Etrion Completes Sale For JPY 8.252 Billion of Three Japanese Operating Solar Projects to Japanese Consortium
GENEVA : Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, today announced that it has completed the sale of its interests in the Company’s 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito operating solar energy projects (collectively the “3 Projects”) to companies established by Development Bank of Japan Inc.
Kansai Electric Power Co., Inc. and Osaka Gas Co., Ltd. (collectively the “Consortium”), for gross proceeds of JPY 8.252 billion (or USD 74.8 million).
The proceeds of such sales, together with the proceeds from the recently completed sale of the Niigata project, will allow Etrion to complete its previously announced reduction of capital and cash distribution to shareholders, anticipated to occur before the end of July 2021.
Etrion anticipates completing the sale of its remaining 9.5 MW Misawa solar project in the coming weeks.
Marco A. Northland, Etrion’s Chief Executive Officer, commented: “The sale of the three operating solar projects represents the second step in completing the sale of all of Etrion’s Japanese solar projects which was recently approved by the shareholders of the Company.”
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 9.5 MW of solar capacity in Japan.
The Company is listed on the Toronto Stock Exchange in Canada and the Nasdaq Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts.