Etrion Completes Sale of 60 MW Mie Solar Power Project

Etrion Corporation has completed the sale of its investment interest in the Mie 60 MW solar project and received approximately USD 32.2 million.

Etrion Corporation, an independent solar power producer has announced that it has completed the sale of its investment interest in the Mie 60 MW solar project and received JPY 3.4 billion (approximately USD 32.2 million). In addition, Etrion’s subsidiary, Etrion Japan KK, has been paid a development fee of JPY 300 million (approximately USD 2.8 million).

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

Marco Antonio Northland, Etrion’s Chief Executive Officer, said, “I am very pleased that we were able to monetise this project and collect almost USD 42 million. The Mie transaction greatly strengthens our cash position and provides flexibility on how best to maximise shareholder value.”

Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in Japan.

In May, the Switzerland headquartered corporation had announced that it had completed the sale of its 70 percent shareholding in a solar photovoltaic (PV) power plant, PV Salvador SpA, in northern Chile, to Canada-based Innergex Renewable Energy Chile Spa. This was the independent solar power producer’s last sale of a non-core solar asset outside of Japan.

Antonio had said at the time that “this was our last non-core asset outside of Japan which was carried at zero value on our balance sheet after being fully deconsolidated in September 2017.” Further adding that “the Salvador sale allows Etrion to further streamline our corporate structure and to continue focus on maximising the value of our platform in Japan.”

In July, the firm had reported that it had completed construction of a 9.5 MW utility-scale solar PV project in Japan, and connected to the grid the remaining two sites of the Aomori solar PV project totaling 4.2 MW and will start recognising revenues immediately.

Aomori is a 9.5 MW utility-scale solar PV power project with four sites in the Aomori prefecture of Japan.  Each Aomori site has a twenty-year power purchase agreement with the Tohoku Electric Power utility and will receive ¥36 per kilowatt-hour produced (approximately US$0.35 per kWh).  The Aomori solar project is expected to produce approximately 10.7 GWh of solar electricity.