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POLARIS POLARIS INFRASTRUCTURE ANNOUNCES Q1 2021 RESULTS TORONTO , ON ( May 6 , 2021 ) - Polaris Infrastructure Inc. ( TSX : PIF ) ( " Polaris Infrastructure " or the " Company " ) , a Toronto - based company engaged in the operation , acquisition and development of renewable energy projects in Latin America , is pleased to report its financial and operating results for the three - month period ended March 31 , 2021. This earnings release should be read in conjunction with Polaris Infrastructure's consolidated financial statements and management's discussion and analysis , which are available on the Company's website at www.polarisinfrastructure.com and have been posted on SEDAR at www.sedar.com . The dollar figures below are denominated in US Dollars unless noted otherwise . HIGHLIGHTS ● Quarterly consolidated energy production of 180,984 MWh ( net ) for the period ended March 31 , 2021 , of which 119,854 MWh ( net ) was contributed by the Company's geothermal facility in Nicaragua , known as the San Jacinto facility ( " San Jacinto " ) , and an aggregate of 61,130 MWh ( net ) was contributed by the Company's hydroelectric facilities in Peru , being the Canchayllo facility ( " Canchayllo " ) , the El Carmen facility ( " El Carmen " ) and the 8 de Agosto facility ( " 8 de Agosto " ) . The Company generated $ 15.7 million in revenue from energy sales for the three months ended March 31 , 2021 , lower compared to the same period in 2020. This quarter was the first full quarter under the amended Power Purchase Agreement's ( " PPA " ) price in respect of San Jacinto , which was the largest contributor to the decline in revenue . The lower PPA price was part of the broader negotiation with the Government which included an extension of the concession period and inclusion of the binary unit . Lower production at San Jacinto was offset by higher production from the hydroelectric facilities in Peru . During the period ended March 31 , 2021 , the Company generated $ 17.1 million in net cash flow from operating activities and $ 9.4 million in operating cash flow ( ¹ ) , ending with a strong cash position of $ 109.7 million . There was a net loss attributable to owners of $ 0.9 million or $ ( 0.05 ) per share basic for the three months ended March 31 , 2021 , compared to net earnings of $ 4.4 million or $ 0.28 per share basic in 2020. Net earnings were negatively impacted by lower revenue and higher general and administrative expenses and other non - cash losses resulting from the mark - to - market accounting adjustment on certain liabilities from the 21 % share price increase during the three months ended March 31 , 2021. Adjusted EBITDA ( ¹ ) was $ 11.9 million for the period ended March 31 , 2021 , compared to Adjusted EBITDA ( ¹ ) of $ 17.0 million in the same period in 2020 . On February 25 , 2021 , the Company completed an upsized bought deal offering ( the " Offering " ) , under which a total of 2,556,450 common shares ( the " Common Shares " ) were sold at a price of $ 20.25 CAD per Common Share for aggregate net proceeds to the Company of $ 38.2 million . The capital strengthens the Company's balance sheet and provides additional capital as the Company continues to look to execute on its growth plan and maintain strong momentum . Additionally , the net proceeds of the Offering are to be used for working capital and general corporate purposes .