Mr. Marc Murnaghan reports

POLARIS RENEWABLE ENERGY ANNOUNCES SIGNING OF 25 MW (AC) POWER PURCHASE AGREEMENT FOR SOLAR PROJECT CANOA II

Polaris Renewable Energy Inc. has signed a power purchase agreement (PPA) in the Dominican Republic for Canoa II. The Canoa II solar project is adjacent to the already-operational 25-megawatt Canoa I project, which was acquired by the company in July, 2022, and is in the province of Canoa, municipality of Barahona, Dominican Republic. Polaris owns 100 per cent of the project.

Particulars related to the Canoa II PPA and project are:

• 15-year PPA denominated in U.S. dollars of $82.35 per megawatt-hour;
• Such PPA has an annual inflator for five years after initial commencement, equivalent to approximately 16 per cent of the U.S. 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 chief executive officer 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 (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 five Latin American countries and include a geothermal plant (approximately 72 megawatts), four run-of-river hydroelectric plants (approximately 33 megawatts) and three solar (photovoltaic) projects now in operation (approximately 35 megawatts).

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