TORONTO, Feb. 6, 2019 /CNW/ - 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 February 22nd, 2019 to shareholders of record at the close of business on February 15th, 2019. The dollar figures below are denominated in US Dollars unless noted otherwise.
The board of directors of Polaris Infrastructure remains committed to paying a quarterly dividend and believes that this level of dividend balances returning cash to shareholders in the short-term, repaying debt as well as investing cash flow to continue to grow the business. The dividend of US$0.15 represents a payout ratio of approximately 37% of free cash flow in the fourth quarter of 2018.
"We are proud of our ability to pay a regular dividend to our shareholders," commented Marc Murnaghan, Chief Executive Officer of the Company. "Equally, we highlight the fact that since mid-2015, we have repaid in excess of $43 million of project loan principal, as another important means by which we are generating value for our shareholders. Combined with the compelling capital investment opportunity afforded by the recently announced acquisition of the hydro assets in Peru, I believe that Polaris Infrastructure is uniquely positioned to offer a combination of both income and growth, and we look forward to executing on this strategy into 2019 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 owns and operates a geothermal project located in Nicaragua and hydro projects located in Peru.
SOURCE Polaris Infrastructure Inc.
For further information: Investor Relations, Polaris Infrastructure Inc., Phone: +1 416-849-2587, Email: firstname.lastname@example.org