SOURCE: Polaris Infrastructure Inc.

Polaris Infrastructure Inc.

November 07, 2017 18:45 ET

Polaris Infrastructure Announces Quarterly Dividend Increase

TORONTO, ON--(Marketwired - November 07, 2017) - Polaris Infrastructure Inc. (TSX: PIF) ("Polaris Infrastructure" or the "Company"), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America, is pleased to announce that its board of directors has declared a quarterly dividend of US$0.15 per common share outstanding. This dividend will be paid on November 27, 2017 to shareholders of record at the close of business on November 16, 2017.

The US$0.15 dividend per share related to the third quarter of 2017 equates to approximately a 45% payout ratio, while on a year to date basis, reflecting previously declared and paid dividends, equates to a 44% payout ratio.

The increase in quarterly dividend (from US$0.14 to US$0.15) reflects a 7% increase, and an aggregate 50% increase from the US$0.10 per share quarterly dividend initiated in March of 2016. The latest dividend increase is viewed as sustainable and falls towards the mid-point of the Company's target payout range. The board of directors of Polaris Infrastructure remains committed to paying a quarterly dividend and will evaluate further dividend increases if considered appropriate at such time.

"We remain committed to paying a robust dividend to our shareholders, while still strategically investing in the San Jacinto project and elsewhere," commented Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. "This balance is reflected in the modest increase to our quarterly dividend, paired with significant ongoing investment in the San Jacinto drilling program. Our objective, in maximizing power generation at San Jacinto, is to drive increased cash flows, allowing further dividend increases in 2018 and beyond."

About Polaris Infrastructure

Polaris Infrastructure is a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in Latin America. Currently, the Company operates a 72MW geothermal project located in Nicaragua.

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