May 9 (Renewables Now) - Canadian renewables company Polaris Infrastructure Inc (TSE:PIF) returned to profit in the first quarter of 2022, posting net attributable earnings of USD 2.5 million (EUR 2.4 million) compared to a USD-0.9-million loss in the same period a year back.
The Latin America-focused power producer attributed the favourable results to higher revenues gathered from the sale of carbon emission reduction credits in Nicaragua, gains from valuation of conversion option liability, and lower depreciation, partly offset by higher finance costs.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose by 2.1% year-on-year to USD 12.1 million. Revenues for the period totalled roughly USD 16.1 million, up by 2.5% compared to January-March 2021, Polaris said.
Consolidated power production fell by 1.8% on the year to 177,765 MWh net as a result of lower production at Polaris’ geothermal power plant in Nicaragua, partially offset by higher output of the company's run-of-river hydropower plants in Peru.
Polaris also announced several transactions that occurred after the reporting period. Among others, the company signed share purchase agreements to acquire a 6.3-MW run-of-river hydroelectric project in Ecuador, a 32-MW direct current operational solar farm Canoa 1 in the Dominican Republic, and closed the acquisition of two solar projects totalling around 13 MW direct current in Panama.
(USD 1.0 = EUR 0.950)