Etrion Announces Completion of Italian Portfolio Refinancing

December 2, 2015, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, today
announced completing the refinancing of a majority of the Company’s Italian
solar parks with a Euro 222 million portfolio financing including long-term, non
-recourse bank debt and project bonds.

Marco A. Northland, the Company’s Chief Executive Officer, commented, “We are
very pleased to close the Italian refinancing, which will result in a
significant increase in annual cash distributions from our Italian projects. I
congratulate Natixis, our arranger and bookrunner, and the Etrion finance team
for completing this innovative solution to free-up cash and create real
shareholder value. I am also very grateful to our advisors who worked around the
clock with the lenders to close this transaction before year-end.”

Italian Refinancing

The Italian refinancing includes six out of seven of Etrion’s Italian solar
projects (10 out of 17 solar plants) for a total of 53.6 megawatts (“MW”) out of
60 MW of installed capacity.

The Italian refinancing includes the following steps:

 1.
Creation of an Italian holding company, which will result in tax, accounting and
reporting consolidation from 2016, allowing for considerable tax savings across
the portfolio

 2.
Procurement of new senior financing, which is a combination of:

a. Floating project finance bonds (Euro 35 million), listed on ExtraMOTPro
managed by Borsa Italiana and purchased by the fund “SCOR Infrastructure Loans
II”,

b. Floating project finance loan (Euro 177 million) provided by three Mandated
Lead Arrangers, Natixis, BNP Paribas CIB and Creval,

c. Debt service reserve facility (Euro 10 million) provided by three Mandated
Lead Arrangers above;

 3.
Cancellation of the previous outstanding project debt, including repayment of
outstanding loans, breaking ofthe related interest rate hedges and release of
restricted cash in the debt service reserve accounts

 4.
Entry into new contracts to hedge interest payments at current rates, lower than
original hedges; new interest rate hedges have been entered into with Natixis
and BNP Paribas CIB, who acted as Hedge Counterparties.

Italian Solar Portfolio Optimization

The closing of the Italian refinancing largely completes the optimization of
Etrion’s 60 MW Italian solar portfolio. This initiative will result in a 76%
increase to the Company’s expected annual Italian cash distributions, from the
2014 run rate of approximately Euro 4.5 million per year to an average annual
distribution of approximately Euro 7.9 million per year.

The Italian refinancing will contribute approximately Euro 3.1 million per year
of this total as a result of a number of improved financing terms and
conditions, including:

    · reduction of the all-in interest rate paid under the old project finance
terms from approximately 7.0% to about half under the new financing
    · elimination of the previous cash sweep provisions
    · extension of the final maturity
    · simplification of the loan administration by consolidating four previous
project finance loans into one portfolio financing

The balance of the improvement to the expected annual Italian cash distributions
results from several factors previously announced, including:

    · the renegotiation of the operations and maintenance (“O&M”) contracts to
reduce cost by up to 40% and increase the level of service
    · the reversal of the “Robin Hood” tax, which reduced the corporate income
tax rate applicable to most energy companies in Italy from 34% to 27.5%

The Company’s remaining solar project in Italy, Helios ITA (6.4 MW), was not
included in the Italian refinancing which still has potential for further
optimization.

About Etrion

Etrion Corporation is an independent power producer that develops, builds, owns
and operates utility-scale solar power generation plants. The Company owns 139
MW of installed solar capacity in Italy, Chile and Japan. Etrion has a 25 MW
solar project under construction in Japan and is also actively developing 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:

Paul Rapisarda – Chief Financial Officer

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 December 2, 2015.

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, the anticipated benefits of the Italian
refinancing, the consolidation of tax, accounting and reporting and the timing
thereof, the anticipated benefits of the Italian solar portfolio optimization
and the required steps and timing thereof, and the percentage increase in
expected annual Italian cash distributions) 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
in Italy, and the effect of each of the factors listed in this press release on
the increase in annual Italian cash distributions. 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
Italian entities, the risk of unforeseen delays in the implementation of the
steps in the Italian solar portfolio optimization.

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.