Polaris Renewable Energy Inc., a leading Canadian company in the field of renewable energies, has successfully completed a private placement of green bonds, raising $175 million in capital. This operation significantly reinforces the company’s commitment to the sustainable expansion of its projects and the optimization of its capital structure. The bonds, rated BB- by S&P Global Ratings, are secured and have a five-year term, offering a fixed annual interest rate of 9.5%, payable semi-annually.
The bond issuance has attracted the interest of international investors, reflecting global confidence in Polaris’s growth and diversification. The company has included a mechanism that allows access to an additional $50 million for future green energy projects, further strengthening its financing framework in this crucial sector.
Marc Murnaghan, CEO of Polaris, has expressed his satisfaction with the successful placement, indicating that the high international demand optimizes the company’s financial structure. The funds raised will be primarily used to refinance existing debts and finance new acquisitions and projects, including the acquisition of the Punta Lima wind farm in Puerto Rico, as well as other strategic investments in renewable energies.
Pareto Securities led the management and coordination of the placement of these bonds, while National Bank Financial Inc. acted as the capital markets advisor. It is worth noting that, due to local securities regulations, these bonds will not be available for distribution in Canada and do not have formal approval from any regulatory authority in the country.
Polaris Renewable Energy has established its presence in Latin America and the Caribbean with various renewable energy plants. Its operations include a geothermal plant with a capacity of 82 MW, four hydroelectric plants totaling 40 MW, three operational solar projects with 35 MW, and the recently acquired 26 MW wind farm in Puerto Rico. This announcement underscores Polaris’s commitment to sustainable development and its strategy to expand its footprint in the renewable energy sector, ensuring the necessary financial support for its future expansion.
via: MiMub in Spanish
