Polaris Renewable Energy Inc.

Polaris Renewable Energy Announces Q4 and Annual 2023 Results

TORONTO, ON / ACCESSWIRE / February 22, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the year ended December 31, 2023. This earnings release should be read in conjunction with the Company's consolidated financial statements and management's discussion and analysis, which are available on the Company's website at and have been posted on SEDAR+ at The dollar figures below are denominated in US Dollars unless noted otherwise.


  • Annual consolidated energy production increased by 151,195 MWh or 23% to 800,951 MWh for the year ended December 31, 2023 when compared to the year ended December 31, 2022. Of this increment, 60,040 MWh was contributed by the Company's geothermal facility in Nicaragua boosted by the start of the binary plant on January 2023; increased production of 23,066 MWh contributed by the Company's hydroelectric facilities in Peru; 13,122 MWh produced by the newly constructed solar plant in Panama, which began producing in April 2023; incremental production of 27,657 MWh from the solar facility in the Dominican Republic, which reflects a timing impact from its acquisition on June 28,2022, compared to full production in 2023, similar to the hydroelectric facility in Ecuador which was acquired on September 7, 2022, and contributed an additional 27,222 MWh to the annual consolidated energy production in 2023.
  • The Company generated $78.5 million in revenue from energy sales for the year ended December 31, 2023, compared to $62.6 million in the same period in 2022. The increase was the net result of additional revenue from the Binary unit in Nicaragua as well as full year production from the three new facilities located in Dominican Republic, Panama and Ecuador, coupled with the increased prices with respect to the inflation adjustments in the power purchase agreement's ("PPA") for the Peruvian facilities.
  • Net earnings attributable to owners was $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(1) increased to $57.7 million for the year ended December 31, 2023, compared to Adjusted EBITDA(1) of $44.9 million in the same period in 2022, principally as a result of revenue increases, as described above.
  • For year ended December 31, 2023, the Company generated $44.0 million in net cash flow from operating activities, ending with a cash position of $44.7 million, including restricted cash.
  • On March 31, 2023, the Company completed the construction of Vista Hermosa Solar Park, located in Panama. The plant was connected to the electrical grid on April 22, 2023
  • The company installed a 630KW Battery Energy Storage System ("BESS"), at the 8 de Agosto hydroelectric facilities in Peru. This system, commonly used in power grids, consists of a set of batteries that store electrical energy that can then be drawn when needed to meet specific demands such as a primary frequency regulation.
  • On August 21, 2023 the Company announced that the Toronto Stock Exchange accepted its notice of intention to proceed with a normal course issuer bid ("NCIB"), under which Polaris may purchase up to 2,048,273 of its common shares. During the year ended December 31, 2023, the Company repurchased and cancelled 22,200 common shares, for total consideration of $213,596 at an average price of $9.62 (C$13.21) per share.
  • The Company remains focused on maintaining a quarterly dividend. For the year ended December 31, 2023, the Company declared and paid $12.6 million in dividends. The Company has declared and will pay a quarterly dividend of $0.15 per outstanding common share on February 23, 2024.
  • The Company continued to advance its environmental, social and governance initiatives as part of its core strategy while continuing to maintain an excellent health and safety record. For additional details, readers are encouraged to refer to the Company's annual sustainability report, which is available on the Company's website.


Three Months Ended Year Ended

December 31,

December 31,

December 31,

December 31,

Energy production

Consolidated Power MWh
192,820 174,220 800,951 649,756

Total revenue
$18,748 $16,870 $78,522 $62,600
Net earnings attributable to owners
$1,408 $3,001 $11,744 $2,499
Adjusted EBITDA
$13,391 $11,658 $57,663 $44,921
Net cash flow from operating activities
$10,167 $12,846 $43,960 $33,506

Per share
Net earnings attributable to owners - basic and diluted
$0.07 $0.14 $0.56 $0.12
Adjusted EBITDA - basic
$0.64 $0.55 $2.74 $2.23

Balance Sheet

As at
December 31,

As at
December 31,

Total Cash (Restricted and Unrestricted)
$44,683 $39,965
Total current assets
$54,042 $50,609
Total assets
$519,400 $535,102
Current and Long-term debt
$172,379 $184,408
Total liabilities
$249,468 $264,890

During the three months ended December 31, 2023 quarterly consolidated power production was higher than the same period in 2022, mainly driven by an increase in production in Peru due to better hydrology.

For Nicaragua, in the fourth quarter of 2023 production was comparable to the production in 2022. Incremental temporary instability in cycling wells was offset by the additional energy generated by the new Binary Plant.

Consolidated production in Peru for the three months ended December 31, 2023 was higher than the comparative period in 2022 due to greater water availability at both El Carmen and 8 de Agosto. The rainy season, which typically starts in October, brought higher than average rainfalls into the region in Q4 2023.

For Dominican Republic, the Canoa 1 facility, produced 12,830 MWh in the three months ended December 31, 2023. This is lower than the fourth quarter of 2022 due to resource availability, namely, a longer rainy season compared to the prior year.

For Ecuador, in the fourth quarter of 2023, HSJM's average production of 8,301 MWh is higher than the comparative period in 2022 (6969 MWh) due to resource availability. Overall, and similar to Peru, production in Ecuador is driven by the dry and wet season, with the rainy season generally starting in October-November and running until May-June.

For Panama, Vista Hermosa Solar Park production of 4,980 MWh for the three months ended December 31, 2023, was within the range of the Company's expectations.

"2023 was a record for the Company in terms of Consolidated power production given the completion of the construction of the Vista Hermosa Solar Park in Panama, as well as first year of operations of the Binary unit in Nicaragua. Both of these projects were executed and constructed by the Company and have been running well since their respective commercial operation dates. We are also quite happy with the fact that operating costs in all jurisdictions remain flat despite the inflation pressures world-wide. In addition, the platform we have built can now take advantage of the opportunities to grow in the region through our own developments as well as through opportunistic acquisitions" noted 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 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 (82 MW), 4 run-of-river hydroelectric plants (39 MW) and 3 solar (photovoltaic) projects in operation (35 MW).

For more information, contact :

Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199

SOURCE: Polaris Renewable Energy Inc.

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