May 7 (Renewables Now) - Polaris Infrastructure Inc (TSE:PIF) posted a net profit of USD 3.38 million (EUR 3m) in the first quarter of 2019, up from a little over half a million recorded in the same period last year, supported by the increased revenues generated by the 72-MW San Jacinto geothermal plant in Nicaragua.
The Canadian renewables developer focused on the Latin American market said Monday that the net power generation output at the San Jacinto facility increased by 20% to 139 GWh. This helped boost revenues by 27% year-on-year to USD 18.6 million.
Production at the 5-MW Canchayllo hydropower plant in Peru brought in USD 0.4 million, which combined with the 3% annual tariff increase also contributed to revenue growth.
Adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 29.3% year-on-year to USD 15.9 million.
The company’s two hydropower projects in Peru, the 8.4-MW El Carmen and the 19-MW 8 de Agosto plants, are nearing completion. Both will begin commercial operations on October 30, 2019.
(USD 1.0 = EUR 0.89)