Polaris Renewable Energy Announces Q2 2023 Results
TORONTO, ON / ACCESSWIRE / August 3, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three and six months ended June 30, 2023. 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.sedar.com. The dollar figures below are denominated in US Dollars unless noted otherwise. HIGHLIGHTS OPERATING AND FINANCIAL OVERVIEW During the three months ended June 30, 2023, quarterly consolidated power production was 30% higher than consolidated power production for the three months ended June 30, 2022 due to higher production from our existing facilities in Nicaragua and Peru, coupled with additional production from the facilities in Dominican Republic and Ecuador, acquired in 2022, and Vista Hermosa Solar Park which began operations in April 2023. For Nicaragua, the increase in production for the three months ended June 30, 2023 is the net result of additional production from the Binary Unit, partly offset by expected declines in production from the steamfield. Consolidated production in Peru for the three months ended June 30, 2023 was marginally higher than the comparative period in 2022 due to somewhat better hydrology across Peru for the quarter. For Dominican Republic, the Canoa 1 facility, acquired on June 28, 2022, produced 13,398 MWh in the three months ended June 30, 2023. This is approximately 1,000 MWh below expectations as a result of higher than expected downtime at the plant due to issues with one of the inverters. For Ecuador, the HSJM facility, acquired on September 7, 2022, produced 11,323 MWh in the three months ended June 30, 2023. This is in line with production from historical results and management expectations. Overall, and similar to Peru, production in Ecuador is driven by the dry and wet season, with the rainy season generally starting in November and running until May-June. For Panama, the Vista Hermosa Solar Park produced 3,529 MWh in the three months ended June 30, 2023. Vista Hermosa began operations on April 22, 2023, with this being the first quarter of production reported, in line with our budget and management expectations. "The second quarter results build on the results of the first quarter with continued contribution from the recently constructed Binary unit in Nicaragua as well as the acquisitions in the Dominican Republic and Ecuador. In addition, we are very excited to have the newly constructed solar plant in Panama online and producing. This brings us to seven operational plants in five jurisditions." noted Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy. About Polaris Renewable Energy Inc. Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in the Americas. We are a high-performing and financially sound contributor in the energy transition. The Company's operations are in 5 Latin American countries and include a geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (39 MW), and 3 solar (photovoltaic) projects in operation (35 MW). For more information, contact :