Polaris Renewable Energy Inc. has announced a USD 20-million agreement to acquire a controlling interest in the Punta Lima Wind Farm in Puerto Rico, an operational 26-MW wind facility currently owned by Banco Santander's unit. Structured as a tax-equity deal, Polaris will manage and operate the site while Santander retains a tax equity interest.
Located in Naguabo, Punta Lima Wind Farm operates under a 20-year power purchase agreement with the Puerto Rico Electric Power Authority (PREPA), extending to March 2044.
The acquisition, expected to finalize within 90 days pending regulatory approvals, marks Polaris' entry into the Puerto Rican market.
Polaris CEO Marc Murnaghan noted that the acquisition offers “attractive near-term returns” for shareholders, while expanding growth prospects, including potential energy storage and grid stabilization projects.
Polaris, a Canada-listed renewable energy developer, currently operates across Latin America with a portfolio comprising geothermal, hydroelectric, and solar assets totaling 156 MW.
