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Polaris Renewable Energy Announces $10 Term Loan Facility with Export Development Canada
TORONTO, ON / ACCESSWIRE / March 15, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" o...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Renewable Energy Announces $10 Term Loan Facility with Export Development CanadaTORONTO, ON / ACCESSWIRE / March 15, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) (\"Polaris\" or the \"Company\"), a Toronto-based company engaged in the operation, acquisition, and development of renewable energy projects in the America's, is pleased to announce that it has signed an agreement with Export Development Canada (\"EDC\") for a $10M USD Floating Rate Term Loan Facility (the \"Facility\"). The purpose of the Facility is to provide capital to fund early-stage development expenses required to take projects to the point of being construction ready. The Facility has been closed on an undrawn basis. Any drawdowns on the Facility in the future are at the Company's discretion.This innovative product was added to EDC's product suite of solutions with the goal of assisting Canadian Renewable Energy Companies looking to grow their footprint internationally. The availability of the Facility is up to 24 months with a further term of 24 months post disbursement.The Facility provides the Company with added financial flexibility as it begins to add and develop its own internal project pipeline. In addition, the Company is excited to partner with EDC as it grows its portfolio in the America's.About Polaris Renewable Energy Inc.Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in the America's. We are a high-performing and financially sound contributor in the energy transition.The Company's operations are in 5 Latin American countries and include a geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (~33 MW), 1 solar (photovoltaic) project in operation (~25 MW) and 2 solar projects with an expected total capacity of approximately ~10 MW, currently under construction.About EDCExport Development Canada (EDC) is a financial Crown corporation dedicated to helping Canadian businesses make an impact at home and abroad. EDC has the financial products and knowledge Canadian companies need to confidently enter new markets, reduce financial risk and grow their business as they go from local to global. Together, EDC and Canadian companies are building a more prosperous, stronger and sustainable economy fo...