POLARIS RENEWABLE ENERGY - RAMPF STOCK NEWS

Polaris Renewable Energy (TSX:PIF) reported its Q2 2022 results, with total revenue of $15.2 million, up from $14.2 million in Q2 2021. The company experienced a net loss of $1.5 million, compared to earnings of $0.2 million in the same quarter last year, largely due to $1.7 million in other losses. Adjusted EBITDA rose to $11.2 million. Energy production increased to 163,119 MWh, driven by operations in Nicaragua and Peru. The company is progressing on projects in the Dominican Republic and Ecuador, while maintaining a quarterly dividend of $0.15 per share.

Polaris Infrastructure Inc. will change its name to Polaris Renewable Energy Inc. effective July 18, 2022, following approval from shareholders on June 23, 2022. This renaming reflects the company's operational focus and recent growth, including diversification into new Latin American markets and renewable energy sectors such as solar. The company's common shares will continue trading under the ticker PIF. The name change does not impact the company's share structure or shareholder rights.

Polaris Infrastructure has completed the acquisition of the Canoa 1 operational solar project in the Dominican Republic from Potentia Renewables for $20.3 million. The project, which has a capacity of 32 MWdc, includes a 20-year power purchase agreement with Edesur Dominicana at an estimated price of $128.10 per MWhr. The acquisition enhances Polaris's asset mix, increasing operational plants to five and diversifying into a new jurisdiction. The company aims to expand further in the renewable energy sector in the Dominican Republic.

Polaris Infrastructure Inc. (TSX:PIF) announced the successful resolution of its annual meeting held on June 23, 2022. All four management-nominated directors were elected, including Jaime Guillen, James V. Lawless, Marc Murnaghan, and Marcela Paredes de Vásquez, with voting percentages ranging from 94.69% to 99.76%. Other approved resolutions include the re-appointment of PricewaterhouseCoopers LLP as auditors, company continuance in Ontario, and a name change.

Polaris Infrastructure Inc. (TSX:PIF) will hold its Annual General Meeting (AGM) virtually on June 23, 2022. Shareholders as of May 9, 2022 have received the Management Information Circular. Subject to shareholder approval at the AGM, the company plans to change its name to Polaris Renewable Energy Inc., reflecting its growth and future vision. Polaris operates a 72 MW geothermal facility in Nicaragua, three hydroelectric facilities in Peru, and solar projects in Panama, with a total capacity of approximately 118 MW.

Polaris Infrastructure reported financial results for Q1 2022, achieving $16.1 million in revenue, up from $15.7 million in Q1 2021. The company posted a net income of $2.5 million or $0.13 per share, compared to a net loss of $0.9 million in the previous year. Energy production totaled 177,765 MWh, with contributions from geothermal and hydroelectric sources. Polaris continues its construction of a Binary power plant, with a successful debt refinancing and acquisition plans for new projects in Ecuador and the Dominican Republic.

Polaris Infrastructure Inc. (TSX:PIF) announced the signing of a Share Purchase Agreement to acquire the operational Canoa 1 solar project in the Dominican Republic for $18.4 million. The project, with a capacity of 32.0 MWdc, is already under a 20-year power purchase agreement with Edesur Dominicana. The acquisition includes assuming $35 million in project-level debt and allows for expansion of capacity. Closing is anticipated within 90 days, subject to regulatory approvals.

Polaris Infrastructure has announced two significant acquisitions: a 6.3 MW hydro project in Ecuador and two construction-ready solar projects totaling 13.4 MW in Panama. The hydro project acquisition includes a minimum 85% ownership, with a total price of $20.4 million plus $7 million in debt. Additionally, two expansion opportunities could increase the hydro project's capacity to 10 MW. The solar projects were acquired for $600,000, with a construction budget of around $10 million. Polaris aims to fund these acquisitions with cash on hand, enhancing its operational diversity.

Polaris Infrastructure reported financial results for the year ending December 31, 2021, highlighting a revenue decline to $59.5 million, down from $74.7 million in 2020, driven by lower energy sales from its San Jacinto facility. The net earnings fell to $0.5 million or $0.03 per share compared to $28.8 million or $1.84 in 2020. The company generated $41.1 million in net cash flow and maintained a cash position of $101.8 million. Polaris reaffirmed its focus on quarterly dividends, declaring $11.1 million for the year.