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Polaris Infrastructure Extends Memorandum of Understanding for 10 MW Run-of-River Hydro Project in Panama
Polaris Infrastructure Extends Memorandum of Understanding for 10 MW Run-of-River Hydro P...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n \n \n \n Polaris Infrastructure Extends Memorandum of Understanding for 10 MW Run-of-River Hydro Project in Panama\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TORONTO\n \n ,\n \n Jan. 11, 2021\n \n /CNW/ - Polaris Infrastructure Inc. (TSX: PIF) (\"Polaris Infrastructure\" or the \"Company\"), a\n \n Toronto\n \n -based company engaged in the operation, acquisition and development of renewable energy projects in\n \n Latin America\n \n , announced today that it has extended the period of exclusivity to\n \n June 30, 2021\n \n for the Memorandum of Understanding (\"MOU\") signed in 2020 to acquire the owner of a\n \n Panama\n \n -based 10 MW run-of-river hydro project called Chuspa (the \"Project\") from Navitas Holdings, Inc. of Panama.\n \n \n \n \n \n \n \n \n \n Due to restrictions arising from Covid-19 Polaris was unable to commence the construction of the Project in 2020.  We are optimistic that with this extension we can mobilize in the second quarter of this year.\n \n \n While Covid-19 has pushed back the commencement of construction in\n \n Panama\n \n , Polaris is committed to continue with the strategic goal of continued growth and diversification.  The recent announcement of the successful renegotiation and extension of our key contract at San Jacinto has positioned the Company to pursue its key goals:\n \n \n \n Additional progress on corporate development and acquisition initiatives in the renewables sector;\n \n \n Optimization of the balance sheet given the recent contract extension and the relatively low level of Net Corporate Debt;\n \n \n Advancement of Carbon Credit certification process for 8 de Agosto and El Carmen hydro facilities in\n \n Peru\n \n to ensure all operating facilities are certified to sell credits.\n \n \n \n In addition to the contract renegotiation, and despite a challenging environment, in 2020 Polaris:\n \n \n \n Achieved a record level of total energy production on a consolidated basis as a result of the\n \n Peru\n \n plants becoming fully operational;\n \n \n Su...