An anonymous director reports

POLARIS RENEWABLE ENERGY ANNOUNCES NORMAL COURSE ISSUER BID

The Toronto Stock Exchange (TSX) has accepted Polaris Renewable Energy Inc.'s notice of intention to proceed with a normal course issuer bid (NCIB).

Under the NCIB, Polaris may purchase up to 2,048,273 of its common shares, representing approximately 10 per cent of the company's public float (as such term is defined in the TSX company manual) during the 12-month period commencing Aug. 23, 2023, and ending Aug. 22, 2024. As at Aug. 18, 2023, the company had 21,025,775 shares issued and outstanding, and its public float consisted of 20,482,730 shares.

The average daily trading volume of the shares on the TSX for the most recently completed six calendar months prior to the commencement of the NCIB was 29,942 shares. As a result, in accordance with TSX rules, the company may purchase up to 7,485 shares on the TSX under the NCIB during any trading day, subject to the company's ability to purchase additional shares pursuant to the TSX's block purchase exemption. Any shares purchased under the NCIB will be cancelled.

The company's board of directors believes that having the NCIB in place provides the company with flexibility to manage its capital position. The NCIB will enable the company to use, when determined appropriate, its available free cash to increase shareholder value and is in the best interest of the company and its shareholders. As at June 30, 2023, the company had $37.3-million (U.S.) of unrestricted consolidated cash on hand.

Although the company intends to purchase shares under the NCIB, there can be no assurances that any purchases will be completed. The timing and amount of purchases, if any, under the NCIB are subject to the discretion of management based on various factors, including prevailing market conditions. Any purchases made under the NCIB will be made by Polaris at the prevailing market price, plus applicable brokerage fees, through the facilities of the TSX and alternative Canadian trading systems.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy 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 in operation (approximately 35 megawatts).

We seek Safe Harbor.