Polaris Renewable Energy Announces Q1 2025 Results
- Acquisition of Punta Lima Wind Farm (26.0 MW) in Puerto Rico with a PPA until 2044 - Settlement of four outstanding credit facilities following December 2024 Green Bonds issuance - Net loss of $10.4 million (-$0.49 per share) due to one-time finance costs - Strong cash position of $91.6 million including restricted cash - Varied performance across regions with increased production in Dominican Republic and Ecuador
- Acquisizione del parco eolico Punta Lima (26,0 MW) a Porto Rico con un PPA fino al 2044 - Estinzione di quattro linee di credito in seguito all'emissione di Green Bond a dicembre 2024 - Perdita netta di 10,4 milioni di dollari (-0,49 dollari per azione) dovuta a costi finanziari una tantum - Solida posizione di cassa di 91,6 milioni di dollari, inclusa la liquidità vincolata - Performance variegata nelle diverse regioni con aumento della produzione nella Repubblica Dominicana e in Ecuador
- Adquisición del parque eólico Punta Lima (26.0 MW) en Puerto Rico con un PPA hasta 2044 - Cancelación de cuatro líneas de crédito tras la emisión de Bonos Verdes en diciembre de 2024 - Pérdida neta de 10.4 millones de dólares (-0.49 dólares por acción) debido a costos financieros extraordinarios - Sólida posición de efectivo de 91.6 millones de dólares, incluyendo efectivo restringido - Rendimiento variable en las regiones con aumento de producción en República Dominicana y Ecuador
- 푸에르토리코의 푼타 리마 풍력 발전소(26.0 MW) 인수, 2044년까지 PPA 계약 체결 - 2024년 12월 그린본드 발행 후 4건의 미결제 신용 시설 상환 - 일회성 금융 비용으로 인한 1,040만 달러 순손실(주당 -0.49달러) - 제한 현금을 포함한 9,160만 달러의 강력한 현금 보유 - 도미니카 공화국과 에콰도르에서 생산 증가 등 지역별로 상이한 성과
- Acquisition du parc éolien Punta Lima (26,0 MW) à Porto Rico avec un PPA jusqu'en 2044 - Règlement de quatre facilités de crédit en cours suite à l'émission d'obligations vertes en décembre 2024 - Perte nette de 10,4 millions de dollars (-0,49 dollar par action) due à des coûts financiers exceptionnels - Position de trésorerie solide de 91,6 millions de dollars, y compris les liquidités restreintes - Performances variables selon les régions avec une production accrue en République dominicaine et en Équateur
- Erwerb des Windparks Punta Lima (26,0 MW) in Puerto Rico mit einem PPA bis 2044 - Begleichung von vier ausstehenden Kreditfazilitäten nach der Emission von Green Bonds im Dezember 2024 - Nettogewinn von -10,4 Millionen US-Dollar (-0,49 US-Dollar pro Aktie) aufgrund einmaliger Finanzierungskosten - Starke Cash-Position von 91,6 Millionen US-Dollar einschließlich gebundenem Geld - Unterschiedliche Leistung in den Regionen mit gesteigerter Produktion in der Dominikanischen Republik und Ecuador
- Acquisition of Punta Lima Wind Farm with long-term PPA until 2044 at attractive rates ($149.14/MWh)
- Strong cash position of $91.6 million including restricted cash
- 11% increase in electricity generation at Canoa 1 facility in Dominican Republic
- Significant production increase in Ecuador's HSJM facility due to strong rainy season
- Successful debt optimization through Green Bonds issuance
- Net loss of $10.4 million in Q1 2025 compared to $4.3 million profit in Q1 2024
- Adjusted EBITDA declined to $15.0 million from $15.7 million year-over-year
- Revenue slightly decreased to $20.3 million from $20.6 million in Q1 2024
- Reduced production in Nicaragua and Panama operations
TORONTO, ON / ACCESS Newswire / May 1, 2025 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three months ended March 31, 2025. This earnings release should be read in conjunction with the Company's condensed consolidated interim financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR+ at www.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
2025 HIGHLIGHTS
First quarter consolidated energy production of 216,344 MWh, compared to 213,434 MWh in the first quarter last year. The modest increase is mainly attributable to the production of the Puerto Rican wind farm which was acquired on March 3, 2025 and did not contribute to consolidated energy production during the comparative quarter of 2024.
The Company generated
$20.3 million in revenue from energy sales for the three months ended March 31, 2025, comparable to$20.6 million in the same period in 2024.Adjusted EBITDA was
$15.0 million for the three-month period ended March 31, 2025, compared to Adjusted EBITDA of$15.7 million in the same period in 2024.In January 2025 the company settled four (4) of its outstanding credit facilities. The early settlement was part of the terms and purpose of the Green Bonds issued on December 3, 2024 and part of the Company's debt optimization strategy to reduce borrowing costs.
Net losses attributable to shareholders of the Company, driven by one time-off finance costs, for the three months ended March 31, 2025 were
$10,441 or -$0.49 per share - basic, compared to net earnings attributable to shareholders of the Company of$4,346 or$0.21 per share - basic in the comparative period of 2024.For the three-month period ended March 31, 2025, the Company generated
$11.8 million in net cash flow from operating activities, ending with a cash position of$91.6 million , including restricted cash.On March 3, 2025, the Company announced it had closed the Equity Capital Contribution Agreement ("ECCA") with respect to Punta Lima Wind Farm LLC ("PLWF" or the "Project"), a wholly owned subsidiary of Santander Bank N.A. ("Santander"). The Project operates an onshore wind farm with a nameplate capacity of 26.0 MW's located in the Municipality of Naguabo, Puerto Rico. The Project has a Power Purchase Agreement ("PPA") in place until 2044 with a current price of
$149.14 /MWh. Such PPA has a variable inflator in place for the first 11 years, at which point the price decreases to$129.36 per MWh, then resumes annual escalations. The transaction was completed using a tax-equity structure in which Polaris, through a wholly owned subsidiary, operates the Project and Santander retains a tax equity interest in the Project. The agreed upon equity contribution is$20 Million .
OPERATING AND FINANCIAL OVERVIEW
| Three Months Ended |
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| March 31, 2025 |
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| March 31, 2024 |
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Energy production |
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Consolidated Power MWh |
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| 216,344 |
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| 213,434 |
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Financials |
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Total revenue |
| $ | 20,287 |
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| $ | 20,632 |
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Net earnings (loss) attributable to owners |
| $ | (9,853 | ) |
| $ | 4,346 |
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Adjusted EBITDA |
| $ | 15,031 |
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| $ | 15,741 |
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Net cash flow from operating activities |
| $ | 11,766 |
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| $ | 8,687 |
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Per share |
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Net earnings (loss) attributable to owners - basic and diluted |
| $ | (0.47 | ) |
| $ | 0.21 |
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Adjusted EBITDA - basic |
| $ | 0.71 |
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| $ | 0.75 |
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Balance Sheet |
| As at March 31, 2025 |
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| As at |
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Total cash and cash equivalents (Restricted and Unrestricted) |
| $ | 91,593 |
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| $ | 217,882 |
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Total current assets |
| $ | 104,956 |
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| $ | 228,563 |
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Total assets |
| $ | 558,214 |
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| $ | 662,105 |
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Current and Long-term debt |
| $ | 219,022 |
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| $ | 328,349 |
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Total liabilities |
| $ | 311,823 |
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| $ | 402,579 |
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During the three months ended March 31, 2025, quarterly consolidated power production was in line with production in the same period of 2024. The most recent acquisition, Punta Lima Wind Farm only contributed one month production to the consolidated production. On the other hand, modest decreases in Nicaraguan and Panamanian energy production were offset by increases in Dominican Republic and Ecuador.
Production in Nicaragua was marginally lower in the first quarter of 2025 when compared to the same quarter in 2024. This is principally as a result of running the Binary unit at lower than maximum output as production of the steam units was only
Consolidated production in Peru for the three months ended March 31, 2025 was comparable to the same period in 2024.
The Canoa 1 facility in the Dominican Republic generated
For Ecuador, in the first quarter of 2025, HSJM generated 11,999 MWh, representing a significant increase compared to the same period in 2024. This performance also exceeded management expectations, primarily driven by a particularly strong rainy season.
Vista Hermosa Solar Park in Panama production was below the production recorded in Q1 2024. This minor variance was due to brief periods of downtime during the quarter. Overall, production remained broadly consistent with historical levels.
Production for Punta Lima since March 3, 2025, the acquisition date, was 3,558 MWh. The total first quarter production for 2025 was 16,150 MWh.
"The first quarter of 2025 was marked by the successful acquisition of Punta Lima Wind Farm in Puerto Rico, continued focus on operational excellence, and strategic debt restructuring through the repayment of debt with proceeds of the Green Bonds. While production varied across jurisdictions, our portfolio delivered strong consolidated results. In addition, we are actively pursuing both organic and inorganic growth opportunities-including potential investments in battery energy storage solutions-to position the Company for long-term value creation and energy transition leadership", said Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America & the Caribbean. We are a high-performing and financially sound contributor to the energy transition.
The Company's operations include a geothermal plant (82 MW), four run-of river hydroelectric plants (39 MW), three solar (photovoltaic) projects in operation (35 MW) and an onshore wind park (26 MW).
For more information, contact:
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
SOURCE: Polaris Renewable Energy Inc.
View the original press release on ACCESS Newswire
FAQ
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