Etrion to Sell 3 Japanese Solar Projects to Japanese Consortium for ~ JPY 8.252 Bn
- Etrion Corporation, a solar independent power producer, today introduced that Solar Resources Holding Sàrl and Etrion Japan K.K., wholly-owned subsidiaries of the Business, have entered into agreements (the "Transfer Agreements") to market their rate of interests in the Company's 13.2 MW Komatsu, 24.7 MW Shizukuishi as well as 9.3 MW Mito running solar energy projects (collectively the "3 Projects") to 3 Japanese business, GK Komatsu Solar, GK Shizukuishi Solar and also GK MITO Solar (collectively the "Consortium"), for an accumulated acquisition cost of around JPY 8.252 billion (or USD 74.9 million), subject to certain changes at closing.
The Firm is presently discussing the sale of the Business's 4th operating project, Misawa, which is currently undertaking repair work from wintertime tornados, to a fourth purchaser connected with the Consortium.
Completion of the sale of the 3 Projects according to the Transfer Agreements is subject to particular conditions criterion consisting of, among other things, the Consortium being pleased with the Firm's recovery plan for the Misawa project, as well as all necessary regulatory, shareholder as well as third-party approvals. The closing of the transaction is currently expected to happen before completion of June 2021.
Administration Remarks
Marco A. Northland, Etrion's President, commented: "We are extremely happy to sign agreements for the sale of three of our 4 Japanese solar operating projects as well as anticipate finishing the repairs of the Misawa project to the fulfillment of the Consortium. Because going into Japan in 2012, we have performed throughout the full project lifecycle-- most lately enhancing production, decreasing operating expense as well as extracting worth with refinancing-- with success. We are extremely happy with the consistent as well as effective solar platform developed."
Etrion was suggested on this deal by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd