Etrion Completes Sale of Niigata Solar Project
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 45 MW Niigata solar project under construction to Renewable Japan Co. Ltd and Daiichi Life Insurance Company Limited for gross proceeds of JPY 6.3 billion (approximately US$ 57.3 million).
Etrion anticipates completing the sale of its other Japanese solar projects in the coming weeks. The proceeds of such sales, together with the proceeds from the sale of the Niigata project, will allow Etrion to complete its previously announced reduction of capital and cash distribution to shareholders.
Marco A. Northland, Etrion’s Chief Executive Officer, commented: “The sale of the 45 MW Niigata solar project represents the first step in completing the sale of all of Etrion’s Japanese solar projects which was recently approved by the shareholders of the Company”.
About Etrion
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all 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.
