TORONTO, ON / ACCESSWIRE / February 22, 2024 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris Renewable Energy" or the "Company"), is pleased to report its financial and operating results for the year ended December 31, 2023. 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.sedarplus.ca. The dollar figures below are denominated in US Dollars unless noted otherwise.
HIGHLIGHTS
OPERATING AND FINANCIAL OVERVIEW
Three Months Ended | Year Ended | |||||||||||||||
December 31, | December 31, | December 31, | December 31, | |||||||||||||
Energy production | ||||||||||||||||
Consolidated Power MWh | 192,820 | 174,220 | 800,951 | 649,756 | ||||||||||||
Financials | ||||||||||||||||
Total revenue | $ | 18,748 | $ | 16,870 | $ | 78,522 | $ | 62,600 | ||||||||
Net earnings attributable to owners | $ | 1,408 | $ | 3,001 | $ | 11,744 | $ | 2,499 | ||||||||
Adjusted EBITDA | $ | 13,391 | $ | 11,658 | $ | 57,663 | $ | 44,921 | ||||||||
Net cash flow from operating activities | $ | 10,167 | $ | 12,846 | $ | 43,960 | $ | 33,506 | ||||||||
Per share | ||||||||||||||||
Net earnings attributable to owners - basic and diluted | $ | 0.07 | $ | 0.14 | $ | 0.56 | $ | 0.12 | ||||||||
Adjusted EBITDA - basic | $ | 0.64 | $ | 0.55 | $ | 2.74 | $ | 2.23 | ||||||||
Balance Sheet | As at | As at | ||||||||||||||
Total Cash (Restricted and Unrestricted) | $ | 44,683 | $ | 39,965 | ||||||||||||
Total current assets | $ | 54,042 | $ | 50,609 | ||||||||||||
Total assets | $ | 519,400 | $ | 535,102 | ||||||||||||
Current and Long-term debt | $ | 172,379 | $ | 184,408 | ||||||||||||
Total liabilities | $ | 249,468 | $ | 264,890 |
During the three months ended December 31, 2023 quarterly consolidated power production was higher than the same period in 2022, mainly driven by an increase in production in Peru due to better hydrology.
For Nicaragua, in the fourth quarter of 2023 production was comparable to the production in 2022. Incremental temporary instability in cycling wells was offset by the additional energy generated by the new Binary Plant.
Consolidated production in Peru for the three months ended December 31, 2023 was higher than the comparative period in 2022 due to greater water availability at both El Carmen and 8 de Agosto. The rainy season, which typically starts in October, brought higher than average rainfalls into the region in Q4 2023.
For Dominican Republic, the Canoa 1 facility, produced 12,830 MWh in the three months ended December 31, 2023. This is lower than the fourth quarter of 2022 due to resource availability, namely, a longer rainy season compared to the prior year.
For Ecuador, in the fourth quarter of 2023, HSJM's average production of 8,301 MWh is higher than the comparative period in 2022 (6969 MWh) due to resource availability. Overall, and similar to Peru, production in Ecuador is driven by the dry and wet season, with the rainy season generally starting in October-November and running until May-June.
For Panama, Vista Hermosa Solar Park production of 4,980 MWh for the three months ended December 31, 2023, was within the range of the Company's expectations.
"2023 was a record for the Company in terms of Consolidated power production given the completion of the construction of the Vista Hermosa Solar Park in Panama, as well as first year of operations of the Binary unit in Nicaragua. Both of these projects were executed and constructed by the Company and have been running well since their respective commercial operation dates. We are also quite happy with the fact that operating costs in all jurisdictions remain flat despite the inflation pressures world-wide. In addition, the platform we have built can now take advantage of the opportunities to grow in the region through our own developments as well as through opportunistic acquisitions" noted Marc Murnaghan, Chief Executive Officer of Polaris Renewable Energy.
About Polaris Renewable Energy Inc.
Polaris Renewable Energy Inc. is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in the Americas. 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 (82 MW), 4 run-of-river hydroelectric plants (39 MW) and 3 solar (photovoltaic) projects in operation (35 MW).
For more information, contact :
Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com
SOURCE: Polaris Renewable Energy Inc.