An anonymous director reports

POLARIS RENEWABLE ENERGY ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

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

The company's board of directors believes that an NCIB represents an appropriate and desirable use of its available free cash to increase shareholder value and is in the best interest of the company and its shareholders.

Pursuant to the notice, Polaris may purchase up to 2,029,745 of its common shares, representing approximately 10 per cent of the public float of 20,297,451 shares as at Aug. 13, 2025, during the 12-month period commencing Aug. 25, 2025, and ending Aug. 24, 2026, provided that the board of directors of Polaris has initially limited the NCIB to repurchase up to 176,125 shares. As at Aug. 13, 2025, there were 21,007,433 shares issued and outstanding. Under the NCIB, other than purchases made under block purchase exemptions, the company may purchase up to 7,303 shares on the TSX during any trading day, which represents approximately 25 per cent of 29,213 shares, which represents the average daily trading volume on the TSX for the most recently completed six calendar months prior to the TSX's acceptance of the notice of the NCIB. Any shares purchased under the NCIB will be cancelled.

Under the company's current NCIB, the company sought and obtained approval to purchase up to 2,045,613 shares from Aug. 23, 2024, to Aug. 22, 2025. As at Aug. 13, 2025, the company repurchased an aggregate of 85,400 shares at a weighted average price of $12.02 per share. The company purchased all shares through the facilities of the TSX and alternative Canadian trading systems on which the shares trade from time to time.

Although the company intends to purchase shares under its NCIB, there can be no assurances that any such purchases will be completed. Any purchases made under the NCIB will be made by the company at the prevailing market price at the time of acquisition and by means of open market transactions through the facilities of the TSX and alternative Canadian trading systems on which the shares trade from time to time.

The company has entered into an automatic share purchase plan (ASPP) with a designated broker, to allow for purchases by the company of shares during certain predetermined blackout periods, subject to certain parameters. The ASPP constitutes an automatic securities purchase plan under applicable Canadian securities laws, has been approved by the TSX and will be implemented effective Aug. 25, 2025.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy is a Canadian publicly traded company engaged in the acquisition, development and operation of renewable energy projects in Latin America and the Caribbean. The compan is a high performing and financially sound contributor to the energy transition.

The company's operations include a geothermal plant (approximately 82 megawatts), four run-of river hydroelectric plants (approximately 39 MW), three solar (photovoltaic) projects in operation (approximately 35 MW) and an onshore wind park (approximately 26 MW).

We seek Safe Harbor.