Polaris Renewable Energy Inc. has reported a 7% increase in energy production for the third quarter of 2025, attributing this growth to improved hydrological conditions in Peru and the integration of its wind farm in Puerto Rico. The announcement was made on October 31, 2025, and includes operational and financial results for the nine and three months ending September 30, 2025.
During the third quarter, the consolidated energy production reached 181,235 MWh, up from 168,639 MWh in the same quarter of the previous year. This rise is largely due to the addition of the wind farm acquired on March 3, 2025, which was not included in the comparative quarter of 2024, alongside the favorable weather conditions in Peru.
The company generated $19.0 million in energy sales revenue during the three months ending September 30, 2025, compared to $17.7 million in the same period of 2024. Adjusted EBITDA for the quarter was recorded at $12.8 million, slightly up from $12.4 million the previous year.
Net losses attributable to shareholders for the quarter were $328,000, equating to a loss of $0.02 per basic share, a shift from a profit of $451,000 or $0.02 per share in the comparable quarter of 2024. For the nine months concluded on September 30, 2025, the company reported a net cash flow from operating activities of $29.2 million, concluding with a cash position of $99.1 million, which includes restricted cash.
On August 11, 2025, Polaris completed the submission of its Battery Energy Storage System (BESS) Standard Offer Agreement to the Puerto Rico Energy Bureau (PREB). As of September 30, 2025, the PREB instructed the Puerto Rico Electric Power Authority (PREPA) to submit the executed agreement within five days of receiving approval from the Financial Oversight and Management Board (FOMB). Final regulatory approvals from PREPA and FOMB are anticipated within the next 60 days. The BESS project is expected to be constructed and fully operational by late 2026, at which point Polaris will be entitled to receive fixed and performance-based payments for energy storage services, including capacity and grid support.
The company aims to maintain a quarterly dividend. For the third quarter of 2025, it declared and expects to pay a quarterly dividend of $0.15 per common share on November 21, 2025. The consolidated electricity production for the quarter was 7% higher than in the same period of 2024, primarily due to improved hydrological conditions in Peru, which significantly boosted production in its hydroelectric portfolio, along with contributions from the Punta Lima wind farm acquired in March 2025.
Production in Ecuador and Peru surpassed levels from the previous year, driven by favorable hydrological conditions during what is typically a dry season, alongside excellent technical and operational availability of plants. The Canoa 1 installation in the Dominican Republic recorded similar production levels for the three months ending September 30, 2025, compared to the same period in 2024. Although the project benefitted from increased productivity following the full commissioning of new solar panels, which had contributed only partially in Q3 2024, these gains were partially offset by system constraints that persisted throughout Q3 2025, which were not present the previous year. It is estimated that these constraints reduced generation by approximately 1,000 MWh during the quarter.
Production at the Punta Lima wind farm reflected lower-than-expected wind resources during the quarter, which is typically the lowest generation period of the year. However, year-to-date, Punta Lima remains above its projected target. Meanwhile, production at the Vista Hermosa solar farm in Panama remained consistent with levels recorded in the same period of 2024.
“During the third quarter, we continued executing our growth strategy and advancing key initiatives across our portfolio. In Puerto Rico, we reached a significant milestone with the approval of the BESS Agreement by the Energy Bureau. We are now preparing to commence construction phases and technical specifications that will ensure timely completion of the project once regulatory authorizations are obtained. The BESS installation will enhance grid stability and solidify Polaris”s strategic growth in the region,” stated Marc Murnaghan, CEO of Polaris Renewable Energy.
Polaris Renewable Energy Inc. is a publicly traded Canadian company focused on the acquisition, development, and operation of renewable energy projects in Latin America and the Caribbean. The company is a solid and financially stable contributor to the global energy transition. Its operations include a geothermal plant (82 MW), four run-of-river hydroelectric plants (39 MW), three operational photovoltaic solar projects (35 MW), and a land-based wind farm (26 MW).
For investor relations inquiries, please contact Polaris Renewable Energy Inc. at +1 647-245-7199.
