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POLARIS POLARIS INFRASTRUCTURE ANNOUNCES Q3 2021 RESULTS TORONTO , ON ( November 4 , 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- and nine months period ended September 30 , 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 149,320 MWh ( net ) for the three - month period ended September 30 , 2021 , of which 120,838 MWh ( net ) was contributed by the Company's geothermal facility in Nicaragua , the San Jacinto facility ( " San Jacinto " ) , and an aggregate of 28,482 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 $ 14.8 million in revenue from energy sales for the three months ended September 30 , 2021 , lower compared to the same period in 2020. This was the third 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 of Nicaragua which included an extension of the concession period and inclusion of the additional binary unit . Net earnings attributable to owners was $ 2.2 million or $ 0.11 per share basic for the three months ended September 30 , 2021 , compared to net earnings of $ 1.3 million or $ 0.08 per share - basic in 2020 . Net earnings increased due to other gains recorded during the period relating to disposal of non - core North American assets compared to other losses in 2020 partly offset by lower revenue . Adjusted EBITDA ( ¹ ) was $ 10.9 million for the three months ended September 30 , 2021 , compared to Adjusted EBITDA ( ¹ ) of $ 13.0 million in the same period in 2020 . For the nine months ended September 30 , 2021 , the Company generated $ 33.9 million in net cash flow from operating activities and $ 25.4 million in operating cash flow ( ¹ ) , ending with a strong cash position of $ 104.6 million ( 2 ) . During the third quarter , the Company signed a definitive supply agreement with Ormat Systems Limited , a wholly owned subsidiary of Ormat Technologies Inc. ( NYSE : ORA ) , to purchase equipment for the construction , commissioning and operation of an additional geothermal binary power plant at San Jacinto with a goal of initial operations by early Q1 2023. The Company also engaged the services of STEAM Group , an Italian company with expertise in geothermal development projects , to act as the owner engineer during the construction and commissioning phases .