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.
Cautionary Statements
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.