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Polaris Renewable Energy Announces Signing of 25 MW (AC) Power Purchase Agreement for Solar Project Canoa II
TORONTO, ON / ACCESSWIRE / May 24, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or ...
About this update from Polaris Renewable Energy Inc.
[{"type":"text","content":"Polaris Renewable Energy Announces Signing of 25 MW (AC) Power Purchase Agreement for Solar Project Canoa IITORONTO, ON / ACCESSWIRE / May 24, 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 Latin America, is pleased to announce that we have signed a Power Purchase Agreement (PPA) in the Dominican Republic for Canoa II. The Canoa II solar project is adjacent to the already operational 25MW Canoa I, which was acquired by the Company in July of 2022, and is inthe Province of Canoa, Municipality of Barahona, Dominican Republic. Polaris owns 100% of the project.Particulars related to the Canoa II PPA and project are:15-year PPA denominated in US$ of $82.35 per MWh;Such PPA has an annual inflator for 5 years post initial commencement, equivalent to approximately 16% of the US Consumer Price Index, at which point the price remains fixed until the end of the 15-year term;Estimated completion of construction in the third quarter of 2024;Polaris CEO Marc Murnaghan commented \"I am very pleased to have signed the PPA for Canoa II. It represents a key milestone of the first internally developed project by the Company and validates a key strategic benefit of the acquisition which was completed in 2022. Moving forward with the project also enables the Company to continue to grow and diversify, both in the region and in renewable energy asset mix.\"About Polaris Renewable Energy Inc.Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a Canadian publicly traded company engaged in the development, construction, acquisition and operation of renewable energy projects in Latin America.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), and 3 solar (photovoltaic) projects now in operation (~35 MW).For more information, contact:Investor RelationsPolaris Renewable Energy Inc.Phone: +1 647-245-7199Email: [email protected] StatementsThis press release contains certain \"forward-looking information\" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the ability of the Company to continue to pay di...