Polaris (PIF) ran over 12% on the back of three solar wins in Mexico totalling 250 MW, which it has the balance sheet to advance - with modest leverage and $92M in cash as of Q1.

Given the company operates 182 MW today, getting these projects to production would transform the portfolio - with the proposed 25-year contracts increasing cash flow duration…

… and reducing reliance on Nicaragua, which has been the driver of the company’s production historically.

It’s also been the driver of PIF’s discount, given the outsized contribution to results introduces both concentration and geopolitical risk…

… making growth in Mexico valuable beyond the fundamentals, with the market likely to assign a higher multiple to the future cash flow coming out of the region.

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