Etrion Releases Third Quarter 2014 Results

November 6, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, today
released its condensed consolidated interim financial statements and related
management’s discussion and analysis (“MD&A”) for the three and nine months
ended September 30, 2014.

Operational Highlights

  · Production: Produced 34.6 million (2013: 37.7 million) and 86.5 million
(2013: 90.7 million) kilowatt-hours of solar electricity from 17 solar power
plants in Italy during the three and nine months ended September 30, 2014,
respectively.

  · Chile Construction: Completed construction of the 70 megawatt (“MW”)
Salvador solar park in northern Chile (“Project Salvador”) five months ahead of
schedule and under budget. The solar park was built by SunPower Corp. and was
connected to the electricity grid on November 3, 2014.

  · Japan Construction: Started construction on the first 34 MW in Japan owned
87% by Etrion and 13% by Hitachi High-Technologies Corporation (“Hitachi High
-Tech”), a subsidiary of Hitachi, Ltd. (“Hitachi”). The 24.7 MW Shizukuishi and
the 9.3 MW Mito power plants are being built by Hitachi High-Tech and are
expected to be operational by the end of 2016 and 2015, respectively.

Financial Highlights

  · Revenue: Generated revenues of US$17.1 million (2013: US$19.4 million) and
US$43.2 million (2013: US$46.2 million) during the three and nine months ended
September 30, 2014, respectively.

  · EBITDA: Recognized earnings before interest, taxes, depreciation and
amortization (“EBITDA”) of US$13.2 million (2013: US$15.9 million) and US$31.2
million (US$34.9 million) during the three and nine months ended September 30,
2014, respectively.

  · Project Financing: Secured long-term, non-recourse project financing for 80%
of the construction costs of the 24.7 MW Shizukuishi and the 9.3 MW Mito power
plants through Sumitomo Mitsui Trust Bank, Limited, a Japanese financial
institution, for a total amount of ¥9,852 million ($90.1 million).

  · Cash and Working Capital: Closed the third quarter of 2014 with a cash
balance of US$147.2 million (December 2013: US$94.9 million) and positive
working capital of US$66.4 million (December 2013: US$47.5 million).

Management Comments

Marco A. Northland, the Company’s Chief Executive Officer, commented, “We
continue to execute on our plans to build a global energy platform. During the
third quarter of 2014, we secured long-term financing and started construction
of our first two Japanese solar projects on-time with our partner, Hitachi High
-Tech. In Chile, our 70 MW Salvador solar park was completed and connected to
the grid several months ahead of schedule. We look forward to updating investors
on our expanding development pipeline in Japan and Chile in the months ahead.”

Results

During the three months ended September 30, 2014, Etrion reported net income of
US$1.2 million (earnings per share of US$0.004) compared to net income of US$1.1
million (earnings per share of US$0.05) for the comparable period of 2013. The
net results for the third quarter of 2014 were adversely impacted by lower solar
irradiation and a reduction in the spot market price in Italy but positively
impacted by the recognition of foreign exchange gains as a result of the
approximately 8% devaluation of the euro versus the US dollar in the third
quarter of 2014.

During the nine months ended September 30, 2014, Etrion reported a net loss of
US$8.4 million (loss per share of US$0.026) compared to a net loss of US$4.6
million (loss per share of US$0.023) for the comparable period of 2013. The net
results for the nine months ended September 30, 2014, were mainly impacted by
lower solar irradiation and a reduction in the spot market price in Italy. The
nine-month results were marginally impacted by non-recurring operating and
general and administrative expenses, as well as finance costs associated with
the early redemption of the previously outstanding €60 million of corporate
bonds.

Earnings Call

A conference call webcast to present the Company’s third quarter 2014 results
will be held on Thursday, November 6, 2014, at 10:00 a.m. Eastern Standard Time
(EST) / 4:00 p.m. Central European Time (CET).

Dial-in details:

North America: +1-647-788-4919 / Toll Free: +1-877-291-4570 / Sweden Toll Free:
02-079-4343

Webcast:

A webcast will be available at
http://www.investorcalendar.com/IC/CEPage.asp?ID=172034

The earnings call presentation and the Company’s condensed consolidated interim
financial statements for the three and nine months ended September 30, 2014, as
well as the related documents, will be available on the Company’s website at
www.etrion.com.

A replay of the telephone conference will be available until December 6, 2014.

Replay dial-in details:

North America: +1-416-621-4642 / Toll Free: +1-800-585-8367

Pass code for replay: 61066692

About Etrion

Etrion Corporation is an independent power producer that develops, builds, owns
and operates utility-scale solar power generation plants. The Company owns 130
MW of installed solar capacity in Italy and Chile. Etrion has 34 MW of solar
projects under construction in Japan and is also actively developing greenfield
solar power projects in Japan and Chile. 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

Subscribe to receive Etrion’s press releases by email as soon as they are
published. Click here to
subscribe (http://www.etrion.com/press_release_subscribe.php)

Note: The capacity of power plants in this release is described in approximate
megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak
(“MWp”).

Etrion discloses the information provided herein pursuant to the Swedish
Securities Market Act and/or the Swedish Financial Instruments Trading Act. The
information was submitted for publication in Sweden at 8:05 a.m. CET on November
6, 2014.

Non-IFRS Measure:

This press release includes a non-International Financial Reporting Standard
(“IFRS”) measure, EBITDA. Non-IFRS measures have no standardized meaning
prescribed under IFRS and therefore such measures may not be comparable with
those used by other companies. EBITDA is useful to analyze and compare
profitability between companies and industries because it eliminates the effects
of financing and accounting policy decisions. Refer to Etrion’s MD&A for the
three and nine months ended September 30, 2014, for a reconciliation of EBITDA
reported during the relevant periods.

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
electricity revenue from the Italian projects which is subject to confirmation
of both the applicable FiT to which the Company is entitled by the state-owned
company Gestore Servizi Energetici and the applicable spot market price by the
local utilities for electricity sales to the national grid and statements
relating to the anticipated timing for completion of the Company’s Shizukuishi
and Mito projects in Japan and the Company’s development pipeline in Chile)
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, confirmation of the applicable FiT and spot market price for
electricity sales, the ability of the Company to obtain project financing on
economic terms, if at all, and all required permits in a timely fashion and the
ability of the Company to identify and acquire additional solar power 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, the lack
of confirmation or reduction of the applicable FiT and the spot market price for
electricity sales from the Italian projects by the designated entities,
uncertainties with respect to the receipt or timing of all applicable permits
for the development of projects, the risk that the Company may not be able to
obtain project financing on economic terms, if at all, the risk that the Company
may not be able to identify and/or acquire additional renewable energy projects
on economic terms, if at all, and changes in applicable laws and regulations
that would have a negative impact on existing or future solar projects.

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.