Etrion Releases 2014 Results

March 19, 2015, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, today
released its annual consolidated financial statements, related management’s
discussion and analysis (“MD&A”) and annual information form (“AIF”) for the
year ended December 31, 2014.

Operational Highlights

  · Development:  Advanced the development of four solar projects in Chile for a
total capacity of 99 megawatts (“MW”), most of which are shovel-ready with
construction planned immediately following the signing of the related power
purchase agreement (“PPA”). Etrion also began the development of two new sites
in Japan of 14 MW and 25 MW, both with the confirmed feed-in-tariff (“FiT”) and
targeted to be shovel-ready by Q1-2016.

  · Chile Construction: Completed construction of the 70%-owned 70 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. (“SunPower”) and
was connected to the electricity grid on November 3, 2014. Project Salvador
produced approximately 6.7 million kilowatt-hours (“kWh”) of electricity during
the testing phase in 2014 and became fully operational in January 2015. The
solar park is expected to produce more than 200 million kWh per year.

  · Japan Construction: Started construction of the 87%-owned 34 MW solar parks
in Japan in partnership with Hitachi High-Technologies Corporation (“HHT”), a
subsidiary of Hitachi, Ltd. The 9.3 MW Mito and the 24.7 MW Shizukuishi power
plants are being built by HHT. Mito includes five sites that are expected to
connect to the grid between May and August 2015. Shizukuishi includes one site
that is expected to connect to the grid in July 2016.

  · O&M Renegotiation: Renegotiated the operating and maintenance (“O&M”)
agreements with SunPower for three of the Group’s Italian subsidiaries
(Cassiopea, Centauro and SVE, representing an aggregate capacity of 35.8 MW) to
increase the level of service and to reduce costs by approximately 40% effective
June 2015.

  · Production: Produced 100.7 million (2013: 104.9 million) kWh of solar
electricity during the year ended December 31, 2014, from the Company’s 100%
-owned 60 MW portfolio comprising 17 solar power plants in Italy.

  · Plant Availability: Improved asset management in Italy with weighted average
solar plant availability of 99.7% in 2014 compared to 99.5% in 2013. A solar
park’s availability measures the amount of time it is able to generate power
during daylight hours.

Financial Highlights

  · Revenue: Generated revenues of US$49.6 million (2013: US$53.9 million)
during the year ended December 31, 2014, from 17 solar power plants in Italy.

  · EBITDA: Recognized earnings before interest, taxes, depreciation and
amortization (“EBITDA”) of US$32.5 million (2013: US$40.3 million) during the
year ended December 31, 2014.

  · Cash and Working Capital: Closed 2014 with a cash balance of US$95.3 million
(December 2013: US$94.9 million), US$33.9 million of which was unrestricted and
held at the parent level, and working capital of US$36.5 million (December 2013:
US$47.5 million).

  · Project Financing: Secured long-term, non-recourse project financing in
September 2014 for 80% of the construction costs of the 9.3 MW Mito and 24.7 MW
Shizukuishi power plants from Sumitomo Mitsui Trust Bank, Limited, a Japanese
financial institution, for a total of ¥9,854 million (US$82.0 million).

  · Equity Financing: Completed an equity financing in January 2014 through a
private placement of 124,633,571 common shares issued at SEK 4.15 (approximately
CAD$0.70) per share for gross proceeds of SEK 517,229,320 (approximately US$80.0
million).

  · Bond Refinancing: Completed a bond issue in April 2014 of €80 million in
senior secured bonds in the Norwegian bond market at 8.0% annual interest with a
5-year maturity, a portion of which was used to redeem the previously-issued €60
million of corporate bonds.

Management Comments

Marco A. Northland, the Company’s Chief Executive Officer, commented, “2014 was
another transformational year for Etrion as we reached several milestones in
Chile and Japan. Etrion today has 130 MW of solar parks operational in Italy and
Chile plus 34 MW under construction in Japan. We have advanced-stage solar
development projects in both Chile and Japan where we expect to begin
construction before year-end, and we continue to review new markets for
expansion. We are increasing our annual energy production from approximately 100
million kWh in 2014 to nearly 300 million kWh in 2015.”

Results

During 2014, Etrion reported a net loss of US$16.5 million (loss per share of
US$0.05) compared to a net loss of US$10.3 million (loss per share of US$0.05)
during 2013. Despite negative consolidated net results, primarily attributable
to financing costs, the Company reported gross profit of US$25.8 million (2013:
US$25.4 million) and generated adjusted operating cash flow of US$31.5 million
(2013: US$37.3 million).

The net results for 2014 were mainly impacted by lower solar irradiation and a
decrease in the spot market price in Italy compared to 2013. In addition, the
net results for 2014 were impacted by non-recurring operating and general and
administrative expenses of US$0.8 million, as well as finance costs of US$1.0
million 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 fourth quarter and full year
2014 results will be held on Thursday, March 19, 2015, at 11:00 a.m. Eastern
Daylight Time (EDT) / 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:

http://www.investorcalendar.com/IC/CEPage.asp?ID=173520

In addition, the conference call presentation and the Company’s 2014
consolidated financial statements and related documents will be available on the
Company’s website at www.etrion.com.

A replay of the telephone conference will be available until April 19, 2015.

Replay dial-in details:

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

Pass code for replay: 61910766

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

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 08:05 Central European
Time on March 19, 2015.

Non-IFRS Measures:

This press release includes non-IFRS measures not defined under IFRS,
specifically EBITDA and adjusted operating cash flow. 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 a useful metric to quantify the Company’s ability to generate cash
before extraordinary and non-cash accounting transactions recognized in the
financial statements. In addition, EBITDA is useful to analyze and compare
profitability between companies and industries because it eliminates the effects
of financing and accounting policy decisions. In addition, adjusted operating
cash flow is used by investors to compare cash flows from operating activities
without the effects of certain volatile items that can positively or negatively
affect changes in working capital such as value added taxes paid during
construction of the Company’s solar power plants and are viewed as not directly
related to a company’s operating performance. Refer to Etrion’s MD&A for the
year ended December 31, 2014, for a reconciliation of EBITDA and adjusted
operating cash flow reported during the year.

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
solar electricity revenue which with respect to the Company’s Italian projects
is subject to confirmation of both the applicable feed-in-tariff (“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 production from Project Salvador, the anticipated size and timing of
additional solar projects in Japan and the Company’s growth plans) 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 required permits in a
timely fashion and project financing on economic terms 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 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’s solar projects may not produce electricity at the
anticipated levels, the risk that the Company may not be able to obtain project
financing on economic terms and the risk that the Company may not be able to
identify and/or acquire additional renewable energy projects on economic terms.

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.