- Toronto based renewable energy infrastructure company Polaris Infrastructure (TSX:PIF) completes two South American projects
- Generated sales reached C$71.2 million for the year, with cash flow up C$7.2 million
- EBITDA grew from $56.3 million in 2018 to $58.9 million in 2019
- Quarterly dividend of $0.15 a share paid at the end of February
- Polaris Infrastructure stock is down 4.4 per cent, trading at $15.55 per share with a market cap of $177 million
Toronto renewable energy infrastructure company Polaris Infrastructure (TSX:PIF) have released their numbers for 2019.
The company is focused primarily on the construction and operation of Latin American renewable energy infrastructure.
Construction concluded on two of Polaris’ Peru hydroelectric facilities in the last quarter of 2019, the El Carmen Facility and the 8 de Agosto facility.
All of this comes off the back of a strong 2018, in which total revenues grew 14 per cent.
The Latin American focused company has also increased output at their geothermal facility in Nicaragua which produces 590,934 MRhrs per year.
This site in San Jacinto put out nearly 20,000 more MWHrs this year than last year
This 4 per cent increase in output is expected to climb even higher as the wells powering the hydro electric plant stabilise even further in the coming years.
Typically, Hydroelectric wells are unpredictable in nature when they are young, and as they mature their outputs become more reliable.
Some of the increase this year was attributed to the wells being functional for longer, as well as the facility outperforming expectation and staying functional for longer than anticipated without shutdown cycles.
Polaris has made significant investments at the site, with more wells being dug and more investments made into the region to improve productivity.
Chief Executive Officer, Marc Murnaghan, said the results were very pleasing, and justified the companies investment in the Nicaraguan geothermal plant.
“We are very pleased with the financial results for 2019.
“We grew EBTIDA and cash flow from operations year-over-year yet again. We accomplished this while paying down debt and returning capital to our shareholders in the form of dividends.
“And more importantly, we accomplished this while making the capital investment required to complete the key construction projects in Peru.
“Now that these projects are complete, our revenue and cash flow will become more diversified…that diversification will benefit all shareholders going forward” he said.
It hasn’t all been smooth sailing for Polaris however, with the El Carmen project suffering a failure early into it’s lifecycle and is currently closed while repairs are conducted.
Polaris Infrastructure (PIF) was trading at C$15.55 per share at 10:03 AM EST.