Polaris Renewable Energy Inc. (TSX:PIF) agreed to acquire an unknown stake in Punta Lima Wind Farm, LLC from Santander Bank, National Association for $20 million on October 29, 2024. The total equity contribution of $20 million from Polaris will be subject to customary closing adjustments including working capital changes. Polaris intends to use cash on hand to fund the equity contribution.
the transaction is subject to customary closing conditions, which principally consist of approval of the acquisition by local regulatory bodies as well as the execution of a corresponding LLC Agreement. On November 15, 2024, the Company announced that it has successfully completed a private placement of $175 million senior secured green bonds. Net proceeds of the bonds will be used to refinance certain existing debt facilities, the acquisition of the Punta Lima wind farm in Puerto Rico and other investments in renewable energy assets.
Santander US Capital Markets LLC acted as financial advisor for Santander Bank, National Association.