Emerald Solar Energy SRL (“Emerald”) is Polaris Renewable Energy Inc.’s newest subsidiary recently acquired in June 2022. Emerald operates the Canoa I Solar Park (the “Canoa I”) located in the Barahona Province, Dominican Republic.

Canoa I reached COD in March 2020 and has a 20 year power purchase in place with Edesur Dominicana SA (EDESUR), a local Dominican distributor. Canoa I is the first of two phases which is expected to reach a total capacity of 50 MW.

On October 18, 2022, the National Energy Commission (“CNE”) issued the definitive concession for Canoa II, which will allow for the capacity installed to be doubled from Canoa I’s current operating capacity of 25 MWh to approximately 50 MWh. On May 24, 2023, a PPA for Canoa II was signed with the local distributor. The Company is currently revisiting the final permits and expansion plan before proceeding with construction.