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Home CompaniesPolaris Infrastructure Inc

Polaris Infrastructure Inc

Utilities Utilities - Renewable
PortfolioPortfolio WatchlistWatchlist
Company price
13.78 CAD 0.16 ( 1.17%)
Last update at 2026-11-04T18:39:00Z
VOLUME
21470
Market Cap
267.97M

Momentum Score

…

Polaris Renewable Energy Inc. engages in the acquisition, exploration, development, and operation of renewable energy projects in Latin America and the Caribbean. It is involved in the operation of an 82 megawatt (MW) capacity geothermal facility in Nicaragua; 3 run-of-river hydroelectric facilities with a combined capacity of approximately 33 MW in Peru; a 25 MW solar plant facility in the Dominican Republic; a 6 MW run-of-river hydroelectric facility in Ecuador; and a 10 MW solar plant in Panama. The company was formerly known as Polaris Infrastructure Inc. and changed its name to Polaris Renewable Energy Inc. in July 2022. Polaris Renewable Energy Inc. was incorporated in 1984 and is headquartered in Toronto, Canada.

Source: TradingView
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Day Price Range
13.65
Low
13.91
High
52 Week Price Range
10.46
Low
13.73
High

Momentum Score

…
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.

Score - Rating
>= 1 - Low / > 1 but < 2 - Below Average / > 2 but < 3 - Average / > 3 but < 4 - Above Average / > 4 - High
AI Summary

Polaris Infrastructure Inc operates geothermal power plants in Central America, developing and operating low‑carbon electricity assets that sell output to local utilities. Long-term growth may be supported by rising demand for renewables, opportunities to expand or optimize geothermal capacity, and policy support for decarbonization; investors may find exposure attractive for the company's generation cash flow profile and alignment with energy transition trends.

Principal investment risks include concentrated country and political/regulatory exposure in Nicaragua, asset-level operational and resource risk inherent to geothermal projects, currency and commodity fluctuations, and potential execution or financing constraints.

Risk Score
High

Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.

Key Metrics*

Previous Close
13.62
Dividend Yield
4.62%
Revenue TTM
80.48M
Revenue Per Share
3.82
Gross Profit TTM
66.65M
Debt / Equity
0.91
ROE
-1.12%
Net Debt
133.17M
ROCE
5.78%
Diluted EPS TTM
-0.18

Key Financials*

Income Statement

Balance Sheet

Change in Cash

Total Operating Cash

Dividends Paid

Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Income before tax -4.01M 0.85M 6.37M 0.97M 4.42M
Minority interest 0.07M 0.81M -0.06M 0.07M -0.04M
Net income -2.79M 2.99M 11.74M 2.50M 0.50M
Selling general administrative 9.99M 7.02M 7.28M 6.43M 6.48M
Gross profit 34.56M 32.81M 35.92M 25.19M 22.75M
Reconciled depreciation 30.24M 29.44M 29.17M 25.59M 26.38M
Ebit 29.79M 20.41M 25.70M 17.61M 15.92M
Ebitda 60.56M 49.84M 54.64M 45.24M 44.49M
Depreciation and amortization 30.77M 29.44M 28.95M 27.63M 28.57M
Operating income 29.79M 19.45M 28.04M 17.61M 15.92M
Other operating expenses 52.10M 56.32M 50.48M 44.99M 43.60M
Interest expense 34.06M 19.56M 19.33M 17.07M 14.89M
Tax provision -1.13M -1.33M -5.43M -1.46M 3.88M
Interest income 28.97M 17.96M 1.89M 3.41M 13.32M
Net interest income -29.82M -17.78M -18.82M -14.59M -16.59M
Income tax expense -1.15M -1.33M -5.43M -1.46M 3.88M
Total revenue 81.89M 75.77M 78.52M 62.60M 59.52M
Total operating expenses 4.77M 13.36M 7.88M 7.58M 6.83M
Cost of revenue 47.33M 42.96M 42.60M 37.41M 36.77M
Total other income expense net -33.80M -18.60M -21.68M -16.64M -11.50M
Net income from continuing ops -2.81M 2.18M 11.80M 2.43M 0.54M
Net income applicable to common shares -2.75M 2.99M 11.74M 2.50M 0.50M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Total assets 534.59M 662.11M 519.40M 535.10M 502.70M
Intangible assets 46.53M 50.84M 57.31M 57.53M 22.97M
Other current assets 2.08M 0.67M 3.36M 4.04M 2.89M
Total liab 292.16M 402.58M 249.47M 264.89M 241.88M
Total stockholder equity 242.72M 259.75M 269.34M 269.68M 262.76M
Deferred long term liab - - - - 2.20M
Other current liab 9.48M 0.02M 0.03M 5.74M 2.59M
Common stock 663.93M - 666.39M 666.04M 649.08M
Capital stock 665.14M 666.38M 666.39M 666.04M 649.08M
Retained earnings -435.29M -420.73M -411.07M -410.20M -400.59M
Other liab - - - 62.33M 60.00M
Good will 9.30M 8.55M 12.36M 12.36M -
Other assets - - -0.05M 10.23M 10.74M
Cash 88.46M 213.31M 40.05M 35.33M 97.93M
Total current liabilities 19.62M 33.84M 31.35M 30.60M 34.31M
Current deferred revenue - - 3.11M - 0.15M
Net debt 133.17M 101.82M 135.07M 152.00M 73.06M
Short term debt 4.39M - 16.25M 15.36M 23.41M
Short long term debt 4.04M 3.04M 3.02M 4.94M 3.21M
Short long term debt total 221.63M - 175.12M 187.33M 170.99M
Other stockholder equity 14.08M - 14.02M 13.84M 14.27M
Property plant equipment - - - 402.07M 358.85M
Total current assets 103.07M 228.56M 54.04M 50.61M 110.14M
Long term investments - - - 1.68M 3.00M
Net tangible assets - - - 199.79M 239.79M
Net receivables 12.53M 11.28M 10.63M 11.24M 9.32M
Long term debt 213.31M 312.08M 156.53M 169.47M 150.90M
Accounts payable 5.75M 10.09M 11.96M 9.50M 8.15M
Non currrent assets other 1.28M 10.69M 10.74M 13.02M 11.37M
Non current assets total 431.52M 433.54M 465.41M 484.49M 392.56M
Capital lease obligations 2.53M 2.58M 2.75M 2.92M 1.30M
Long term debt total - - - 171.96M 151.90M
Breakdown 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Type yearly yearly yearly yearly yearly
Date 2025-12-31 2024-12-31 2023-12-31 2022-12-31 2021-12-31
Investments - -3.31M -16.27M -65.99M -10.15M
Change to liabilities - - - -3.19M -0.55M
Total cashflows from investing activities -20.57M -3.31M -11.38M -65.99M -10.15M
Net borrowings -124.30M 158.73M -15.35M -8.54M -21.33M
Total cash from financing activities -140.80M 141.51M -27.71M -30.12M 6.89M
Change to operating activities - - - -1.89M -1.59M
Net income -2.79M 2.99M 11.74M 2.50M 0.50M
Change in cash -134.93M 173.25M 4.73M -62.60M 37.87M
Begin period cash flow 223.39M 40.05M 35.33M 97.93M 60.06M
End period cash flow 88.46M 213.31M 40.05M 35.33M 97.93M
Total cash from operating activities 34.39M 35.05M 43.96M 33.51M 41.13M
Issuance of capital stock - - - 0.00M 39.35M
Depreciation 30.77M 29.44M 29.17M 25.59M 26.38M
Other cashflows from investing activities -19.45M 0.05M 0.01M -33.51M -2.05M
Dividends paid 12.83M -12.64M -12.62M 12.11M 11.13M
Change to account receivables 1.69M -0.65M 0.61M -0.22M 10.06M
Sale purchase of stock -1.49M -0.21M -0.21M 0.00M 39.35M
Other cashflows from financing activities -0.45M -4.36M 0.47M 100.53M -10.15M
Change to netincome - - - 10.72M 6.32M
Capital expenditures 0.78M 3.36M 11.39M 32.48M 8.41M
Change in working capital 1.75M -5.41M -0.01M -5.30M 7.92M
Stock based compensation 0.39M 0.35M 0.35M 0.38M 0.64M
Other non cash items 12.43M 9.02M 8.15M 11.80M 1.80M
Free cash flow 33.61M 31.69M 32.57M 1.02M 32.72M

Peer Comparison*

Sector: Utilities Industry: Utilities - Renewable

Stock Name
Change
(CAD)
Price
(CAD)
Trailing
PE (x)
Forward
PE (x)
Price Sales
TTM (x)
Price to Book Value (x)
Enterprise Value
to Revenue (x)
Enterprise Value
to EBITDA (x)
PIF
Polaris Infrastructure Inc		 0.16
1.17%		 13.78 - 33.67 3.33 0.80 4.06 5.55
BEP-UN
Brookfield Renewable Partners L.P		 1.13
2.67%		 43.43 - 333.33 4.62 1.48 8.58 12.15
BEP-PM
Brookfield Renewable Partners LP Series 13 Pref Class A		 0.04
0.16%		 25.16 - - 2.58 - - -
BEPC
Brookfield Renewable Corp		 1.09
2.53%		 44.15 - 14.53 2.57 2.05 6.04 40.50
NPI
Northland Power Inc.		 0.42
1.91%		 22.46 - 14.93 2.35 1.49 5.00 13.77

Profile*

Polaris Infrastructure Inc

Polaris Renewable Energy Inc. engages in the acquisition, exploration, development, and operation of renewable energy projects in Latin America and the Caribbean. It is involved in the operation of an 82 megawatt (MW) capacity geothermal facility in Nicaragua; 3 run-of-river hydroelectric facilities with a combined capacity of approximately 33 MW in Peru; a 25 MW solar plant facility in the Dominican Republic; a 6 MW run-of-river hydroelectric facility in Ecuador; and a 10 MW solar plant in Panama. The company was formerly known as Polaris Infrastructure Inc. and changed its name to Polaris Renewable Energy Inc. in July 2022. Polaris Renewable Energy Inc. was incorporated in 1984 and is headquartered in Toronto, Canada.

7 St. Thomas Street, Toronto, ON, Canada, M5S 2B7

647 245 7199

https://polarisrei.com

215

Name Title Year Born
Mr. Marc Murnaghan CEO & Director 1972
Mr. Anthony Jelic CPA, CGA Chief Financial Officer NA
Mr. Alexis Guillermo Osorno Sr. VP of Latin America NA
Mr. Alexis Guillermo Osorno Senior Vice President of Latin America NA
Ms. Alba Seisdedos Vice President of Taxation & Legal Affairs NA
Mr. Guzman Fernandez Vice President of Corporate Development NA
Mr. Michael Kosianic Executive Vice President of Project Finance NA
Ms. Denise Parada Vice President of Sustainability & Transformation NA
Ms. Denise Parada Vice President of Corporate Communications NA
Mr. Carlos Perez Regional Financial Controller NA

Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.

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