TORONTO, Aug. 4, 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 signed a
definitive agreement with a wholly subsidiary ("Ormat) of
Ormat Technologies Inc. (NYSE: ORA) for the supply of a
10 MW (net) Binary Unit at its San Jacinto facility in Nicaragua (the "Agreement"). The additional
Binary Unit is in response to Polaris' previously announced
December 2020 extension of the Power
Purchase Agreement in Nicaragua,
which extended its term to 2039, and allowed for additional
capacity through the inclusion of a Binary Unit.
The Agreement with Ormat, calls for
Polaris to purchase equipment for the construction, commissioning and operation
of a geothermal binary power plant (Organic Rankine Cycle) at the
San Jacinto Geothermal Project in Telica,
Leon, Republic of Nicaragua.
Ormat has an excellent reputation in the design, supply, service
supervision and warranty of such equipment installations, having
constructed such facilities for over 55 years. Ormat's power plants
have been supplying clean, reliable, cost effective and sustainable
electricity to power grids on five continents, from Iceland to New
Zealand, from Canada to The
Andes, and from Hawaii to
Japan.
Polaris anticipates a 15-18 month design, manufacture, delivery
and installation of the Binary Unit with a current projected
operation date of early Q1-2023. Based on this supply
contract, Polaris has budgeted a total project cost of
approximately $25 million to bring
the project online and expects to fund such costs with current cash
on hand.
Marc Murnaghan, Polaris' CEO
commented "We are very happy to move forward with this project,
which has resulted in a capacity at the top end of our initial
range, and with a very competitive overall budget. Adding a
Binary Unit to the San Jacinto plant is a natural part of the
evolution of the project, as it will more fully take advantage of
the energy from the resource and provide even more stability to the
generation and cash flows for the years to come. We are also
very excited to be working with a company such as Ormat to take
this important step for the Company."
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 72MW
geothermal project located in Nicaragua and a 5MW as well as another 28 MW
of run-of-river projects located in Peru.
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 timeline, cost and use of
cash related to the design, manufacture, delivery and installation
of the Binary Unit 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.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/polaris-infrastructure-signs-binary-unit-contract-301348625.html
SOURCE Polaris Infrastructure Inc.