May 3 (Renewables Now) - Canadian renewable energy investor Polaris Infrastructure Inc (TSE:PIF) has launched a private placement of convertible debentures expecting to raise CAD 12 million (USD 8.9m/EUR 7.9m) in order to pursue corporate development opportunities in Peru and other Latin American countries.
Polaris said Tuesday it had authorised the sale of an additional CAD 3 million in convertible debentures, which will round up the total gross proceeds to CAD 15 million.
The unsecured debentures will pay a 7% annual interest, payable semi-annually in arrears, with the maturity date set for May 31, 2024. The debentures can be redeemed just prior to the maturity date, or on the date fixed for redemption at a conversion price of CAD 15 per common share.
(CAD 1.0 = USD 0.74/EUR 0.66)