This article first appeared on GuruFocus.

Release Date: October 30, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• Polaris Renewable Energy Inc (RAMPF) reported an 8% increase in consolidated energy production for the nine months ending September 30, 2025, compared to the same period last year.

• The company’s hydroelectric facilities in Peru and Ecuador showed exceptional performance, with a 44% and 24% increase in energy production, respectively, due to favorable hydrology and excellent technical performance.

• The integration of the Punta Lima wind farm in Puerto Rico contributed positively to the company’s portfolio, adding incremental production that did not exist in 2024.

• Revenue for Q3 2025 increased by 8% compared to Q3 2024, driven by higher generation in Peru and Ecuador and the addition of the Puerto Rican wind farm.

• Polaris Renewable Energy Inc (RAMPF) maintained strong operating margins despite inflationary pressures, supported by disciplined cost control and lower insurance expenses following debt repayments.

• Energy production in Nicaragua decreased by about 5% for the nine months ending September 30, 2025, due to short-term well instability and natural steam field decline.

• The Dominican Republic solar facility experienced a 1% decrease in production for the quarter compared to the same period in 2024.

• The company faced delays in the approval process for the ASAP storage program in Puerto Rico, although recent executive orders may expedite future approvals.

• The Dominican Republic project has been pushed to next year due to the government’s decision to conduct a tender process instead of bilateral negotiations.

• There is a potential bottleneck in senior management’s capacity to handle multiple projects simultaneously, which could impact the pace of development and M&A activities.

• Warning! GuruFocus has detected 7 Warning Signs with RAMPF.

• Is RAMPF fairly valued? Test your thesis with our free DCF calculator.

Q: Could you explain the comparability of SO1 and SO2 in terms of attractiveness for Polaris, especially regarding infrastructure leverage? A: The main technical difference is that SO1 was for those with an existing interconnect agreement, while SO2 is open to both those with and without an interconnect. For us, the only difference is a minor increase in transformer capacity, which is a small CapEx item on a large project.

Q: Is there any impact on pricing for SO2 compared to SO1? A: Pricing might be higher for SO2 because new projects without an interconnect will have to finance and build it, unlike SO1. This could lead to higher costs in the PPA, potentially increasing from $16,000 per megawatt per month to $18,000-$20,000.