*This statement has been translated by an automatic system.
TORONTO, ON/ACCESSWIRE/March 15, 2023/ Polaris Renewable Energy Inc. (TSX:PIF) (“Polaris” or the “Company”), a Toronto-based company engaged in the operation, acquisition and development of renewable energy projects in the United States, is is pleased to announce that it has entered into an agreement with Export Development Canada (“EDC”) for a $10 million floating rate term credit facility (the “Credit Facility”). The purpose of the Facility is to provide capital to finance the start-up development expenditure necessary to bring projects to the point of readiness for construction. The facility has been closed on an unused basis. Any withdrawal from the Fund in the future is at the discretion of the Company.
This innovative product has been added to EDC’s portfolio of product solutions to help Canadian renewable energy companies looking to expand their international presence. Fund availability can be up to 24 months with an additional 24 months after disbursement.
The facility provides the company with additional financial flexibility as it begins to add and grow its own pipeline of internal projects. Additionally, the company is pleased to partner with EDC to expand its portfolio in the Americas.
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