LatAm-focused Polaris targeting US$80-100mn Ebitda
Renewable energy company Polaris Infrastructure will focus on its development pipeline in Latin America in the short term and start scoping potential new acquisitions in six to 12 months.
Chief executive Marc Murnaghan made the comment during the Toronto-based firm’s first quarter results call.
In recent months, Polaris added Ecuador (hydro), the Dominican Republic (solar) and Panama (solar) to its portfolio, which already includes Nicaragua (geothermal) and Peru (hydro).
Read Polaris Infrastructure Inc . Announces Acquisition Transaction in the Dominican Republic and Polaris Infrastructure announces acquisitions in Ecuador and Panama
Murnaghan envisions that activity in the five countries will take Ebitda to US$80mn-100mn; Ebitda in Q1 was US$12.1mn.
Although the executive said that Polaris can now grow organically without the need to do acquisitions, there is the potential for one or two more deals.
“We can transition to more of a development mindset, but it won’t be a hundred percent,” according to Murnaghan.
Polaris’ 1Q22 MD&A is available here.
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