The Globe and Mail reports in its Thursday edition that while National Bank's Rupert Merer expects in-line first quarter results from Polaris Renewable Energy, he sees "high return growth to come." The Globe's David Leeder writes that Mr. Merer, in a note released Wednesday, raised his production forecast for the Toronto-based company, which has operations in five Latin American countries, to 215 gigawatt-hours from 206 GWh previously, pointing to "good results across most of the portfolio, specifically hydro in Peru." Mr. Merer has reiterated his "outperform" recommendation and Street-low $19 share target for Polaris. Analysts on average target the shares at $22.83. Mr. Merer says in a note: "On its year-end call, the company highlighted its net leverage will approach two times by the end of 2024, allowing it to add corporate debt. It can also add project debt to Canoa 1 to help fund battery additions. The company could also look to refinance its Nicaraguan assets, with potential to see an improvement in the interest rate and an extension of the debt amortization. If at any point Polaris believes its shares represent the most compelling return potential, it can direct capital toward buybacks through its NCIB."