TORONTO, Nov. 6, 2018 /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 November 26, 2018 to shareholders of record at the close of business on November 14, 2018. The dollar figures below are denominated in US Dollars unless noted otherwise.
The $0.15 dividend per share related to the third quarter of 2018 equates to approximately a 32% payout ratio, while on a year to date basis, reflecting the previously declared and paid dividends, equates to a 38% payout ratio. The board of directors of Polaris Infrastructure remains committed to paying a quarterly dividend and will evaluate further dividend increases, as appropriate, going forward.
"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 $40 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 Union Energy Group, 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 throughout the balance of 2018 and into 2019."
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: [email protected]