Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. Adjusted for the sale of its Italian solar portfolio, the Company owns 104 MW of installed solar capacity in Chile and Japan. Etrion has 23 MW of solar projects under construction in Japan and is also actively developing additional greenfield solar power projects in Japan. Etrion is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm Exchange in Sweden under ticker symbol ”ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 24% of the Company’s shares directly and through various trusts.
This successfully completes the Company’s disposition of its Italian portfolio.Marco A. Northland, Etrion’s Chief Executive Officer, commented: ”I am very proud of our executive team across the organization that delivered brilliantly on the first phase of our strategy. Over the last three months we completed the closing of the Italian solar portfolio, monetizing the value of Italy and capturing significant value from its divestiture. We deleveraged our balance sheet by reducing our corporate debt by 50%. In Japan we commenced construction of two new solar parks and connected 24.7 MW. We are exiting 2016 with a very strong cash balance, putting us in a great position to accelerate our growth in Japan, the next phase of our strategy. These results could not have been achieved without our team, which worked around the clock to carry out these objectives.”