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TORONTO, ON / ACCESS Newswire / May 1, 2025 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the three months ended March 31, 2025. 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.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
2025 HIGHLIGHTS
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First quarter consolidated energy production of 216,344 MWh, compared to 213,434 MWh in the first quarter last year. The modest increase is mainly attributable to the production of the Puerto Rican wind farm which was acquired on March 3, 2025 and did not contribute to consolidated energy production during the comparative quarter of 2024.
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The Company generated $20.3 million in revenue from energy sales for the three months ended March 31, 2025, comparable to $20.6 million in the same period in 2024.
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Adjusted EBITDA was $15.0 million for the three-month period ended March 31, 2025, compared to Adjusted EBITDA of $15.7 million in the same period in 2024.
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In January 2025 the company settled four (4) of its outstanding credit facilities. The early settlement was part of the terms and purpose of the Green Bonds issued on December 3, 2024 and part of the Company's debt optimization strategy to reduce borrowing costs.
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Net losses attributable to shareholders of the Company, driven by one time-off finance costs, for the three months ended March 31, 2025 were $10,441 or -$0.49 per share - basic, compared to net earnings attributable to shareholders of the Company of $4,346 or $0.21 per share - basic in the comparative period of 2024.
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For the three-month period ended March 31, 2025, the Company generated $11.8 million in net cash flow from operating activities, ending with a cash position of $91.6 million, including restricted cash.
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On March 3, 2025, the Company announced it had closed the Equity Capital Contribution Agreement ("ECCA") with respect to Punta Lima Wind Farm LLC ("PLWF" or the "Project"), a wholly owned subsidiary of Santander Bank N.A. ("Santander"). The Project operates an onshore wind farm with a nameplate capacity of 26.0 MW's located in the Municipality of Naguabo, Puerto Rico. The Project has a Power Purchase Agreement ("PPA") in place until 2044 with a current price of $149.14/MWh. Such PPA has a variable inflator in place for the first 11 years, at which point the price decreases to $129.36 per MWh, then resumes annual escalations. The transaction was completed using a tax-equity structure in which Polaris, through a wholly owned subsidiary, operates the Project and Santander retains a tax equity interest in the Project. The agreed upon equity contribution is $20 Million.