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TORONTO - Polaris (NYSE:PII) Renewable Energy Inc. (TSX:PIF), a Canadian company specializing in renewable energy projects in Latin America and the Caribbean, has announced its financial and operational results for the first quarter ended March 31, 2025. The company reported a slight increase in consolidated energy production, achieving 216,344 megawatt-hours (MWh) compared to 213,434 MWh in the same period last year. This growth is primarily attributed to the contribution of the recently acquired Punta Lima Wind Farm in Puerto Rico.
Revenue from energy sales remained relatively stable at $20.3 million, a slight decrease from $20.6 million reported in the first quarter of 2024. Adjusted EBITDA for the quarter stood at $15.0 million, down from $15.7 million year-over-year. Net losses attributable to shareholders were $10,441 or -$0.49 per share compared to net earnings of $4,346 or $0.21 per share in the first quarter of 2024. The losses were largely due to one-time finance costs.
The company also highlighted the settlement of four of its outstanding credit facilities in January 2025, using proceeds from the Green Bonds issued on December 3, 2024. This move is part of Polaris Renewable Energy’s strategy to optimize debt and reduce borrowing costs.
In terms of operational performance, the company’s Canoa 1 facility in the Dominican Republic showed an 11% increase in electricity generation due to improved productivity from newly installed solar panels. Similarly, the HSJM facility in Ecuador experienced a significant increase in production, generating 11,999 MWh, driven by a strong rainy season. However, production in Nicaragua and Panama saw modest decreases.
The company’s cash position at the end of the quarter was $91.6 million, including restricted cash. The balance sheet also reflected a reduction in total assets from $662.1 million as of December 31, 2024, to $558.2 million as of March 31, 2025, and a decrease in total liabilities from $402.6 million to $311.8 million.
CEO Marc Murnaghan commented on the results, emphasizing the strategic acquisition of Punta Lima Wind Farm and the company’s focus on operational excellence and debt restructuring. He also mentioned Polaris Renewable Energy’s pursuit of growth opportunities, including potential investments in battery energy storage solutions, to position the company for long-term value creation and leadership in the energy transition.
The information in this article is based on a press release statement from Polaris Renewable Energy Inc.
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