Etrion drops 47.2-MW solar portfolio in Japan

• Independent power manufacturer Etrion Corp (TSE: ETX) today stated it has offloaded its shareholding in a 47.2-MW portfolio of solar parks in Japan to a domestic consortium.

The deal, with a gross worth of JPY 8.25 billion (USD 74.7 m/EUR 62.9 m), worries Etrion's 13.2 MW-Komatsu, 24.7-MW Shizukuishi and also 9.3-MW Mito photovoltaic (PV) farms, the provided capability of which remains in direct current (DC). The properties were purchased by a tie-up of firms possessed by Development Bank of Japan Inc, Kansai Electric Power Co Inc as well as Osaka Gas Co Ltd, the seller stated in a press statement.

This spring, Etrion announced it would certainly sell all or mostly all of its solar holdings in Japan and last month obtained shareholders' nod to move forward with the property sales. Funds from those disposals will enable Etrion to execute its return of capital strategy to investors, due to happen by the end of July.

The power producer anticipates to close the sale of its last Japanese asset, the 9.3-MW Misawa project, in the coming weeks. At the end of May, it finalised the sale of its 45-MW Niigata solar park that is incomplete in Niigata prefecture.