Polaris Infrastructure Inc. (TSX: PIF) announced that it has entered into an agreement to sell two tranches of Certified Emission Reductions (CER) from its San Jacinto Geothermal Facility in Nicaragua for aggregate gross proceeds of approximately US$400,000. The sales are conditional upon Polaris Infrastructure receiving UNFCCC verification.
Polaris Infrastructure is in the process of finalizing the verification of CERs for the San Jacinto Facility under the United Nation’s Convention on Climate Change protocols (UNFCCC). Such process is anticipated to be completed by the fourth quarter of 2021, at which time, the San Jacinto Facility will be able to sell any past, present or future verified CERs.
“Polaris Infrastructure continues to see an increased level of interest from different industry groups looking to achieve a lower carbon footprint and therefore decided to sell forward a small percentage of our expected CERs, with a view that being an active market participant, should benefit the Company in the long-run.” noted Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. “It is important to note that the Company has already commenced the process of validation and verification under the UNFCCC protocols for the recently completed hydro projects in Peru, 8 de Agosto and El Carmen. While this current sale is not financially material, the Company believes the combined inventory from all producing plants, once validated and verified, could unlock significant untapped value to shareholders. As such, we will continue to invest in the process of ensuring our facilities are ready to participate in carbon credit markets as they develop.”
Source: Company release via PR Newswire