(Information sent by the signatory company)

Under the NCIB, Polaris may purchase up to 2,048,273 of its common shares, representing approximately 10% of the Company's market capitalization

Toronto, August 21, 2023 - Polaris Renewable Energy Inc. (TSX:PIF) ("Polaris" or the "Company") today announced that the Toronto Stock Exchange ("TSX") has accepted its notice of intent to proceed with a normal course issuer offer ("NCIB").

Pursuant to the NCIB, Polaris may acquire up to 2,048,273 of its common shares ("Shares"), representing approximately 10% of the Company's market capitalization (as that term is defined in the Company Manual). TSX) during the twelve-month period beginning on August 23, 2023 and ending on August 22, 2024. As of August 18, 2023, the Company had 21,025,775 shares issued and outstanding, and its free float consisted of for 20,482,730 shares.

The average daily trading volume for shares on the TSX for the most recent six calendar months prior to the inception of the NCIB was 29,942 shares. Accordingly, in accordance with the rules of the TSX, the Company may purchase up to 7,485 shares on the TSX under the NCIB during any trading day, without prejudice to the Company's ability to purchase additional shares under the exemption from bulk purchase of the TSX. Shares purchased under the NCIB will be cancelled.

The Board of Directors of the Company considers that the existence of the NCIB provides the Company with flexibility in managing its capital position. The NCIB will allow the Company to use, where appropriate, its available cash to increase shareholder value and in the best interest of the Company and its shareholders. As of June 30, 2023, the Company had US$37.3 million of consolidated unrestricted cash.

Although the Company intends to purchase shares under the NCIB, there can be no guarantee that any purchase will be completed. The timing and amount of purchases, if any, under the NCIB are subject to management discretion based on various factors, including prevailing market conditions. Polaris will make all purchases made under the NCIB at the prevailing market price, plus applicable brokerage fees, through the facilities of the TSX and alternative Canadian trading facilities.

Sobre Polaris Renewable Energy Inc.

Polaris Renewable Energy Inc. (formerly Polaris Infrastructure Inc.) is a publicly traded Canadian company engaged in the development, construction, acquisition and operation of renewable energy projects in Latin America.

The company operates in 5 Latin American countries and includes one geothermal power plant (*72 MW), 4 run-of-river hydroelectric power plants (*33 MW) and 3 solar (photovoltaic) projects in operation (*35 MW).

Contact Contact name: Polaris Renewable Energy Inc. Contact phone: 1 647-245-7199