Business
Polaris Infrastructure Announces Q3 2021 Results
TORONTO, ON / ACCESSWIRE / November 4, 2021 / Polaris Infrastructure Inc. (TSX:PIF) ("Polari...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Infrastructure Announces Q3 2021 ResultsTORONTO, ON / ACCESSWIRE / November 4, 2021 / Polaris Infrastructure Inc. (TSX:PIF) (\"Polaris Infrastructure\" or the \"Company\"), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to report its financial and operating results for the three- and nine-months period ended September 30, 2021. This earnings release should be read in conjunction with Polaris Infrastructure's consolidated financial statements and management's discussion and analysis, which are available on the Company's website at www.polarisinfrastructure.com and have been posted on SEDAR at www.sedar.com. The dollar figures below are denominated in US Dollars unless noted otherwise.HIGHLIGHTSQuarterly consolidated energy production of 149,320 MWh (net) for the three-month period ended September 30, 2021, of which 120,838 MWh (net) was contributed by the Company's geothermal facility in Nicaragua, the San Jacinto facility (\"San Jacinto\"), and an aggregate of 28,482 MWh (net) was contributed by the Company's hydroelectric facilities in Peru, being the Canchayllo facility (\"Canchayllo\"), the El Carmen facility (\"El Carmen\") and the 8 de Agosto facility (\"8 de Agosto\").The Company generated $14.8 million in revenue from energy sales for the three months ended September 30, 2021, lower compared to the same period in 2020. This was the third quarter under the amended power purchase agreement's (\"PPA\") price in respect of San Jacinto, which was the largest contributor to the decline in revenue. The lower PPA price was part of the broader negotiation with the Government of Nicaragua which included an extension of the concession period and inclusion of the additional binary unit.Net earnings attributable to owners was $2.2 million or $0.11 per share - basic for the three months ended September 30, 2021, compared to net earnings of $1.3 million or $0.08 per share - basic in 2020. Net earnings increased due to other gains recorded during the period relating to disposal of non-core North American assets compared to other losses in 2020 partly offset by lower revenue. Adjusted EBITDA(1) was $10.9 million for the three months ended September 30, 2021, compared to Adjusted EBITDA(1) of $13.0 million in the same period in 2020.For the nin...