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| (Courtesy Polaris Infrastructure) |
Toronto-based company Polaris Infrastructure Inc. has reported its audited financial and operating results for the year ended December 31, 2017.
Highlights:
- Substantial completion of the 2017/2018 drilling program at the San Jacinto-Tizate Power Plant
- Record-level annual power generation and revenue: The San Jacinto project achieved its highest ever annual levels of power generation and revenue in 2017.
- Successful conclusion of annual turbine maintenance: Comprehensive preventative maintenance was completed on the Unit 3 turbine at the San Jacinto project over the course of two and a half weeks in February 2018.
“We are pleased with the progress we’ve made this year towards our most immediate objective, being the optimization of the San Jacinto project” noted Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure. “We are optimistic that the wells we recently drilled, once connected, will bring us very close to the 72 MW (net) level we have been targeting since we initiated the 2015 recapitalization transaction. Our expectation therefore, is that 2018 will see lower investment into the San Jacinto project, allowing increased emphasis on new and compelling growth opportunities. We remain optimistic with
respect to our ability to create further value for our shareholders going forward.”