Polaris Renewable Energy Inc. Reports 2024 Financial Results

Polaris Renewable Energy Inc. has released its financial results for the year ending December 31, 2024. The company reported a decline in both annual energy production and revenue compared to 2023. Annual energy production reached 764,756 MWh, down from 800,951 MWh in 2023, partly due to lower output from its Nicaraguan geothermal facility. Revenue decreased to $75.8 million from $78.5 million. Despite these declines, Polaris completed strategic financial actions, including issuing $175 million in green bonds aimed at refinancing debt and investing in renewable energy assets.

Adjusted EBITDA fell from $57.7 million in 2023 to $55.0 million in 2024. Net earnings attributed to shareholders decreased significantly to $3.0 million, or $0.14 per share, compared to $11.7 million, or $0.56 per share, in 2023. Operations in the Dominican Republic improved following panel replacements at Canoa 1, boosting productivity by 12% during Q4 2024.

Other highlights include the renewal of their normal course issuer bid and an agreement to further develop the Punta Lima Wind Farm with Santander Bank, with an expected closing in early 2025.