Through its subsidiary, Polaris Energy Nicaragua S.A., the Company owns and operates an 82 MW capacity geothermal facility, the San Jacinto-Tizate Geothermal Plant (“San Jacinto”), including the recently completed Binary Unit (defined below).  San Jacinto is located in northwestern Nicaragua and is one of the largest generators of renewable energy in Nicaragua, contributing significantly to the overall energy requirements of the country.

The Company assessed the ability to extract waste heat from the brine that is currently generated from the production wells at San Jacinto, and then re-inject it into the field. Such brine is of a sufficient temperature that the Organic Rankine Cycle Power Plant (“Binary Unit”) can be used. Initial start-up tests and deliveries of energy of the Binary Unit commenced on December 30, 2022, and full capacity was achieved on December 31, 2022.  Production is an average of approximately 10 MW of additional power.