Etrion Completes 10 MW Solar Project in Italy

Etrion Completes 10 MW Solar Project in Italy

August 29, 2011, Geneva, Switzerland - Etrion Corporation (“Etrion” or
the “Company”) (TSX: ETX) (OMX: ETX), an independent solar power
producer, announces the completion of the Helios ITA-3 solar project in
Puglia, Italy.

The Helios ITA-3 solar project has a total capacity of 10 megawatts
(“MW”) and is expected to produce 16.8 million kilowatt hours (“kWh”) of
clean electricity and 5.0 million euros of earnings before interest,
taxes, depreciation and amortization (“EBITDA”) per year.

The project is expected to benefit from the feed-in-tariff (“FiT”) of
0.25 euros per kWh plus a market price of approximately 0.08 euros per
kWh.

The Italian FiT is a premium purchase price for solar electricity that
is guaranteed by the Italian government for 20 years from the start of
operations.

The Helios ITA-3 project includes two 5 MW ground-mounted solar
photovoltaic (“PV”) parks, Brindisi and Mesagne. Both parks were built
by ABB using Yingli poly-crystalline PV modules mounted on SunPower
single axis trackers with Bonfiglioli inverters.

A syndicate of banks, including Natixis, WestLB and Mediocreval,
provided 80% of the financing for the project with an 18-year,
non-recourse loan.

Marco Northland, the Company's CEO, commented, “We completed the Helios
ITA-3 parks ahead of schedule and under budget thanks to the hard work
of our superb local team, our contractors and the local utility, Enel.
Etrion now has a fully-funded, operational solar portfolio of 60 MW in
Italy with significant cash flow. We continue to review opportunities
for growth in Italy and abroad.”

About Etrion
Etrion Corporation acquires, develops, builds, owns and operates solar
power plants. Etrion currently owns 60 MW of operational, ground-based
solar PV power plants in Italy. The Company is listed on the Toronto
Stock Exchange and the NASDAQ OMX Stockholm exchange (ticker symbol
“ETX”). Etrion's largest shareholder is the Lundin family, which owns
approximately 25% of the Company's shares through various trusts.

For additional information, please visit the Company's website at
www.etrion.com or contact:
Garrett Soden - Chief Financial Officer
Telephone: +41 (22) 715 20 90

Forward-Looking Information:

This press release contains certain “forward-looking information”. All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future (including, without
limitation, statements relating to the expected production of
electricity from the Helios ITA-3 solar project and the expected
earnings resulting therefrom and statements relating to the FiT and spot
market price expected to be received for sales of electricity from such
solar project) constitute forward-looking information. This
forward-looking information reflects the current expectations or beliefs
of the Company based on information currently available to the Company
as well as certain assumptions including, without limitation,
assumptions as to the spot market price at which the Company will be
able to sell electricity from the Helios ITA-3 solar project and the
applicable FiT to be received therefrom and the Company's ability to
realize EBITDA margins for such project that are equivalent to the
average margins for similar projects. Forward-looking information is
subject to a number of significant risks and uncertainties and other
factors that may cause the actual results of the Company to differ
materially from those discussed in the forward-looking information, and
even if such actual results are realized or substantially realized,
there can be no assurance that they will have the expected consequences
to, or effects on the Company. Factors that could cause actual results
or events to differ materially from current expectations include, but
are not limited to, a material reduction or the lack of confirmation of
the applicable FiT and/or spot market price to be received by the
Company for electricity sales from the Helios ITA-3 solar project by
Gestore Servizi Energetici and the local utility, respectively.

Any forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of future
performance and accordingly undue reliance should not be put on such
information due to the inherent uncertainty therein.