Polaris Infrastructure Announces Quarterly Dividend Increase

/EINPresswire.com/ -- TORONTO, ON--(Marketwired - August 08, 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$0.14 per common share outstanding. This dividend will be paid on August 28, 2017 to shareholders of record at the close of business on August 17, 2017.

The US$0.14 dividend per share related to the second quarter of 2017 equates to approximately a 37% payout ratio, while on a year to date basis, reflecting the previously declared and paid dividend of $0.12 per share, equates to a 44% payout ratio.

The increase in quarterly dividend (from US$0.12 to US$0.14) reflects a 17% increase in dividend, and an aggregate 40% 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 bottom 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.

Marc Murnaghan, Chief Executive Officer of Polaris Infrastructure commented, "We are pleased with the improved free cash flow generation of the San Jacinto project, and remain committed to strategically investing further, where we think opportunity exists to further improve power generation. While continuing to balance the importance of dividends with our growth objectives, we believe increasing our quarterly dividend to $0.14 per share is sustainable and leaves us well-positioned to explore external growth opportunities."

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.