Polaris Renewable Energy Inc. Reports Production Results for the Fourth Quarter and Year Ended December 31, 2023
February 22, 2024 at 07:55 am EST
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Polaris Renewable Energy Inc. reported production results for the fourth quarter and year ended December 31, 2023. For the quarter, the company reported production of Consolidated Power 192,820 MWh against 174,220 MWh a year ago.
For the year, the company reported Annual consolidated energy production increased by 151,195 MWh or 23% to 800,951 MWh for the year ended December 31, 2023 when compared to the year ended December 31, 2022. Of this increment, 60,040 MWh was contributed by the Company's geothermal facility in Nicaragua boosted by the start of the binary plant on January 2023; increased production of 23,066 MWh contributed by the Company's hydroelectric facilities in Peru; 13,122 MWh produced by the newly constructed solar plant in Panama, which began producing in April 2023; incremental production of 27,657 MWh from the solar facility in the Dominican Republic, which reflects a timing impact from its acquisition on June 28,2022, compared to full production in 2023, similar to the hydroelectric facility in Ecuador which was acquired on September 7, 2022, and contributed an additional 27,222 MWh to the annual consolidated energy production in 2023.
Polaris Renewable Energy Inc. is a Canada-based company. The Company is engaged in the acquisition, development and operation of renewable energy projects in the Americas. The Company operates 72 megawatts (MW) geothermal facility in Nicaragua, three run-of-river hydroelectric facilities in Peru, with a combined capacity of approximately 33 MW, a 25 MW solar plant facility in the Dominican Republic, and a six MW run-on-river hydroelectric facility in Ecuador. It also owns two solar projects in Panama, with a total capacity of 10 MW AC. The Company, through its subsidiary, Emerald Solar Energy SRL, operates the Canoa I Solar Park (the Canoa I) located in the Barahona Province, Dominican Republic. Its San Jacinto-Tizate Geothermal plant is located in northwestern Nicaragua, in the sire of San Jacinto, municipality of Telica, 20 kilometers (km) from the city of Leon. The Company, through its subsidiary, Generacion Andina SAC, owns 8 de Agosto, a Run of River hydroelectric operation.