Polaris Renewable Energy Inc. announced that it has completed construction, testing and initial operation of a 10.4 MW (net) geothermal binary power plant (Organic Rankine Cycle) at the San Jacinto Geothermal Project in Telica, Leon, Republic of Nicaragua. Initial start-up, tests and deliveries of energy commenced on December 30th, 2022. Full capacity was achieved on December 31st, 2022.

Certain standard commissioning tests will continue to be performed over the course of the next two weeks with technical Commercial Operation expected to be declared by local authorities within the month. However, as anticipated, any deliveries of electricity during the commissioning phase will be paid at the rate in the current Power Purchase Agreement ("PPA") of $111.20 /Mwhr.