January 17, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces
an operations update, including preliminary production results for the year
ended December 31, 2013.
Etrion’s solar parks in Italy continue to perform above forecast. During the
year ended December 31, 2013, the Company’s 17 solar power plants produced 104.9
million kilowatt hours (“kWh”) of solar electricity, approximately two percent
above forecast primarily as a result of better plant availability and higher
solar irradiation. Etrion expects to continue producing more than 100 million
kWh of solar electricity from its Italian operations on an annual basis.
Project Salvador Update
The Company’s previously announced Project Salvador, a 70-megawatt (“MW”) solar
project in the Atacama region of Chile, is proceeding as planned. The long-term,
non-recourse financing was recently signed with the Overseas Private Investment
Corporation (OPIC), and first disbursement of the loan was made in December
2013. SunPower Corp. (NASDAQ: SPWR) received notice to proceed with construction
last month, and site preparation is proceeding on schedule. Etrion expects the
solar plant to commence partial commercial operations during Q4-2014, with full
commissioning expected in early 2015. Upon completion, Project Salvador will
enter into a long‐term, fixed‐price operation and maintenance agreement with
SunPower. Once fully operational, Project Salvador is expected to produce
approximately 140 million kWh of solar electricity per year net to Etrion’s
initial 70 percent ownership interest.
Marco A. Northland, the Company's CEO, commented: “We are pleased to announce
meeting our 2013 production target of over 100 million kWh of solar electricity.
Our Italian operations continue to perform better than expected due to high
solar irradiation and efficient asset management. In addition, Project Salvador,
our 70 MW solar park under construction in Chile, is expected to be on-time, on
-budget and should start generating revenues later this year.”
Etrion Corporation is an independent power producer (“IPP”) that builds, owns
and operates utility-scale solar power generation plants. The Company owns 17
solar power plants in Italy with approximately 60 MW of installed capacity. The
Italian operations generate more than USD 40 million of annual earnings before
interest, taxes, depreciation and amortization (“EBITDA”). Etrion is also
developing greenfield solar power projects in Chile and Japan. The Company is
listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm
exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is
the Lundin family, which owns approximately 25 percent of the Company’s shares
directly and through various trusts.
For additional information, please visit the Company’s website at www.etrion.com
Pamela Chouamier – Investor Relations
Telephone: +41 (22) 715 20 90
Etrion discloses the information provided herein pursuant to the Swedish
Securities Market Act. The information was submitted for publication at 8:25am
CET on January 17, 2014.
Note: The capacity of power plants in this release is described in approximate
MW on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).
This press release contains certain “forward-looking information” within the
meaning of applicable Canadian securities laws. 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 Company’s
anticipated electricity production from its Italian producing operations and
from Project Salvador; the expected timing of the commencement of partial
commercial operations and full commissioning of Project Salvador and the
expected costs and timing for completion of Project Salvador) 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,
that: solar irradiation will continue at expected levels; costs and timing
associated with the construction of Project Salvador will be as anticipated; and
such project will produce the anticipated amount of electricity when
constructed. Reliance should not be placed on forward-looking information.
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: the
possibility of delays in construction; the possibility of cost overruns for
Project Salvador; the failure of such project to produce, and the existing
Italian operating plants continuing to produce, electricity at anticipated
levels; adverse changes to the Italian FiT regime or relating to electricity
prices paid to solar producers; the impact of general economic conditions and
world-wide industry conditions in the jurisdictions in which the Company
operates or intends to operate.
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.
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