Press Release

Etrion Completes Sale of 60 MW Mie Solar Project

Etrion Corporation a solar independent power producer, announces that it has completed the sale of its investment interest in the Mie 60 MW solar project and received JPY 3.4 billion (approximately US$32.2million).
Emiliano Bellini

In addition, Etrion’s subsidiary, Etrion Japan KK, has been paid a development fee of JPY 300 million(approximately US$2.8million).

Earlier this month, Etrion Japan KK also received a payment of JPY 700 million (approximately US$6.6 million) as compensation for work performed to date. In aggregate, Etrion has received a total of JPY 4.4 billion (approximately US$41.6 million) for this project.

Marco Antonio Northland, Etrion’s chief executive officer, commented: “I am very pleased that we were able to monetize this project and collect almost US$42 million. The Mietransactiongreatly strengthens our cash position and provides flexibility on how best to maximize shareholder value.”