Polaris Renewable Energy Secures USD 175 Million Through Bond Placement

Polaris Renewable Energy Inc., a company listed on the Toronto Stock Exchange under the symbol TSX:PIF, has successfully completed a private placement of USD 175 million senior secured green bonds. These bonds carry a five-year tenor with a fixed annual coupon rate of 9.5%, with interest payments scheduled semi-annually. Rated BB- by S&P Global Ratings, this bond issue is part of the company's green finance strategy and received a second-party opinion from Morningstar Sustainalytics.

The proceeds will primarily refinance existing debt, fund the acquisition of the Punta Lima wind farm in Puerto Rico, and support other renewable energy investments. The settlement is anticipated by December 3, 2024. Pareto Securities was the lead manager and sole bookrunner.