Polaris Renewable Energy : Corporate Presentation October 2022

CORPORATE OVERVIEW OCTOBER 2022

Forward-Looking Information

This Presentation contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the Company's pro-forma financial profile, growth of cash flow per share and leveraging of available cash resources, the Company's future access to similar deal opportunities throughout Latin America, the expected MWh per year production of the acquired projects, the net capital investment in the Generación Andina projects and the length of the related construction periods. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, general business, economic, competitive, political and social uncertainties; the actual results of current geothermal and hydro energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal and hydro power industries; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully and readers of this Presentation should not place undue reliance on forward- looking information.

Although the forward-looking information contained in this Presentation is based upon what management believes to be reasonable assumptions, there can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. The information in this Presentation, including such forward- looking information, is made as of the date of this Presentation and, other than as required by applicable securities laws, Polaris Infrastructure assumes no obligation to update or revise such information to reflect new events or circumstances.

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Overview

Polaris Overview

Polaris is an Owner, operator, developer and acquirer of renewable energy projects in Latin America.

• 6 Plants currently in Operation
• 1 in construction

Goal

Create a mid-size, regional platform in Latin America. Continue to grow and diversify in the region through renewable energy projects with attractive return profiles.

• 100% renewable energy.
• Including storage.
• Regional platform with a medium term capacity of 500 a 1,000 MWs.
• Regional head office in Panama.
• Partner of choice in región.

Nicaragua

7 2 M W

Peru

3 3 M W  5 0 M W

Dominican Republic

3 2  2 0 0 M W

Panama

10  5 0 M W

Ecuador

6  10 0 M W

Other

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Capital Markets Snapshot

PRICE

C$14.96 (~US$11.22)

SYMBOL: PIF.TO

	SEP 30E
SHARES OUTSTANDING (1)	DEBT (3)	EV / EBITDA (3)
21.1 mm	US$193 mm	~ 6.5X

	DEC 30E
~ 2023 Consensus EBITDA(2)	CASH ON HAND	ANNUAL DIVIDEND
~US$59-$63 mm	US$31 mm	US$0.60

MARKET CAPITALIZATION (3)	ENTERPRISE VALUE (4)	DIVIDEND YIELD
US$221 mm	~US$395 mm	5.3%

(1)	As at September 30, 2021 - includes in the money options;
(2)	Current 2022 estimate based on research coverage.
(3)	Includes all debt from recent acquisitions. Assumed Fx of C$1.00 = US$0.75.
(4)	Enterprise Value represents market capitalization plus total debt less cash and cash equivalents	5