Welcome to our dedicated page for Polaris Renewable Energy news (Ticker: RAMPF), a resource for investors and traders seeking the latest updates and insights on Polaris Renewable Energy stock.
Polaris Renewable Energy reports operating results, dividend actions, and project updates for a Canadian renewable power company focused on Latin America and the Caribbean. The company acquires, develops, and operates renewable energy assets, including a geothermal plant, run-of-river hydroelectric plants, solar photovoltaic projects, and a wind park.
Recurring news for RAMPF includes consolidated energy production, revenue from energy sales, quarterly and annual earnings releases, investor call notices, common-share dividend declarations, asset portfolio changes, and regulatory or commercial milestones tied to renewable energy development.
Polaris Infrastructure Inc. (TSX:PIF) announced the signing of a Share Purchase Agreement to acquire the operational Canoa 1 solar project in the Dominican Republic for $18.4 million. The project, with a capacity of 32.0 MWdc, is already under a 20-year power purchase agreement with Edesur Dominicana. The acquisition includes assuming $35 million in project-level debt and allows for expansion of capacity. Closing is anticipated within 90 days, subject to regulatory approvals.
Polaris Infrastructure has announced two significant acquisitions: a 6.3 MW hydro project in Ecuador and two construction-ready solar projects totaling 13.4 MW in Panama. The hydro project acquisition includes a minimum 85% ownership, with a total price of $20.4 million plus $7 million in debt. Additionally, two expansion opportunities could increase the hydro project's capacity to 10 MW. The solar projects were acquired for $600,000, with a construction budget of around $10 million. Polaris aims to fund these acquisitions with cash on hand, enhancing its operational diversity.
Polaris Infrastructure reported financial results for the year ending December 31, 2021, highlighting a revenue decline to $59.5 million, down from $74.7 million in 2020, driven by lower energy sales from its San Jacinto facility. The net earnings fell to $0.5 million or $0.03 per share compared to $28.8 million or $1.84 in 2020. The company generated $41.1 million in net cash flow and maintained a cash position of $101.8 million. Polaris reaffirmed its focus on quarterly dividends, declaring $11.1 million for the year.
Polaris Infrastructure (TSX:PIF) has secured a $110 Million USD Senior Debt Facility through three Development Financial Institutions for its geothermal operations in Nicaragua. This new financing will replace existing loans and aligns with the extended Power Purchase Agreement until 2039. The debt, with a 15-year term starting in 2022, features an initial interest rate of 7.0%, reducing to 6.75% upon completing the Binary Unit, expected in Q4 2022. CEO Marc Murnaghan noted significant net cash flow improvements and enhanced flexibility for the company.
Polaris Infrastructure (TSX:PIF) has declared a quarterly dividend of US$0.15 per share. The dividend will be paid on February 25, 2022, to shareholders on record by the close of business on February 23, 2022. Designated as an 'eligible dividend' for Canadian tax purposes, Polaris confirms its commitment to quarterly dividends and will consider increases in the future. The company operates renewable energy projects in Latin America, including a 72MW geothermal project in Nicaragua and additional run-of-river projects in Peru.
Polaris Infrastructure has secured a $110 Million USD Senior Debt Facility agreement with three Development Financial Institutions for its geothermal subsidiary in Nicaragua. This financing will replace existing loans and align with an extended Power Purchase Agreement to 2039, enhancing cash flow over six years. The facility features a 15-year term starting in 2022, with interest rates beginning at 7% and potentially decreasing to 6.75%. This strategic move aims to provide financial flexibility and support Polaris' growth in renewable energy.
Polaris Infrastructure reported its financial results for Q3 2021, showing a consolidated energy production of 149,320 MWh, primarily from its geothermal and hydroelectric facilities. Revenue decreased to $14.8 million due to a lower PPA price from its San Jacinto facility, despite net earnings rising to $2.2 million. The company ended the quarter with a robust cash position of $104.6 million. A definitive supply agreement was signed to enhance the geothermal capacity at San Jacinto, while maintaining its dividend of $0.15 per share, marking the 23rd consecutive payout.
Polaris Infrastructure has declared a quarterly dividend of US$0.15 per share, with a payment date set for November 26, 2021. Shareholders of record by November 15, 2021 will receive this eligible dividend, recognized for Canadian income tax purposes. The board emphasizes its ongoing commitment to quarterly dividends and plans to assess potential increases in the future. The company focuses on renewable energy projects in Latin America, operating geothermal and run-of-river projects in Nicaragua and Peru, respectively.