing May 31, 2024, about a redemption notice. Debentures not converted will be redeemed for cash on September 20, 2022, at C$1,000 plus accrued interest. Holders can convert their debentures into Common Shares at a rate of 66.67 shares per C$1,000, at a conversion price of C$15.00. This option must be executed by September 19, 2022. The closing price of Common Shares was C$18.95 on September 7, 2022, indicating significant value in conversion over cash redemption.

Polaris Renewable Energy Inc. has successfully completed the acquisition of Hidroelectric San Jose de Minas S.A. in Ecuador, purchasing 83.16% of shares for $16.3 million. This operational hydro project, with a capacity of 6.0 MW, is backed by a 15-year power purchase agreement with a government entity, currently priced at $78.10 per MWh. Polaris plans to acquire the remaining shares within a year and aims to expand production capacity to 10 MW. The company also formalized a framework agreement to pursue further hydro projects in Ecuador.

Polaris Renewable Energy (TSX:PIF) announced a quarterly dividend of US$0.15 per common share, payable on August 26, 2022, to shareholders of record by August 15, 2022. This dividend is categorized as an eligible dividend for Canadian tax purposes. The board expressed its commitment to ongoing quarterly dividends and potential future increases. Polaris focuses on renewable energy projects in the Americas, operating a geothermal plant, hydroelectric plants, and solar projects with a total capacity of approximately 72 MW, 33 MW, and 45.6 MW, respectively.

Polaris Renewable Energy (TSX:PIF) reported its Q2 2022 results, with total revenue of $15.2 million, up from $14.2 million in Q2 2021. The company experienced a net loss of $1.5 million, compared to earnings of $0.2 million in the same quarter last year, largely due to $1.7 million in other losses. Adjusted EBITDA rose to $11.2 million. Energy production increased to 163,119 MWh, driven by operations in Nicaragua and Peru. The company is progressing on projects in the Dominican Republic and Ecuador, while maintaining a quarterly dividend of $0.15 per share.

Polaris Infrastructure Inc. will change its name to Polaris Renewable Energy Inc. effective July 18, 2022, following approval from shareholders on June 23, 2022. This renaming reflects the company's operational focus and recent growth, including diversification into new Latin American markets and renewable energy sectors such as solar. The company's common shares will continue trading under the ticker PIF. The name change does not impact the company's share structure or shareholder rights.

Polaris Infrastructure has completed the acquisition of the Canoa 1 operational solar project in the Dominican Republic from Potentia Renewables for $20.3 million. The project, which has a capacity of 32 MWdc, includes a 20-year power purchase agreement with Edesur Dominicana at an estimated price of $128.10 per MWhr. The acquisition enhances Polaris's asset mix, increasing operational plants to five and diversifying into a new jurisdiction. The company aims to expand further in the renewable energy sector in the Dominican Republic.

Polaris Infrastructure Inc. (TSX:PIF) announced the successful resolution of its annual meeting held on June 23, 2022. All four management-nominated directors were elected, including Jaime Guillen, James V. Lawless, Marc Murnaghan, and Marcela Paredes de Vásquez, with voting percentages ranging from 94.69% to 99.76%. Other approved resolutions include the re-appointment of PricewaterhouseCoopers LLP as auditors, company continuance in Ontario, and a name change.