Polaris Infrastructure Announces Carbon Credit Sale
TORONTO, June 9, 2021 /PRNewswire/ - Polaris Infrastructure Inc. (TSX: PIF) ("Polaris Infrastructure" or the "Company"), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to announce that it has entered into an agreement to sell two tranches of Certified Emission Reductions ("CERs") from its San Jacinto Geothermal Facility in Nicaragua (the "San Jacinto Facility") for aggregate gross proceeds of approximately US$400,000. The sales are conditional upon Polaris Infrastructure receiving UNFCCC (as defined below) verification.
Polaris Infrastructure is in the process of finalizing the verification of CERs for the San Jacinto Facility under the United Nation's Convention on Climate Change ("UNFCCC") protocols. Such process is anticipated to be completed by the fourth quarter of 2021, at which time, the San Jacinto Facility will be able to sell any past, present or future verified CERs.
"Polaris Infrastructure continues to see an increased level of interest from different industry groups looking to achieve a lower carbon footprint and therefore decided to sell forward a small percentage of our expected CERs, with a view that being an active market participant, should benefit the Company in the long-run." noted Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. "It is important to note that the Company has already commenced the process of validation and verification under the UNFCCC protocols for the recently completed hydro projects in Peru, 8 de Agosto and El Carmen. While this current sale is not financially material, the Company believes the combined inventory from all producing plants, once validated and verified, could unlock significant untapped value to shareholders. As such, we will continue to invest in the process of ensuring our facilities are ready to participate in carbon credit markets as they develop."
About Polaris Infrastructure
Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72 MW geothermal project located in Nicaragua and three run-of-river hydroelectric facilities in Peru, with capacities of approximately 20 MWs, 8 MWs and 5 MWs respectively.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws, which may include, but is not limited to, the verification of CERs, the expected completion of the verification process, management's expectations regarding the benefit of the sale of CERs, and financial and other projections as well as statements with respect to future events. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "estimates", "goals", "intends", "targets", "aims", "likely", "typically", "potential", "probable", "projects", "continue", "strategy", "proposed", or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking information contained herein is provided as at the date of this news release and the Company disclaims any obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by applicable laws. There can be no assurance that 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 due to the inherent uncertainty therein.
Additional information about the Company, including the Company's AIF for the year ended December 31, 2020 is available on SEDAR at www.sedar.com and on the Company's website at www.polarisinfrastructure.com.
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SOURCE Polaris Infrastructure Inc.
Company Codes: Toronto:PIF
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