Polaris Renewable Energy Announces Signing of 25 MW (AC) Power Purchase Agreement for Solar Project Canoa II

TORONTO, ON / ACCESSWIRE / May 24, 2023 / Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" 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 we have signed a Power Purchase Agreement (PPA) in the Dominican Republic for Canoa II. The Canoa II solar project is adjacent to the already operational 25MW Canoa I, which was acquired by the Company in July of 2022, and is inthe Province of Canoa, Municipality of Barahona, Dominican Republic. Polaris owns 100% of the project.

Particulars related to the Canoa II PPA and project are:

• 15-year PPA denominated in US$ of $82.35 per MWh;
• Such PPA has an annual inflator for 5 years post initial commencement, equivalent to approximately 16% of the US Consumer Price Index, at which point the price remains fixed until the end of the 15-year term;
• Estimated completion of construction in the third quarter of 2024;

Polaris CEO Marc Murnaghan commented "I am very pleased to have signed the PPA for Canoa II. It represents a key milestone of the first internally developed project by the Company and validates a key strategic benefit of the acquisition which was completed in 2022. Moving forward with the project also enables the Company to continue to grow and diversify, both in the region and in renewable energy asset mix."

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a Canadian publicly traded company engaged in the development, construction, acquisition and operation of renewable energy projects in Latin America.

The Company's operations are in 5 Latin American countries and include a geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (~33 MW), and 3 solar (photovoltaic) projects now in operation (~35 MW).

For more information, contact:

Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199
Email: info@PolarisREI.com

Cautionary Statements

This press release contains certain "forward-looking information" which may include, but is not limited to, statements with respect to future events or future performance, management's expectations regarding the ability of the Company to continue to pay dividends in the future.Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. Such factors include, among others, the inability of the Company to pay or increase dividends which may be affected by such factors as general business, economic, competitive, political and social uncertainties; the actual results of current geothermal, solar and hydro energy production, development and/or exploration activities and the accuracy of probability simulations prepared to predict prospective geothermal resources; changes in project parameters as plans continue to be refined; possible variations of production rates; failure of plant, equipment or processes to operate as anticipated; accidents, labor disputes and other risks of the geothermal and hydro power industries; political instability or insurrection or war; labor force availability and turnover; delays in obtaining governmental approvals or in the completion of development or construction activities, or in the commencement of operations; the ability of the Company to continue as a going concern and general economic conditions, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form. These factors should be considered carefully, and readers of this press release should not place undue reliance on forward-looking information.

Although the forward-looking information contained in this press release is based upon what management believes to be reasonable assumptions, there can be no assurance that such 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. The information in this press release, including such forward-looking information, is made as of the date of this press release and, other than as required by applicable securities laws, Polaris assumes no obligation to update or revise such information to reflect new events or circumstances.

SOURCE: Polaris Renewable Energy Inc.