May 29 (Renewables Now) - Canadian renewable energy investor Polaris Infrastructure Inc (TSE:PIF) has closed the private placement offering of unsecured convertible debentures raising CAD 25 million (USD 18.5m/EUR 16.6m).
Polaris said Tuesday that the amount, which pays a 7% interest, takes into consideration the exercised option for the purchase of additional CAD 5 million in debentures.
When it launched the placement one month ago, the company said it was planning to use the proceeds to pursue corporate development opportunities in Peru and other Latin American countries.
The company operates a 5-MW run-of-river facility in Peru and a 72-MW geothermal plant in Nicaragua. The construction of another Peruvian run-of-river project of 28 MW is close to be completed.
(CAD 1.0 = USD 0.74/EUR 0.66)