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Polaris Renewable Energy Inc. has released its financial and operational results for the first quarter of 2025, highlighting a significant advancement in its presence in the Caribbean following the acquisition of the Punta Lima wind farm in Puerto Rico, completed on March 3 of this year. The company, listed on the TSX under the ticker PIF, reported consolidated energy production of 216,344 MWh, a slight improvement compared to 213,434 MWh in the same period last year, driven by the new addition in Puerto Rico.
Despite this increase in production, energy sales revenue was $20.3 million, representing a slight decrease from $20.6 million in 2024. Adjusted EBITDA also showed a decline, reaching $15 million compared to $15.7 million the previous year. A notable point this quarter was the company’s decision to prematurely pay off four lines of credit, which is part of its financial optimization strategy related to the Green Bonds issued in December 2024.
Regarding losses, the company reported a net loss attributable to shareholders of $10,441, equivalent to -$0.49 per basic share. This result contrasts with the net income of $4,346 or $0.21 per share in the same period last year, attributed to extraordinary financial costs. Despite the losses, the net cash flow generated from operations was $11.8 million, and the company ended the quarter with a cash position of $91.6 million, including restricted cash.
In terms of energy production by country, Nicaragua experienced a slight decrease, partly due to the partial operation of one of its units. Peru maintained levels similar to 2024, while the Dominican Republic reported an 11% increase in the Canoa 1 plant thanks to the addition of new solar panels. Ecuador exceeded expectations with a generation of 11,999 MWh, and following the acquisition of Punta Lima, Puerto Rico contributed 3,558 MWh, totaling 16,150 MWh for the quarter.
Marc Murnaghan, CEO of Polaris Renewable Energy, emphasized that the focus for the first quarter of 2025 was grounded in the successful acquisition of the Punta Lima wind farm, along with a commitment to operational excellence and debt restructuring. Additionally, the company continues to explore growth opportunities, including potential investments in energy storage through batteries.
Polaris Renewable Energy Inc. is a Canadian firm dedicated to the acquisition, development, and operation of renewable energy projects in Latin America and the Caribbean, with a diverse portfolio that includes geothermal, hydroelectric, solar, and wind plants.
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Referrer: MiMub in Spanish
