Etrion Completes Sale for JPY 8.252 billion of Three Japanese Operating Solar Projects to Japanese Consortium
06/22/2021 | 04:05am EDT
GENEVA, June 22, 2021 (GLOBE NEWSWIRE) -- 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.
For additional information, please visit the Company’s website at www.etrion.com or contact:
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).
This information is information that Etrion Corporation is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication at 10:05 p.m. CET on June 22, 2021.
Forward-Looking Information: This press release contains certain “forward-looking information”. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company’s proposed sale of the Misawa Project and the distribution of proceeds from the sale of the Company’s other solar projects) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to complete the sale of the Misawa project and the distribution of proceeds from the sale of other projects. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the Company may not be able to complete the sale of the Misawa project and the distribution of proceeds to shareholders may take more time or be less than anticipated.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.