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Polaris Infrastructure Provides Operations Update
Polaris Infrastructure Provides Operations Update Canada NewsWire TORONTO, July ...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"\n\n\n\nPolaris Infrastructure Provides Operations Update\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\nCanada NewsWire\nTORONTO, July 3, 2018\n\n\n\nTORONTO, July 3, 2018 /CNW/ - 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 provide an update with respect to operations at the San Jacinto geothermal plant and comment with respect to record-level power generation achieved during the second quarter of 2018.\n\n\n \n \n\n \nWe are very pleased to report that the San Jacinto project, operated by the Company's wholly-owned subsidiary, Polaris Energy Nicaragua S.A., achieved record-level power generation in the second quarter of 2018 of 139,000 MWh (net). This equates to average delivered power generation of approximately 63.5 MW (net).  It is important to note that this includes the effect of planned downtime to commission the new HPS3 separation station during the month of April. \n\nFollowing commissioning of HPS3 in late April 2018, we were able to connect the recently drilled wells, SJ 12-4 and SJ 12-5, to the plant, without constraints.  The result of these additional steam flows is revenue for the second quarter of 2018 of $17.7 million, well in excess of the previous quarterly record of $15.9 million.  Further details will be announced as part of our full second quarter results release in August 2018, but given minimal variable costs and ongoing cost containment efforts, the increase in revenue is expected to result in substantial free cash flow growth.  \n\n\"After considerable time, effort and capital investment into two major drilling and infrastructure programs, the connection of all the new wells is an important milestone,\" said Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. \"This represents another step-change improvement in average power generation, and therefore cash flow, going forward. With modest contribution during the month of Ap...