Etrion Completes Sale of 60 MW Mie Solar Power Project

• Etrion Corporation has actually finished the sale of its financial investment passion in the Mie 60 MW solar project and received around USD 32.2 million.

Etrion Corporation, an independent solar energy manufacturer has introduced that it has actually completed the sale of its investment rate of interest in the Mie 60 MW solar project and obtained JPY 3.4 billion (roughly USD 32.2 million). In addition, Etrion's subsidiary, Etrion Japan KK, has actually been paid an advancement fee of JPY 300 million (about USD 2.8 million).

Earlier this month, Etrion Japan KK likewise obtained a repayment of JPY 700 million (approximately USD 6.6 million) as payment for job executed to date. In aggregate, Etrion has actually obtained a total of JPY 4.4 billion (roughly USD 41.6 million) for this project.

Marco Antonio Northland, Etrion's Chief Executive Officer, stated, "I am really happy that we had the ability to monetise this project and gather nearly USD 42 million. The Mie purchase considerably reinforces our cash position as well as offers flexibility on how best to increase investor value."

Etrion Corporation is an independent power producer that creates, constructs, owns and operates utility-scale solar energy generation plants. The Company possesses and operates 57 MW of solar ability and also possesses the 45 MW Niigata project unfinished, done in Japan.

In May, the Switzerland headquartered company had revealed that it had actually finished 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 beyond Japan.

Antonio had stated at the time that "this was our last non-core asset outside of Japan which was brought at no worth on our annual report after being totally deconsolidated in September 2017." Further including that "the Salvador sale permits Etrion to additional streamline our corporate structure and to continue focus on maximising the worth of our platform in Japan."

In July, the company had actually reported that it had actually completed building and construction of a 9.5 MW utility-scale solar PV project in Japan, as well as linked to the grid the staying 2 sites of the Aomori solar PV project amounting to 4.2 MW as well as will begin acknowledging incomes 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 obtain ¥ 36 per kilowatt-hour generated (roughly US$ 0.35 per kWh). The Aomori solar project is anticipated to generate around 10.7 GWh of solar electricity.