Polaris Renewable Energy

What Polaris Renewable Energy does

Polaris Renewable Energy Inc. is a Canadian publicly traded company (TSX: PIF) that acquires, develops, and operates renewable energy generation assets in Latin America and the Caribbean. The company's diversified 182 MW portfolio spans four technologies across six jurisdictions: the 82 MW San Jacinto geothermal plant in Nicaragua (with an Organic Rankine Cycle Binary Unit adding approximately 10 MW from waste heat), the 26 MW Punta Lima Wind Farm in Puerto Rico (13 Vestas V100-2.0 MW turbines, COD March 2024), the 25 MW Canoa I Solar Park in the Dominican Republic, the 10 MW Vista Hermosa Solar project in Panama, the 6 MW San José de Minas hydro plant in Ecuador, and three Peruvian run-of-river hydro facilities (Canchayllo 5 MW, El Carmen 8 MW, 8 de Agosto 20 MW). The 8 de Agosto facility includes a 630 kW Battery Energy Storage System for primary frequency regulation.

Revenue is generated primarily through long-term (15-25 year) USD-denominated Power Purchase Agreements with sovereign or state-owned utilities: San Jacinto (fixed price to 2039), Punta Lima (20-year with PREPA, terminating March 2044), Canoa I (20-year with Edesur Dominicana), and San José de Minas (15-year with an Ecuadorian government entity). Vista Hermosa sells into the spot market, and a 71.4 MW BESS project in Puerto Rico (Standard Offer Agreement at $16,000/MW/month over 20 years with PREPA) is expected to reach commercial operation in Q3 2026. The company is developing three additional projects totaling approximately 250 MW of solar capacity and over 180 MWh of storage under Mexico's CFE Mixed Development Program.

Customer acquisition is sales-led, with direct engagement in competitive procurement processes targeting government-owned utilities across the region. The pipeline is largely de-risked by PPA structures once contracts are executed, with $93.2M in cash at year-end 2025 supporting development. The company reported 810,731 MWh of consolidated production in 2025 (up 6% YoY), Adjusted EBITDA of $56.5M (up 3% YoY), and headcount of approximately 215 across regional offices in Toronto, Managua, Santo Domingo, Panama City, Quito, Lima, and Naguabo.

Name

Polaris Renewable Energy

Legal name

Polaris Renewable Energy Inc.

Website

https://polarisrei.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Polaris Renewable Energy Inc. is a Canadian publicly traded independent power producer (TSX: PIF) that owns and operates 182 MW of diversified geothermal, hydroelectric, solar, and wind generation assets across six Latin American and Caribbean countries, selling primarily under long-term USD-denominated PPAs to government-owned utilities.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Geothermal Electric Power Generation (221116), Solar Electric Power Generation (221114), Hydroelectric Power Generation (221111), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro primary industry

Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI)

akta.pro secondary industries

Geothermal Grid Integration & Power Offtake (Interconnection, PPAs, Ancillary Services) (EUAMAEAK), Distributed Generation (DG) Solar & Small Wind (EUAMAJAD)

Keywords

• Renewable energy generation
• Power purchase agreements
• Geothermal power generation
• Hydroelectric power generation
• Solar power generation

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Supply Chain, Technology or R&D

Revenue model

1. Long-term Power Purchase Agreements: Company generates revenue through 20-year fixed-price PPAs with government-owned utilities for sale of renewable energy. PPAs are denominated in USD and include escalation provisions. Examples include: San Jacinto geothermal (fixed price to 2039), Punta Lima wind farm (20-year PPA with PREPA terminating March 2044), Canoa I solar (20-year with Edesur), and San José de Minas hydro (15-year agreement with Ecuadorian government).
2. Spot Market Energy Sales: Vista Hermosa solar project in Panama operates without long-term contracts and sells energy into the spot market, providing revenue diversification and exposure to current market strength.
3. BESS Capacity Payments: Revenue from 71.4 MW BESS project through monthly fixed and performance-based payments at $16,000 per MW per month over 20-year term with PREPA for grid support services and capacity provision.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels4 records

Core offering

Polaris Renewable Energy acquires, develops, and operates renewable energy generation assets — including geothermal, run-of-river hydroelectric, solar photovoltaic, and onshore wind facilities — across Latin America and the Caribbean. The company sells the electricity produced by these assets primarily under long-term (15-25 year) Power Purchase Agreements (PPAs) with government-owned utilities in Nicaragua, the Dominican Republic, Panama, Ecuador, Peru, and Puerto Rico, and is expanding into battery energy storage and large-scale solar-plus-storage projects.

Product overview

Polaris Renewable Energy Inc. operates a diversified portfolio of renewable energy generation assets across Latin America and the Caribbean, consisting of geothermal, hydroelectric, solar photovoltaic, and wind power facilities. The company's operational assets include the 82 MW San Jacinto geothermal plant in Nicaragua, the 26 MW Punta Lima wind farm in Puerto Rico, the 25 MW Canoa I solar park in the Dominican Republic, the 10 MW Vista Hermosa solar project in Panama, the 6 MW San José de Minas hydroelectric plant in Ecuador, and three hydroelectric facilities in Peru (Canchayllo at 5 MW, El Carmen at 8 MW, and 8 de Agosto at 20 MW). The company also has energy storage projects under development, including a 71.4 MW BESS project in Puerto Rico and three solar-plus-storage projects totaling 250 MW in Mexico. These assets are managed as independent power generation facilities with various power purchase agreements and market-based arrangements.

Differentiator

Problem solved

Functional benefit

Products and services

• San Jacinto Geothermal Plant An 82 MW geothermal facility in northwestern Nicaragua (San Jacinto, municipality of Telica, 20 km from León) generating approximately 435-500 GWh per year; includes a Binary Unit (Organic Rankine Cycle) that adds approximately 10 MW of additional capacity from waste heat. Energy is sold to Nicaraguan utilities under a 20-year fixed-price PPA.
• Canoa I Solar Park A 25 MWAC / 32.6 MWDC solar photovoltaic park in Barahona Province, Dominican Republic, generating approximately 55-60 GWh per year, with a 20-year PPA with Edesur Dominicana SA that began at commercial operation in March 2020.
• Vista Hermosa Solar Parks A 10 MW solar photovoltaic project in the Coclé Province of Panama (Aguadulce district), generating approximately 13 GWh per year; energy is sold into the Panama spot market rather than under a long-term PPA.
• San José de Minas Hydroelectric Project A 6 MW run-of-river hydroelectric project along the Cubi River in San José de Minas, Ecuador, generating approximately 35-45 GWh per year, with a 15-year PPA with a wholly-owned entity of the Ecuadorian government.
• Canchayllo Hydroelectric Project A 5 MW run-of-river hydroelectric operation in the Canchayllo District (Valley of Jauja) in Peru, connected to the Oroya Nueva-Chumpe transmission line, generating approximately 25-35 GWh per year.
• Generación Andina (El Carmen) Hydroelectric Project An 8 MW run-of-river hydroelectric operation in the Huánuco Province of Peru, connected to the national grid at the Tingo Maria substation, generating approximately 40-50 GWh per year.
• Generación Andina (8 de Agosto) Hydroelectric Project A 20 MW run-of-river hydroelectric operation in the Huánuco Province of Peru, connected to the national grid at the Tingo Maria substation, generating approximately 105-120 GWh per year. The plant integrates a 630 KW Battery Energy Storage System (BESS) for primary frequency regulation and grid stability support.
• Punta Lima Wind Farm A 26 MW onshore wind farm in Naguabo, Puerto Rico, reconstructed with 13 Vestas V100-2.0 MW turbines, generating approximately 52-58 GWh per year (P90-P50), with a 20-year PPA with the Puerto Rico Electric Power Authority (PREPA) terminating in March 2044.
• Puerto Rico BESS Standard Offer Project (71.4 MW) A 71.4 MW battery energy storage system (BESS) project in Puerto Rico (two 35.7 MW facilities co-located at Punta Lima), with a 20-year Standard Offer Agreement with PREPA providing capacity and grid support services at $16,000 per MW per month in fixed and performance-based payments. Targeted for Q3 2026 commercial operation.
• Mexico CFE Mixed Development Program Projects Three solar-plus-storage projects totaling approximately 250 MW of photovoltaic capacity and over 180 MWh of battery energy storage, selected under Mexico's first national competitive renewable energy and storage procurement (CFE Mixed Development Program) for 25-year PPAs. Definitive agreements expected by end of July 2026.

Quantifiable outcome

• 810,731 MWh of renewable energy produced in 2025, up 6% YoY
• +3 more outcomes

Named customers4 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Comisión Federal de Electricidad (CFE)coreStrategic or Co-development Partner · 8 June 2026Mexico's state-owned electricity company selected all three Polaris projects submitted under the CFE Mixed Development Program for advancement to final contract negotiation. The projects represent approximately 250 MW of solar capacity and over 180 MWh of battery energy storage. Definitive agreements including 25-year power purchase arrangements are expected by end of July 2026.
• Financial Oversight and Management Board (FOMB) - Puerto RicocoreOthers · 12 May 2026Final regulatory approval authority for BESS Standard Offer Agreement execution. FOMB approval completed the three-step regulatory process for the 71.4 MW BESS project.
• Puerto Rico Electric Power Authority (PREPA)coreStrategic or Co-development Partner · 8 May 2026PREPA governing board approved the 71.4 MW BESS Standard Offer Agreement for two co-located projects at Punta Lima wind farm. Polaris Power US serves as Resource Provider while Punta Lima Wind Farm LLC continues as Generation Facility Owner. 20-year contract at $16,000 per MW per month for capacity and grid support services.
• PricewaterhouseCoopers LLPminorOthersReappointed as company auditors for fiscal year 2025, as voted at annual shareholder meetings.
• TSX Trust CompanyminorOthersRegistered transfer agent for Polaris shares, handling change of address, stock transfers, registered shareholding, and lost certificate services.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• Northland Power: Canadian power producer with renewable (offshore wind, onshore wind, solar, biomass) and natural gas assets globally under long-term contracts. Same TSX-listed IPP business model with broader technology and geographic footprint.
• Engie Latin America: Latin American renewable energy arm of global utility Engie, with major hydro, wind and solar operations across Brazil, Chile, Peru and Mexico. A likely competitor in Mexico CFE tenders and other LatAm procurement programs.
• Enel Americas: Major Latin American electric utility subsidiary of Enel, with large-scale renewable generation across the region including Mexico, Peru, Colombia, Brazil, Argentina and Chile. Competes with Polaris for utility-scale renewable tenders in shared geographies.
• Brookfield Renewable Partners: One of the world's largest publicly traded renewable IPPs, operating hydro, wind, solar and storage across the Americas, Europe and Asia. Highly comparable business model of long-term contracted renewable generation with government utilities, though at vastly greater scale than Polaris.

Regional players

• Colbun SA: Chilean electric generation company with hydro, thermal and growing renewable (solar/wind) capacity under long-term PPAs. Comparable IPP structure serving Latin American markets, though concentrated primarily in Chile.
• AES Andes: Chilean renewable IPP (subsidiary of AES Corporation) operating wind, solar, hydro and BESS primarily in Chile, Colombia and Argentina. Comparable diversified renewable portfolio with long-term PPA structures in similar South American markets.

Direct peers

• Boralex: Quebec-based renewable IPP with wind, solar, hydro and storage assets primarily in Canada, France and the US. Comparable diversified renewable technology portfolio and PPA-driven revenue model under a TSX-listed structure.
• Innergex Renewable Energy: Canadian renewable IPP operating hydro, wind and solar assets across Canada, the US, France and Chile under long-term PPAs. Closely comparable in size, business model (utility-scale renewables under PPAs) and public TSX listing.
• Atlantica Sustainable Infrastructure: York-listed sustainable infrastructure company owning and operating renewable energy, transmission and water assets primarily in North and South America. Comparable contracted renewable cash flows and LatAm exposure, similar mid-cap scale.

Emerging players

• Renewables First (Banpu NEXT/ERCO): Smaller distributed and utility-scale renewable developer in Latin America (notably Brazil and Chile) with hybrid solar+storage offerings. Emerging competitor in the same LatAm competitive procurement space Polaris is targeting.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/polaris-infrastructure-inc-

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries7 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Polaris Renewable Energy