Etrion is pushing through the agreed sale of its Italian portfolio to EF Solare Italia with the completion of phase one of the sale for a cash consideration of EUR 73.1 million. This should round off a busy year for the company, which saw it expand its global reach across various solar markets.
The purchase was made by EF Solare Italia, a joint venture owned equally by Enel Green Power and Fondo Italiano per le Infrastructure, and was for Etrion S.p.A, which owns 53.4 MW of Etrion’s Italian portfolio. EF Solare Italia has handed over EUR 73.1 million in cash for the purchase, and will also assume EUR 198 million of Etrion’s project-level debt.
In November, Etrion announced that in total it would sell 60 MW of its Italian portfolio to Enel Green Power and Fondo Italiano per le Infrastructure, for an initial fee of EUR 78 million, with potential additional cash earn-out payments of EUR 24 million.
The company also announced that the funds from the sale would be reinvested in expanding its business activities in the Japanese solar market, but also to repurchase a portion of its outstanding corporate bond.
“The sale of the Italian assets demonstrates our ability to monetize solar assets at multiples of our original investment,” commented Etrion CEO Marco Northland. “The sale proceeds will allow us to accelerate our growth in Japan while, at the same time, deleveraging the company through our previously announced intention to repay part of our corporate bond.”