Q3 2024 Polaris Renewable Energy Inc Earnings Call Transcript
Key Points
- Polaris Renewable Energy Inc (RAMPF) reported stable power production at its San Jacinto facility, marking the best quarter in the last four quarters despite maintenance activities earlier in the year.
- The company announced a new acquisition of a 26 MW wind farm in Puerto Rico, which is expected to enhance its portfolio and provide growth opportunities in the renewable energy sector.
- Polaris Renewable Energy Inc (RAMPF) has a strong cash position, allowing it to fund acquisitions like Punta Lima without raising additional equity.
- The company has secured a contract for its Panama solar park, ensuring 100% of production is contracted at favorable pricing, which provides revenue stability.
- Polaris Renewable Energy Inc (RAMPF) plans to issue a green bond, which could significantly increase cash flow per share without the need for equity dilution, positioning the company for further growth and debt repayment.
- Power production in Nicaragua and Peru was lower compared to the same period last year, attributed to seasonal factors and maintenance activities.
- Net earnings for the quarter decreased to $480,000 from $1 million in the same period last year, indicating a decline in profitability.
- Cash generation from operating activities was lower due to reduced cash receipts from Nicaragua and recognition of unearned revenue in Peru.
- The company faces uncertainties related to the approval of its new acquisition by the local regulator in Puerto Rico, which could impact the timing of the deal closure.
- Polaris Renewable Energy Inc (RAMPF) has to implement a battery energy storage system in Puerto Rico within two years, which could require additional capital expenditure.
Good morning and welcome to the Polaris Renewable Energy Incorporated third quarter, 2024 conference call.
Anton Jelic, CFO of Polaris Renewable Energy.
Thanks Jenny. Good morning, everyone and welcome to the 2024 third quarter earnings call for Polaris Renewable Energy.
In addition to our press releases issued earlier today, you can find our financial statements and MD&A on both SEDAR Plus and on our corporate website at polarisrei.com unless noted otherwise, all amounts referred to are in denominating US dollars.
I'd like to remind everyone that comments made during this call may include forward-looking statements within the meaning of applicable Canadian securities legislation regarding the future performance of Polaris Renewable Energy and its subsidiaries. These statements are current expectations and as such are subject to a variety of risks and uncertainties that could cause actual results to differ materially from current expectations.
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