Toronto -based Polaris Infrastructure Inc. reports its financial and operating results for the quarter ended March 31, 2019 including the following highlight.
The San Jacinto project generated 139 GWh (net) (an average of 64.3 MW (net)), resulting in revenue of $18.6 million for the three months ended March 31, 2019, versus revenue of $14.7 million on generation of 116 GWh (net) (an average of 53.9 MW (net)) in the prior year period. The 27% revenue increase was due to higher average production in the first quarter of 2019, the impact of the 3% annual tariff increase and a $0.4 million contribution from Canchayllo. The 5 MW capacity Canchayllo hydropower facility produced total net 8.86 MWh for the quarter.
Comprehensive preventative maintenance was completed on the Unit 4 turbine at the San Jacinto project over the course of approximately two and a half weeks in April 2019. This exercise was completed on schedule and on budget and leaves the company well-positioned for consistent turbine performance throughout the balance of fiscal 2019, given that the Unit 3 turbine was serviced in early 2018.
