Polaris Renewable Energy Acquires Stake in Puerto Rico Wind Farm

Polaris Renewable Energy Inc. has announced its entry into an Equity Capital Contribution Agreement to acquire Punta Lima Wind Farm LLC in Puerto Rico. The wind farm, located in Naguabo, has a capacity of 26 MW and operates under a power purchase agreement with the Puerto Rico Electric Power Authority until 2044. The acquisition, involving Polaris as the new manager and operator, employs a tax-equity structure, with Santander retaining a tax equity interest. This transaction, pending regulatory approval, requires a $20 million equity contribution funded by Polaris' cash reserves.

The acquisition highlights Polaris' strategy to diversify its energy generation mix by incorporating wind power. Marc Murnaghan, Polaris' CEO, emphasized the potential for attractive returns and growth opportunities, including energy storage solutions and further strategic initiatives on the island. Santander expressed satisfaction with the transaction, reinforcing its commitment to Puerto Rico's clean energy efforts.