RCS - Polaris Renewable - Polaris Settles USD 175 Million Bond Issue

Polaris Renewable EnergyAnnouncement

05/12/2024 08:15

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RNS Number : 8457O  Polaris Renewable Energy Inc  05 December 2024

Polaris Renewable Energy Successfully Settles USD 175 Million Bond Issue

TORONTO, ON / ACCESSWIRE / December 5, 2024 / Polaris Renewable Energy Inc.
(TSX:PIF) ("Polaris" or the "Company") announces that it has successfully
settled a previously announced private placement of USD 175 million senior
secured green bonds. The bonds will have a tenor of five years and a fixed
coupon rate of 9.5% percent per annum, with interest payable in semi-annual
instalments. Furthermore, the Green Bond will include a tap feature, allowing
for access to an additional USD $50 million in funding for potential future
uses.

The bond issue is rated BB- by S&P Global Ratings and is issued under the
Company's green finance framework with second-party opinion from Morningstar
Sustainalytics.

Marc Murnaghan, Chief Executive Officer of Polaris comments: "We are very
pleased to successfully settle this inaugural bond issue with strong interest
from a wide set of international investors. The bond optimizes the Company's
capital structure and secures financing for further growth and increased
diversification of cash flow."

Net proceeds of the bonds will be used to refinance certain existing debt
facilities, the acquisition of the Punta Lima wind farm in Puerto Rico and
other investments in renewable energy assets.

Pareto Securities acted as lead manager and sole bookrunner for the bond
issue.

National Bank Financial Inc. acted as Capital Markets Advisor on the
transaction.

The bonds have not been and will not be qualified for distribution in any
province or territory of Canada. Accordingly, the bonds may not be offered or
sold within any such province or territory except in transactions exempt from
the prospectus requirements of applicable securities laws. No securities
regulatory authority has either approved or disapproved the contents of this
press release. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the bonds in
any jurisdiction in which such offer, solicitation or sale would be unlawful
prior to the registration or qualification under the securities laws of any
such jurisdiction.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in
the development, construction, acquisition, and operation of renewable energy
projects in five countries in Latin America and the Caribbean.

The Company's operations include a geothermal plant (~82 MW), four run-of
river hydroelectric plants (~40 MW), three solar (photovoltaic) projects in
operation (~35 MW) and one wind park (26 MW) following closing of the Puerto
Rico acquisition.

For more information, contact:

Investor Relations

Polaris Renewable Energy Inc.

Phone: +1 647-245-7199

Email: 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, the expected use of proceeds or rating(s) of any such
issuance, the Company's acquisition and other investment plans, any benefits
to the Company's financial or business performance, the settlement date of the
bonds and the listing of the bonds on the Oslo Alternative Bond Market. 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 ability of the Company to
satisfy any interest payments, 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, labour disputes and other risks of the geothermal and
hydro power industries; political instability or insurrection or war; labour
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.

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