The Swiss IPP connected 39.3 MW of solar capacity to the Japanese grid in the second quarter. It posted a net loss of $6.9 million in the April-June period, from just $2.9 million in the second quarter of 2016. The company — which is listed in Toronto and Stockholm — reported a loss per share of $0.037 in the January-June period, from $0.023 a year earlier.
Revenue jumped 77% year on year to $12.2 million in the first half of 2017, as its solar projects in Japan generated 14.9 million kWh of electricity in the three months to the end of June. Total revenue more than doubled from the preceding year in the second quarter to $7 million. The company reported an unrestricted cash balance of $40.8 million at the end of June.
“Japan delivered strong results,” said CEO Marco A. Northland, attributing the operational strength of its portfolio in the country to its partner, Hitachi High-Technologies. “We continue to have a strong cash position, giving us flexibility on how to fund our growth.”
Earnings before interest, taxes, depreciation, and amortization (EBITDA) from the company’s projects reached $4 million in the second quarter — up sharply from just $1.5 million a year earlier — primarily due to the strength of the company’s operations in Japan, according to an online statement.
Etrion currently operates 39 MW of capacity at eight locations in Japan. Its development pipeline in the country now stands at roughly 250 MW. It also owns a single 70 MW project in Chile.
It recently started building a 13.2 MW solar array in Komatsu, Ishikawa prefecture. The project is scheduled for completion in the second quarter of 2018. And in July, the company connected the second phase of a 9.5 MW array in northern Japan's Aomori prefecture. It aims to reach financial close on almost 50 MW of new solar capacity next year.
The company — which recorded a net loss of $110.4 million from its continuing operations in 2016 — remains committed to the Japanese PV market. Earlier this year, it hired Toshihiro Awata — a former executive at Hitachi High-Technologies — as its new managing director in the country.
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