Polaris Renewable Energy Q3 2025 Earnings Report

Polaris Renewable Energy EPS Results

• Actual EPS: -C$0.02
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

Polaris Renewable Energy Revenue Results

• Actual Revenue: $26.51 million
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

Polaris Renewable Energy Announcement Details

• Quarter: Q3 2025
• Date: 10/30/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, October 30, 2025
• Conference Call Time: 10:00AM ET

Polaris Renewable Energy (TSE:PIF) is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in Latin America & the Caribbean. We are a high-performing and financially sound contributor to the energy transition. The Company's operations include a geothermal plant (82 MW), four run-of river hydroelectric plants (39 MW), three solar (photovoltaic) projects (35 MW) and an onshore wind farm (26 MW).

Polaris Renewable Energy Q3 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: Q3 results showed steady financial performance with revenue up 8% to $19.0M and adjusted EBITDA of $12.8M, while year-to-date adjusted EBITDA rose 4% to $43.2M and net cash from operations was $29.2M.
• Positive Sentiment: Operationally the portfolio improved year-over-year (Q3 production 181,235 MWh vs 168,639 MWh), led by hydro outperformance in Peru (+44%) and Ecuador (+24%) and incremental production from the newly acquired Punta Lima wind farm in Puerto Rico.
• Positive Sentiment: Balance sheet and capital returns are a focus — the company ended with $99M cash, repaid four credit facilities early (totaling $120.6M), repurchased shares in Q3, and declared a quarterly dividend of $0.15 per share payable Nov 21.
• Positive Sentiment: Growth pipeline in Puerto Rico advanced — PREB approval received for the ASAP 71.4 MW battery project (gross CapEx ~ $70M, net ~ $50M after ITC) with expected EBITDA ~ $13–14M and an anticipated in‑service in Q4 next year, and management expects additional brownfield solar+storage opportunities and potential follow‑on projects.
• Negative Sentiment: Key risks and constraints include seasonal resource variability, localized curtailments and interconnection delays (notably in the Dominican Republic), and the potential for regulatory or permitting delays that could increase required storage capacity or push timelines for development projects.

Presentation

[Operator]

Greetings. Welcome to the Polaris Renewable Energy Third Quarter 2025 Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to your host, Alba Seisdedos, CFO at Polaris Renewable Energy. You may begin.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Thanks, Hallie. Good morning, everyone, and welcome to the 2025 Third Quarter Earnings Call for Polaris Renewable Energy Inc. In addition to our press releases issued earlier today, you can find our financial statements and D&A on both SEDAR+ and our corporate website at polarisrei.com. Unless noted otherwise, all amounts referred to are denominated in U.S. dollars. I would also like to remind you that comments made during this call may include forward-looking statements within the meaning of applicable Canadian securities legislation regarding the future performance of Polaris Renewable Energy Inc and its subsidiaries. These statements are current expectations and as such are subject to a number of risks and uncertainties that could cause actual results to differ materially from current expectations. These risks and uncertainties include the factors discussed in the Company's Annual Information Form for the year ended December 31st, 2024.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

At this time, I will walk through our financial highlights. Overall, Q3 2025 was a steady quarter for Polaris. Results reflected solid operational execution, disciplined cost management, and the second full quarter of contribution from our Puerto Rican wind operations. Together, these factors supported both year-over-year and year-to-date growth in generation revenue and also adjusted EBITDA. Despite production generally being lower in the third quarter of the year, which coincides with the dry season in those countries where the company has hydroelectric plants and therefore there is less resource available for energy generation, as is the case of Peru and Ecuador, as well as the rainy or hurricane season, and therefore we have less radiation or wind in those countries where the company operates solar plants, as is the case of Dominican Republic and Panama and our wind farm in Puerto Rico.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Starting with operations, third quarter consolidated energy production totaled 181,235 MWh versus 168,639 MWh for the same period last year. Consolidated energy production for the nine months under September 30th totaled 613,524 MWh, representing an 8% increase as compared to the same period last year. The strongest performance this quarter was achieved by our hydroelectric projects in Peru, where favorable hydrology during what is typically the dry season and an excellent plant availability led to a 44% increase both in Q3 2025 and year-to-date in hydro output for the Peruvian project. Our hydroelectric facility in Ecuador also had an exceptional quarter, producing 24% more energy in the three months ended September 30th versus the 2024 comparative period, thanks to strong rainfall and excellent technical performance.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

In Puerto Rico, the Punta Lima Wind Farm acquired in March added incremental production that did not exist in 2024 and is now fully integrated in our portfolio. In Panama, solar generation in the quarter was 2% higher than in the 2024 comparative period. These increases offset lower output for Nicaragua, where short-term well instability and natural steam field decline earlier in the quarter reduced generation by about 5% for the nine months ended September 30th versus the same comparative period in 2024. Production at our Dominican Republic Canoa I Solar Facility decreased 1% in the quarter when compared to the same period in 2024, while year-to-date the production increased 5% versus the 2024 comparative period, reflecting efficiency gains from the new panels installed in 2024 which allow offsetting grid-wide curtailments.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Overall, our diversified portfolio spanning geothermal, hydro, solar, and wind across six jurisdictions continues to provide balance and resilience in the face of localized resource variability. Turning to the financial results, starting with revenue, revenue was $19 million during the three months ended September 30th, which represents an increase of 8% versus Q3 in 2024. Revenue year-to-date was $60.9 million versus $56.9 million in the 2024 comparative period, reflecting higher generation in Peru and Ecuador as we have mentioned and the addition of our project in Puerto Rico, the Punta Lima Wind Farm. Adjusted EBITDA was $12.8 million for the quarter compared to $12.4 million for the same period last year. Furthermore, for the nine months ended September 30th, the company realized $43.2 million in adjusted EBITDA compared to $41.4 million in the same period last year, reflecting a 4% increase.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Operating margins remained strong despite inflationary pressures and the integration of new assets, supported by disciplined cost control and lower insurance expenses following our debt repayment. Cash generation, net cash from operating activities remained robust with $29.2 million for the nine months ended September 30th, exceeding the same period in 2024 by $3.3 million. The increase mainly reflects the collection in Q3 2025 of the strong Puerto Rican revenues from Q2, which follow a 47-day collection cycle, and the shift from quarterly interest payments on regional loans in 2024 to semi-annual bond interest payments in 2025. Net cash used in investing activities for the nine months reflects the initial $15 million payment for the acquisition of Punta Lima Wind Farm, while there was no comparative transaction in 2024.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Net cash used in financing activities for the nine months mainly reflects the early debt repayment of four credit facilities totaling $120.6 million dividend. Finally, we remain committed to delivering shareholder returns. I would like to highlight that we have already announced that we will be paying a quarterly dividend on November 21st of $0.15 per share to shareholders of record on November 10th. With that, I will turn the call over to Marc, who will elaborate on Polaris' third quarter results as well as on current business matters. Thank you.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Thanks, Alba. I'll just make a few, call it, operational comments about where we see the rest of the year looking forward. As Alba mentioned, the hydros were stronger than normal in Q3, which is the dry season in those jurisdictions. We do see that at least October to today continuing. Hydros, we think, will be somewhat stronger than usual in Q4 here as the rainy season has started somewhat earlier than normal. I would say what's going to offset that a little bit is that those, call it, rainier conditions do seem to be also in the solar jurisdictions, D.R. and Panama, so they're looking maybe a little bit softer. I would say the net effect of those two things should still be positive in this current quarter.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I see San Jacinto, as I mentioned last quarter, in the 49 to 51 range, for which it did, and then I would just, I'm saying, 50 MW current quarter, plus or minus a little bit, similar. When I run our numbers, that would bring the quarter in around 195 GWh-200 GWh, would be the current range that we're looking at right now. Just a reminder, that is because we have moved the major maintenance at San Jacinto into January of next year instead of December of this year, just based on some availability of Fuji staff. That will land in Q1 next year. In terms of really the growth and the developments, the big focus remains ASAP. The update on that is that the contract was submitted by ourselves and LUMA to PREB, which is the Energy Board.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

A while ago, it was approved by them, and then it went to PREPA. Just to explain, I'll give a little more details. There are three entities that need to approve it there, which is PREB, which is the Energy Bureau, then PREPA, which is the contracting agent, and then after that FOMB, which is the Oversight Management Board. Basically, we had to receive PREB. We have PREB approval as of this past Monday. I would highlight that on September 22nd, the governor issued an executive order, which was really focused on the energy, call it, emergency situation. It's an acute need for more energy on the island.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

In that order, it was really, I would say, directing government entities, whether it's PREB, PREPA or even Ministry of the Environment, to expedite approval processes and permitting processes such that new generation, including storage, can get brought on the system quicker than what has traditionally happened in the past. While it did take a bit longer than we expected to get this PREB approval, we are expecting things to move reasonably quickly from here on out. What does that mean, though, in terms of—we would look at likely a Q4 in-service date next year for that. In terms of the sizing, it has landed on 71.4 MW, which was approved as opposed to 80 MW. That's really just a technical limitation at the interconnect point.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Those metrics, based on what we're seeing from the procurement, and we are, I would say, reasonably far along in the procurement process, it would be gross CapEx of about $70 million. We do still anticipate being able to achieve an ITC on that, which would bring the CapEx down to a net CapEx of about $50 million. At that size of 71.4 MW, you'd be looking at EBITDA around the $13 million-$14 million on net CapEx of $50 million, which is about a 3.5x-4x sort of CapEx divided by EBITDA build multiple. Still very excited about those numbers and hoping to launch the program in this quarter, in the next month. We're also hopeful that this won't be the only storage project in Puerto Rico that we do. We've already been asked by LUMA to formally give our intention to move forward with something called SO2.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

We're looking at that. I would also say, given what I mentioned with the executive order, we are talking to several developers on the island or with projects on the island for more traditional solar-plus-storage projects that have contracts or have been awarded approvals for contracts. They're looking for sort of larger financial partners or operational companies. This has really come on the radar screen just in the last, I would say, two to three months. We like these because of what we're looking at on the island as well as they're reasonably chunky.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I would say the small ones are $5 million of EBITDA, but we're seeing things in the $10 million-$20 million range, with very good, I would say, capital ratios, probably not quite as good as the ASAP program I mentioned, but in the, call it, five times, which, you know, we're still looking at 20-year U.S. dollar contracts. That's very good return profiles. That really is, call it, the brownfield focus right now, and I would say that is the focus for the company. I would mention the D.R., which we have continued to push on more in the background. It looks like that will get pushed into next year in terms of potential contracting, as the government is now saying they want to look at doing a tender situation instead of bilateral.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

We would obviously have the ability to participate in that, and I think we'd be in good shape for that. We do need to wait likely until next year. What that means is really pushing the Puerto Rico projects in front of that. Balance sheet is strong with $99 million in cash. We did repurchase another 27,000 shares in the quarter in Q3, continue to in Q4 here. I guess it is somewhat slower coming with the ASAP project, but we're very confident it is coming. With these other projects that we're looking at, I do see a situation quite quickly here where we will be using up that spare capacity on the balance sheet that we have and hopefully then some.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I would say over the next 12, 15 months here the story would be steady as she goes from an operating perspective, but a big and expected big pickup in what I would call development and construction activities and news flow. I would say as we move forward on ASAP and as we move forward with hopefully one or two other projects next year, we will for sure, I would say, be giving more market updates and press releases as we move forward with these projects. It'll be more sort of, call it, newsy on the development and construction activities next year. I think it's important because those would be very material for the company and then, call it, financial results on the back of those coming in 2027 and 2028. With that, we can open it up for questions.

[Operator]

Certainly at this time we will be conducting a question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Your first question for today is from Baltej Sidhu with National Bank of Canada.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

Hey, good morning, guys.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Good morning.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

Could you, it's great to see the progress with SO1, but could you just remind us of, one, the comparability of SO1 and SO2 as it pertains to the attractiveness for Polaris with the infrastructure you may have to leverage with the implication of FFSO1 that would be in place.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

The technical difference on the island is just SO1 was only for people that have a current operating interconnect agreement in place. In other words, you had to have some generation facility with an interconnect. SO2 is really open to either the same group, which is some people that have an interconnect, or anybody that just has a new development. If you had a new project without an interconnect, you could then participate. It's really the same terms for us; the only difference is we need to up our transformer capacity.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

On a, call it, $60 million-$70 million project, that's only a $2 million or $3 million CapEx item for us. Essentially, the same type of economics.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

And the transmission capacity would be there that you would have, right?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah, the transmission capacity on the sort of downstream on the line is about 130 MW, 140 MW, and we're sort of the first one's really 35.7x2, that's a 71. We have a fair amount of, you know, we could probably triple it from here.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

Great, great. It might be too early, but is there any impact to pricing that we could see relative to SO2 versus SO1?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I think pricing might be higher because the way that they do things on the island, typically for a traditional solar, let's say, is that any interconnect costs and system upgrades that are needed for a new project, rather than the transmission company or the distribution company paying for that and charging it to the rate base, the developer actually has to finance that. It comes into the cost of the PPA, let's say. For SO2, though, the assumption is that there will be participants that don't have an interconnect yet, so they will have to finance and build that compared to SO1 with existing interconnect. If anything, the price should be somewhat higher. I don't think it would be, you know, it could be instead of $16,000 per MW per month, $18,000-$20,000. We don't know that yet.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I don't think they've landed on it, but I think if anything it would have to be somewhat higher. The good news there is the backdrop of still, you know, I'd say, you know, very competitive activities in the actual, you know, the lithium battery cost curve. That's probably going to continue, right? Still to be determined, I would say at the worst case scenarios it would be the same type of economics.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

Very interesting. Looking forward to hearing those organic updates over the course of next year and just switching over to, as you noted, the capacity that you have on the balance sheet and the ability to leverage that for organic development. How are you thinking about the inorganic growth and the M&A side? Could you point towards any color that, you see on the M&A pipeline or valuations in the regions in which you operate?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah, and then just to be clear, when I said we're talking to local developers with brownfield, I wouldn't put that in the M&A bucket, even though it's, you know, it's kind of in between. I would put that still more in the brownfield development side. In terms of M&A, which I would also just suggest is probably a little bit comes on the back of us actually I think putting some runs on the board in terms of ASAP and probably some other development projects, I would say. Multiples, I would say, came down more like 6 months-12 months ago to I think a reasonably attractive level. I think they've kind of leveled off there.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

If I had to put super high level numbers on things, I would just say if you, let's say you take ASAP at four, let's say you take four times. I'm talking this is a build multiple. Probably these other development projects we're looking at are five, five-and-a-half. Same in the D.R. I'm seeing sort of more for actual operational with contracts running assets in the M&A side in the jurisdictions we're in, anywhere from six-and-a-half to eight times.

[Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada]

That's great color. Perfect. I'll pass the line over. Thank you again, Alba and Marc.

[Operator]

Your next question is from Nick Boychuk with Cormark Securities.

[Nick Boychuk, Equity Research Analyst at Cormark Securities]

Thanks. Morning, Marc. In Puerto Rico, can you comment a little bit on the competitive dynamics? You mentioned that there's these local developers with brownfield opportunities. How many other players in the space could potentially be having these conversations to develop these? I guess once you have that conversation, how fast could we then move through permitting, construction, and getting these things operational?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah, I don't know, obviously with 100% certainty who else is out there. It definitely seems like there's the dynamic of you have a few big players on the island with operating assets that wouldn't be interested in the stuff we're looking at. You have a lot of, I would call it, local developers that don't have the financial capacity, for people in the middle that are looking at, I would say again, projects that once are up and running have $5 million-$20 million of EBITDA. We do know of one player that was definitely there and in the game, but they are not anymore. It does seem like it's really opened up for us from that perspective.

[Nick Boychuk, Equity Research Analyst at Cormark Securities]

Understood. Would it be a similar dynamic in the Dominican? I appreciate that it's been pushed back a little bit by a year, but could you theoretically also have similar activity in that country?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah, I think interestingly, the D.R. might be a little bit more competitive for us in the mid range than Puerto Rico. The flip of that is Puerto Rico does seem to be quite open right now. I think it's weird. In the Dominican, you actually, a bunch of, call it credit is available because it's a "developing country." You have a whole bunch of lenders that would maybe fund a smaller developer to get a project off the ground. That doesn't exist in Puerto Rico because it's part of the United States. That cap, it's almost more of a capital issue in Puerto Rico as opposed to how many competitors are there, if you understand what I'm trying to get to. Puerto Rico, there's a big issue with getting capital for these small developers to get, you know, a $50 million, $100 million project off the ground.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Whereas there's a little bit more availability in the D.R. for that. Even though I would say it's not as if there's a bunch of other competitors that are a similar size to us in that market. It's just that the option of them to maybe get it further along to get construction going, there's a little bit of a better chance in the Dominican, which is a little counterintuitive, but that's what we see.

[Nick Boychuk, Equity Research Analyst at Cormark Securities]

Okay, got it. I appreciate that the return profiles on the M&A, you said it was six-and-a-half to eight times versus the five to five-and-a-half for something that you'd be building brownfield. Better returns if you do brownfield, but just cognizant of your internal resources, your own abilities internally to develop these things simultaneously in given time. Is there a point where you recognize you could leverage more of your balance sheet and acquire something now, add incremental EBITDA and have a meaningful impact on shareholder value in the near term versus trying to maximize the return profile? How are you thinking about the difference between time to getting these built and maximizing the near-term shareholder value?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Good question. I would say, believe it or not, call it the Senior Management time to do, let's just say, real due diligence on operating assets, legal side of things, operational side of things on the front end, maybe not the back end. Once the operations are there, I would say streamlining them into yours isn't a huge deal. There's always issues, but it's not a huge deal for us. I would say at the front end, to your point, where there's going to be a bottleneck would be more that we are doing, call it the late stage development on ASAP ourselves, right?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

If we partner with some developers, we're going to be doing, we're going to be heavily involved in that late-stage development/construction procurement, which I think is very similar to the M&A side of things. It might seem easier. I'd say it's at the front end where there's a potential bottleneck. We can for sure do two. It might get a little bit harder at three, but believe it or not, I think we could do all. We could for sure do three. We could do ASAP. We could do a development, a new development in Puerto Rico now also because we're there. It's not as if it's a new jurisdiction for us. Our conversations with the authorities on some of these other projects are right after we've talked about ASAP. I do think we can handle that.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

It would be different if it was a new jurisdiction. And some of the M&A stuff, I think at the front end we could do it as well. I don't think it's necessarily an either or.

[Nick Boychuk, Equity Research Analyst at Cormark Securities]

Okay. Just to confirm my understanding, you could do ASAP one, develop something else in Puerto Rico, and then one of the other of a D.R. or M&A type of project. Theoretically, three different things on the go at the same time. Call it $10 million-$15 million in EBITDA for each, and all that could potentially be wrapped up by 2028.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah, I think that in our presentation, we sort of show a five year, let's just say for 2029 that EBITDA, like $100+ million. What we're looking at right now is I think we could just say we're flat for the next 12 months operationally, but we will be doing things such that that 2028 number I think can get very close to that. It's a big step up, such that the 2028 number is looking very close to that, the 2029 number that we have in the presentation.

[Nick Boychuk, Equity Research Analyst at Cormark Securities]

Okay, that's awesome. Thanks, Marc.

[Operator]

Your next question for today is from Theo Genzebu with Raymond James.

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

Hey, everyone, thanks for taking my call today. Just a quick question. Just on the curtailments at Canoa I and the expected curtailments now at Canoa I, the delays at the interconnection for Canoa II, I guess, is there, like, how are you engaging with the government to address these? Is there anything that can be done, I guess, by talking to the government there?

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I'd say a fair amount of conversations where it just always goes to is that, yes, we're going to, we need storage. They very much acknowledge that. This is my comment about they're likely, as opposed to doing bilateral negotiations which we were looking to do, which was going to be put panels, but also put a reasonable storage capacity there, such that you're switching, call it a problem challenge into at least an opportunity or at least you head yourself off with the storage. They see that and they acknowledge it. They want to get the regulation set and they're likely to do a tenure next year. That's really how they're planning on dealing with it.

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

Got you. I guess it's safe to say that it doesn't really impact how you guys think about future development in the Dominican.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

I think what it does do is I've probably bumped up the percentage of storage coverage that I think we need from maybe 25% to 40%. I think it's a "problem" now, but I think it will end up morphing into an opportunity when they're ready. I think that will be next year at some point.

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

Okay, great. Thanks for cleaning that up. I guess just one more for me. Just on the regulatory timeline at Puerto Rico for the ASAP storage program, I understand you expect approvals within the next 60 days.

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

Just in your opinion, is there any possibility of further delays to that?

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

It's pretty much what we expect.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Yeah. I can't say no to that. I mean, I think that this island is known to have very good projects, but you need to play the patience game. I think it's possible. I would say with this September 22nd executive order by the governor, the entities do seem to be very responsive right now. It's probably as good as we can expect in terms of that timeline for Puerto Rico.

[Theo Genzebu, Associate Analyst Equity Research at Raymond James]

Great, fair enough. Thanks. All right. Appreciate the time today. Thank you.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Likewise.

[Operator]

We have reached the end of the question-and-answer session and conference call. You may disconnect your lines at this time. Thank you for your participation.

[Marc Murnaghan, CEO at Polaris Renewable Energy]

Thank you.

[Alba Seisdedos, CFO at Polaris Renewable Energy]

Thank you, everyone.

Participants

Executives

• Marc Murnaghan, CEO
• Alba Seisdedos, CFO

Analysts

• Baltej Sidhu, VP and Equity Research Analyst at National Bank of Canada
• Theo Genzebu, Associate Analyst Equity Research at Raymond James
• Nick Boychuk, Equity Research Analyst at Cormark Securities