Etrion Corporation Completes EUR 80 million Bond Issue

April 23, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces
the completion of its previously announced EUR 80 million senior secured bond
issue in the Norwegian bond market. The new bonds have an annual interest rate
of 8.0% and a bullet maturity in April 2019. The Company plans to list the new
bonds on the Oslo Stock Exchange within 30 days.

Net proceeds from the bond issue will be used to refinance the Company’s
existing EUR 60 million corporate bonds that pay 9.0% annual interest and mature
April 2015 with ISIN NO0010607302 (“ETRION01 PRO”), as well as for general
corporate purposes. The existing bonds have been called for redemption in
accordance with their terms at a price of 101% of par plus accrued interest and
will be redeemed on May 19, 2014.

ABG Sundal Collier, Pareto Securities and Swedbank acted as joint lead managers
for the bond issue. Advokatfirmaet Selmer DA acted as legal advisor to the joint
lead managers, and Arntzen de Besche Advokatfirma AS and Norton Rose Fulbright
Canada LLP acted as Etrion’s legal advisors.

About Etrion

Etrion Corporation is an independent power producer that builds, owns and
operates utility-scale solar power generation plants. Etrion owns 17 solar power
plants in Italy with approximately 60 MW of installed capacity. 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 24% of the Company’s shares directly
and through various trusts.

For additional information, please visit the Company’s website at www.etrion.com
or contact:

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 17.00
CET on April 23, 2014.

IMPORTANT INFORMATION

The information above is not intended for, and may not be distributed to or be
published in, directly or indirectly, Australia, Hong Kong, Japan, New Zealand,
South Africa, the United States, or any other jurisdiction where this would
require registrations measures or would constitute a breach of law.

The information above does not contain or constitute an invitation or an offer
to acquire, subscribe for, sell or otherwise trade in shares or other securities
in the Company (“the securities”). Nor does it constitute a prospectus under the
terms in Directive 2003/71/EC.

No securities are or will be registered in accordance with the U.S. Securities
Act of 1933 (“Securities Act”) or any provincial act in Canada or any
legislation in Australia, Hong Kong, Japan, New Zealand or South Africa. The
securities may therefore not, directly or indirectly, be sold, resold, offered
for sale, delivered or spread within or to any of these jurisdictions, or to any
person located there at that point of time or resident there, or on account of
such person, and further not to or within any other jurisdiction where such
measure would violate the laws of the jurisdiction or require registrations
measures, other than in accordance with an applicable exemption. A failure to
comply with this instruction may result in a violation of the Securities Act or
laws applicable in other jurisdictions.

ABG Sundal Collier, Pareto Securities and Swedbank are acting for the Company
and no one else in connection with the bond issue referred to herein (the
“Private Placement”) and will not be responsible to anyone other than the
Company for providing the protections afforded to its clients or for providing
advice in relation to the Private Placement and/or any other matter referred to
in this announcement. ABG Sundal Collier, Pareto Securities and Swedbank accept
no responsibility whatsoever and make no representation or warranty, express or
implied, for the contents of this announcement, including its accuracy,
completeness or verification or for any other statement made or purported to be
made by it, or on its behalf, in connection with the Private Placement and
nothing in this announcement is, or shall be relied upon as, a promise or
representation in this respect, whether as to the past or future.

FORWARD LOOKING INFORMATION

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 anticipated
listing of the new bonds on the Oslo Stock Exchange) 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. 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
failure to obtain the required approvals necessary to complete the listing of
the bonds on the Oslo Stock Exchange.

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.