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.

The second phase of the project, Canoa II, is currently under
development with an expected construction start of early 2023.