Polaris Renewable Energy Reminds Holders of the Previously Issued Notice of Redemption for 7.00% Unsecured Convertible Debentures

TORONTO, ON / ACCESSWIRE / September 12, 2022 / Polaris Renewable Energy Inc. ("Polaris" or the "Company") (TSX:PIF) reminds holders ("Debenture Holders") of its currently outstanding 7.00% unsecured convertible debentures, due May 31, 2024 (the "Debentures") that the Company issued a notice of redemption (the "Notice") pursuant to which any Debentures that remain outstanding will be redeemed for cash on September 20, 2022 (the "Redemption Date"). The redemption price for C$1,000 amount of Debentures shall be equal to C$1,000 plus accrued but unpaid interest up to the Redemption Date. For more details regarding the redemption of the Debentures, see the press release (the "Redemption Press Release") issued by Polaris on August 10, 2022 that is available on the Company's website or on its SEDAR page at www.sedar.com.

As an alternative to having Debentures redeemed for cash, and as set out in the Notice and the Redemption Press Release, and pursuant to the trust indenture governing the Debentures, Debenture Holders continue to have the right to convert their Debentures into Common Shares. A Debenture Holder that elects to convert their Debentures will receive 66.67 Common Shares for each $1,000 of Debentures so converted which equates to a conversion price of C$15.00 per Common Share. The closing price of the Company's Common Shares on September 7^th, 2022 was C$18.95. In order to exercise the option to convert into Common Shares, Debenture holders must deliver a notice of conversion on or prior to 5:00 p.m. ET on September 19, 2022. Any Debenture Holder that does not deliver a conversion notice prior to 5:00 p.m. ET on September 19, 2022, will have their Debentures redeemed for cash as of the Redemption Date.

Debenture Holders should consult with their financial institutions as soon as possible in order to obtain financial advice regarding said conversion and/or redemption process, and to allow for sufficient time to complete the conversion process should they so choose.

About Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. (formerly, Polaris Infrastructure Inc.) is a Canadian publicly traded company engaged in the acquisition, development, and operation of renewable energy projects in the Americas. We are a high-performing and financially sound contributor in the energy transition.

The Company's operations are in 5 Latin American countries and include a geothermal plant (~72 MW), 4 run-of-river hydroelectric plants (~39 MW), 1 solar (photovoltaic) project in operation (32.6 MWdc) and 2 solar projects with an expected total capacity of approximately 13 MWdc, currently under construction.

For more information, contact :

Investor Relations
Polaris Renewable Energy Inc.
Phone: +1 647-245-7199Email:
info@PolarisREI.com

SOURCE: Polaris Renewable Energy Inc.