Business
Polaris Renewable Energy Announces Q4 and Year End 2022 Results
TORONTO, ON / ACCESSWIRE / February 24, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Renewable Energy Announces Q4 and Year End 2022 ResultsTORONTO, ON / ACCESSWIRE / February 24, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) (\"Polaris Renewable Energy\" or the \"Company\"), is pleased to report its financial and operating results for the three and year ended December 31, 2022. This earnings release should be read in conjunction with the Company's consolidated financial statements and management's discussion and analysis, which are available on the Company's website at www.PolarisREI.com and have been posted on SEDAR at www.sedar.com. The dollar figures below are denominated in US Dollars unless noted otherwise.HIGHLIGHTSThe Company closed an acquisition of a solar facility in the Dominican Republic on June 28,2022 as well as an acquisition of a hydroelectric facility in Ecuador on September 7, 2022. All consolidated results and highlights below include production numbers, revenues and costs from such acquisitions since the respective closing dates.Annual consolidated energy production of 649,756 MWh (net) for the year ended December 31, 2022, of which 439,090 MWh (net) was contributed by the Company's geothermal facility in Nicaragua: an aggregate of 172,847 MWh (net) was contributed by the Company's hydroelectric facilities in Peru. A total of 28,401 MWh (net) was contributed by the Company's solar facility in Dominican Republic, and 9,418 MWh (net) was contributed by the Company's hydroelectric facility in Ecuador.The Company generated $62.6 million in revenue from energy sales for the year ended December 31, 2022, compared to $59.5 million in the same period in 2021. The increase was the net result of additional revenue from the two new facilities located in Dominican Republic and Ecuador, acquired during 2022, coupled with the increased prices with respect to the inflation adjustments in the power purchase agreement's (\"PPA\") for the Peruvian facilities, partly offset by the decrease in revenue from San Jacinto.Net earnings attributable to owners was $2.5 million or $0.12 per share - basic for the year ended December 31, 2022, compared to net earnings of $0.5 million or $0.03 per share - basic in 2021.Adjusted EBITDA(1) was $44.9 million for the year ended December 31, 2022, compared to Adjusted EBITDA of $43.8 million in the same period in 2021, principally as a result of revenue increases, as ...