May 22 (Renewables Now) - Canadian renewables developer Polaris Infrastructure Inc (TSE:PIF) recorded USD 4.4 million (EUR 4.04m) in total attributable net earnings in the first quarter ended March, up 29% year-on-year.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) stood at USD 17 million compared to USD 15.9 million calculated a year earlier. Revenues from the sale of electricity came at USD 20.3 million, the Latin America-focused company said in its earnings release.
Polaris generated 182,408 MWh net of electricity in January through March, an increase of 23.6% year-on-year. Of the total, the company's geothermal power plant in Nicaragua produced 135,344 MWh net, while the remaining 47,064 MWh net was generated by hydropower plants (HPPs) in Peru.
In late February, Polaris had to deal with a failure on one of the air-release valves at the El Carmen run-of-river HPP in Peru. Repairs that were meant to be completed by mid-March were slowed down as a result of travel restrictions imposed in the country in response to the COVID-19 pandemic.
Polaris expects the El Carmen HPP to resume production in July 2020.
El Carmen and the 20-MW 8 de Agosto run-of-river HPP in Peru were commissioned in late 2019, with January-March being their first reporting quarter.
The 8 de Agosto facility produced 13 MW net on average during the quarter, which was marginally lower than expected, Polaris said. Lower production was due to a combination of reduced water flows and operational and mechanical issues typical for the first few months of operation before the plant reaches full operational capacity.
(USD 1.0 = EUR 0.918)