Polaris Renewable Energy Inc. announces significant growth in 2023

Polaris Renewable Energy Inc., operating in the renewable energy sector, has released its financial and operational results for the year ending on December 31, 2023. According to their report, the company experienced a 23% increase in its consolidated energy production, reaching 800,951 MWh. This growth is mainly attributed to the addition of a geothermal installation in Nicaragua and increased production from its hydroelectric facilities in Peru, as well as the start-up of a new solar power plant in Panama and the acquisition of additional facilities in the Dominican Republic and Ecuador.

Polaris Renewable Energy's revenue amounted to $78.5 million for the year 2023, marking a significant increase compared to the $62.6 million from the previous year. This growth is credited to the expansion of their activities and price adjustments in power purchase agreements. The company also reported net profits of $11.7 million, equivalent to $0.56 per share, and an adjusted EBITDA of $57.7 million.

In addition, the company completed the construction of the Vista Hermosa solar park in Panama and implemented a battery energy storage system in Peru. It also repurchased 22,200 of its own shares and maintained its dividend policy, paying out $12.6 million in dividends in 2023.

Through these initiatives and its solid financial performance, Polaris Renewable Energy Inc. emphasizes its commitment to sustainable growth and environmental responsibility within the renewable energy sector.