News

Polaris continues to see increasing geothermal revenues in Nicaragua

Polaris Infrastructure website snapshot
Carlo Cariaga 9 Aug 2019

Polar Infrastructure continues to reap the rewards of their venture into geothermal power with increased revenues and generation from the San Jacinto-Tizate geothermal plant in Nicaragua.

Polaris Infrastructure Inc. (TSX: PIF) has just released their financial and operating results for Q2 2019, highlighting increased revenues from the San Jacinto-Tizate geothermal project in Nicaragua.

For the three-month period that ended in June 30, 2019, the San Jacinto project generated 129 GWh corresponding to a revenue of $17.3 million. This is a 2% revenue decrease from the same period in 2018, although this discrepancy can be explained by a maintenance shutdown in April.

By comparing the plant’s performance in the whole first half of 2019, a revenue increase to $35.8 million can be realized compared to $32.4 million for the first half of 2018. This correction takes into consideration the previous year’s maintenance shutdown, which was done on March. In terms of generation, San Jacinto produced a total of 268 GWh of power from January to June 2019, compared to 256 GWh for the same period in 2018.

In addition to their geothermal ventures, the Canchayllo hydro project in Peru also contributed $0.4 million in revenue and 7.2 MWh  of net generation to Polaris.

Source: Company release via Cision