Polaris Completes Acquisition of Punta Lima Wind Farm

Polaris Renewable Energy Inc. has successfully closed its acquisition of Punta Lima Wind Farm LLC through an Equity Capital Contribution Agreement and LLC Agreement with Santander Bank N.A. The wind farm, located in Naguabo, Puerto Rico, has a capacity of 26 MW and operates under a 20-year power purchase agreement with Puerto Rico Electric Power Authority, ending in 2044.

This transaction employs a tax-equity structure, granting Polaris managerial and operational control, while Santander retains tax equity interest. The acquisition, valued at $20 million, was completed following local regulatory approvals and necessary agreements.

Marc Murnaghan, CEO of Polaris, highlights the strategic significance of expanding their renewable portfolio with wind energy, aiming for both immediate returns and long-term growth through energy storage and grid stability solutions.