Markets & Policy

Etrion moves forward on potential sale of 60MW in Italy

Swiss PV group has chosen Greenhill & Co. International to advise on the transaction, which would give it a chance to shore up its capital and devote more resources to the expansion of it business in Japan.
Brian Publicover
By
Brian Publicover
However, it has yet to make a firm decision on whether to sell its solar assets in Italy, according to an online statement.
The Toronto-listed company currently owns 139MW of operational PV capacity in Italy, Japan and Chile, with an additional 34MW now under construction in Japan.
Etrion posted a net profit of $1.4 million in the second quarter, largely on the strength of its operations in Japan.
This summer, it secured $29 million of project financing from Sumitomo Mitsui Trust Bank, for a 9.5MW array that its partner, Hitachi High-Technologies, will build in northern Japan’s Aomori prefecture.
Marco Northland, chief executive of Etrion, has vowed to eventually expand the company’s project pipeline in Japan to more than 100MW. ?

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