RCS - Polaris Renewable - Polaris Renewable Energy Announcement

Polaris Renewable EnergyAnnouncement

24/05/2023 14:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230524:nRSX5429Aa&default-theme=true

RNS Number : 5429A  Polaris Renewable Energy Inc  24 May 2023

Polaris Renewable Energy Announces Signing of 25 MW (AC) Power Purchase
Agreement for Solar Project Canoa II

TORONTO, ON / ACCESSWIRE / May 24, 2023 / Polaris Renewable Energy Inc.
(TSX:PIF) ("Polaris" or the "Company"), a Toronto-based company engaged in the
operation, acquisition, and development of renewable energy projects in Latin
America, is pleased to announce that we have signed a Power Purchase Agreement
(PPA) in the Dominican Republic for Canoa II. The Canoa II solar project is
adjacent to the already operational 25MW Canoa I, which was acquired by the
Company in July of 2022, and is inthe Province of Canoa, Municipality of
Barahona, Dominican Republic. Polaris owns 100% of the project.

Particulars related to the Canoa II PPA and project are:

·      15-year PPA denominated in US$ of $82.35 per MWh;

·      Such PPA has an annual inflator for 5 years post initial
commencement, equivalent to approximately 16% of the US Consumer Price Index,
at which point the price remains fixed until the end of the 15-year term;

·      Estimated completion of construction in the third quarter of
2024;

Polaris CEO Marc Murnaghan commented "I am very pleased to have signed the PPA
for Canoa II. It represents a key milestone of the first internally developed
project by the Company and validates a key strategic benefit of the
acquisition which was completed in 2022. Moving forward with the project also
enables the Company to continue to grow and diversify, both in the region and
in renewable energy asset mix."

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a
Canadian publicly traded company engaged in the development, construction,
acquisition and operation of renewable energy projects in Latin America.

The Company's operations are in 5 Latin American countries and include a
geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (~33 MW), and 3
solar (photovoltaic) projects now in operation (~35 MW).

For more information, contact:

Investor Relations

Polaris Renewable Energy Inc.

Phone: +1 647-245-7199

Email: info@PolarisREI.com (mailto:info@PolarisREI.com)

Cautionary Statements

This press release contains certain "forward-looking information" which may
include, but is not limited to, statements with respect to future events or
future performance, management's expectations regarding the ability of the
Company to continue to pay dividends in the future.Such forward-looking
information reflects management's current beliefs and is based on information
currently available to management. Often, but not always, forward-looking
statements can be identified by the use of words such as "plans", "expects",
"is expected", "budget", "scheduled", "estimates", "forecasts", "predicts",
"intends", "targets", "aims", "anticipates" or "believes" or variations
(including negative variations) of such words and phrases or may be identified
by statements to the effect that certain actions "may", "could", "should",
"would", "might" or "will" be taken, occur or be achieved. A number of known
and unknown risks, uncertainties and other factors may cause the actual
results or performance to materially differ from any future results or
performance expressed or implied by the forward-looking information. Such
factors include, among others, the inability of the Company to pay or increase
dividends which may be affected by such factors as general business, economic,
competitive, political and social uncertainties; the actual results of current
geothermal, solar and hydro energy production, development and/or exploration
activities and the accuracy of probability simulations prepared to predict
prospective geothermal resources; changes in project parameters as plans
continue to be refined; possible variations of production rates; failure of
plant, equipment or processes to operate as anticipated; accidents, labor
disputes and other risks of the geothermal and hydro power industries;
political instability or insurrection or war; labor force availability and
turnover; delays in obtaining governmental approvals or in the completion of
development or construction activities, or in the commencement of operations;
the ability of the Company to continue as a going concern and general economic
conditions, as well as those factors discussed in the section entitled "Risk
Factors" in the Company's Annual Information Form. These factors should be
considered carefully, and readers of this press release should not place undue
reliance on forward-looking information.

Although the forward-looking information contained in this press release is
based upon what management believes to be reasonable assumptions, there can be
no assurance that such forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not place undue
reliance on forward-looking information. The information in this press
release, including such forward-looking information, is made as of the date of
this press release and, other than as required by applicable securities laws,
Polaris assumes no obligation to update or revise such information to reflect
new events or circumstances.

SOURCE: Polaris Renewable Energy Inc.

 

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAFLFFFEEISFIV