Polaris Renewable Energy: Q4 and Annual 2024 Results Release Date and Investor Call Details

Polaris Renewable Energy Inc. (TSX:PIF), a Canadian publicly traded company engaged in the development, construction, acquisition, and operation of renewable energy projects in Latin America and the Caribbean, has announced the release date and investor call details for its Q4 and annual 2024 financial results. The earnings conference call and webcast will take place on Thursday, February 20th, 2025, at 10:00 am EST.



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 the closing of the Puerto Rico acquisition. Polaris Renewable Energy is committed to maintaining a quarterly dividend and has declared and paid $12.6 million in dividends for the year ended December 31, 2023, with a quarterly dividend of $0.15 per outstanding common share declared for February 23, 2024.



Polaris Renewable Energy's financial performance in 2023 demonstrated significant growth in energy production and revenue. The Company generated $78.5 million in revenue from energy sales, a 25% increase compared to the same period in 2022. This growth was driven by additional revenue from the Binary unit in Nicaragua, full-year production from three new facilities located in the Dominican Republic, Panama, and Ecuador, and increased prices due to inflation adjustments in the power purchase agreements (PPAs) for the Peruvian facilities.

The Company's net earnings attributable to owners increased to $11.7 million or $0.56 per share - basic for the year ended December 31, 2023, compared to net earnings of $2.5 million or $0.12 per share - basic in 2022. Adjusted EBITDA increased to $57.7 million for the year ended December 31, 2023, compared to Adjusted EBITDA of $44.9 million in the same period in 2022, primarily as a result of revenue increases.



Polaris Renewable Energy's growth in energy production and revenue can be attributed to the start of new facilities, acquisitions, and increased prices. The Company's geothermal facility in Nicaragua contributed an additional 60,040 MWh due to the start of the binary plant in January 2023. The hydroelectric facilities in Peru produced an additional 23,066 MWh, while the newly constructed solar plant in Panama, which began producing in April 2023, contributed 13,122 MWh. The solar facility in the Dominican Republic, acquired on June 28, 2022, contributed an additional 27,657 MWh to the annual consolidated energy production in 2023. The hydroelectric facility in Ecuador, acquired on September 7, 2022, contributed an additional 27,222 MWh.

Polaris Renewable Energy's growth in energy production and revenue demonstrates the Company's strong performance and commitment to its shareholders. The Company's ability to maintain a quarterly dividend and its focus on expanding its renewable energy projects in Latin America and the Caribbean position it well for continued success in the renewable energy sector.