Etrion Announces Completion of 24.7 MW Solar Park in Japan

November 1, 2016, Miami, Florida and Tokyo, Japan – Etrion Corporation
(“Etrion”) (TSX: ETX / OMX: ETX) announced today that it has commenced full
commercial operation of the 24.7 MW Shizukuishi solar power plant located on one
site in the Iwate Prefecture of northern Japan. Etrion’s partner and EPC
contractor, Hitachi High-Technologies Corporation (“HHT”), delivered the project
on-time and on-budget.

The Shizukuishi solar project is selling electricity to Tohoku Electric Power
Co. Ltd. under a 20-year fixed-price take-or-pay power purchase agreement at ¥40
per kilowatt-hour (“kWh”) (approximately US$0.37 per kWh). The solar park is
expected to produce approximately 25.6 gigawatt-hours (“GWh”) of solar
electricity per year, enough to supply electricity to approximately 7,300
households. Etrion owns 87% of the project, and HHT owns the remaining equity
interest. Sumitomo Mitsui Trust Bank Limited (“SMTB”) provided both construction
financing and an attractive 18-year term loan facility similar to traditional
project finance. Shizukuishi is the second solar project successfully developed,
built, financed, owned and operated by Etrion in cooperation with HHT and SMTB.
In June of this year, Etrion announced the financial close of a third solar
project, Aomori (9.5 MW), which is now under construction.

Approximately 100 guests were in attendance at the official inauguration of the
Shizukuishi solar project this week. Guests included such dignitaries as the
Swedish Ambassador to Japan, Mr. Magnus Robach, the Mayor of Shizukuishi Town,
Mr. Masamitsu Fukaya, other government representatives from both the prefecture
and town, many local banking and business officials, as well as several
representatives from the sponsors, SMTB and other contractors and suppliers to
the project.

Marco Antonio Northland, Etrion’s CEO, commented, “I am delighted with the
progress we are making in Japan and the strong collaboration we have with our
local partners. We are fully dedicated to this market and are confident that we
can advance our more than 250 MW of backlog and pipeline to be ready to build
over the next couple of years. Thank you to everyone who worked so hard on
making the Shizukuishi solar park a reality”.

 Mr. Hiroshi Tajima, Executive Officer, General Manager of Industrial Systems
Business Group at HHT, added that “I am very glad for our successful ramp up of
the Shizukuishi solar park through our strong partnership with Etrion.  We
continue to deliver highly sophisticated and reliable Hitachi PV power
generation systems with superior quality of engineering and construction.  We,
together with Etrion, are committed to realizing our currently agreed next solar
park projects, as well as our future projects by strengthening our partnership
and cooperation with each other.”

Kengo Noguchi, SMTB’s Managing Executive Officer and Global Head of Structured
Finance, commented: “It is our great pleasure to partner with Etrion and Hitachi
High-Technologies in developing their second solar project in Japan.  SMTB is
committed to supporting the country’s shift to clean energy.  We are proud to
take part in this environmentally friendly power generation project and look
forward to assisting Etrion and Hitachi High-Technologies as they execute their
growth plans, bringing more solar projects into the energy mix in Japan.”

In Japan, Etrion currently has the 9.3 MW Mito project and the 24.7 MW
Shizukuishi project operational. In addition to the 9.5 MW Aomori project
currently under construction, Etrion has two projects totalling 66 MW under
active development and an additional 200 MW of pipeline in Japan.

About Etrion

Etrion Corporation is an independent power producer that develops, builds, owns
and operates utility-scale solar power generation plants. The Company owns 164
MW of installed solar capacity in Italy, Chile and Japan. Etrion has 9.5 MW of
solar projects under construction in Japan and is also actively developing
greenfield solar power projects in 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:

Paul Rapisarda – Chief Financial Officer

Telephone: +1 (786) 636-6449

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”).

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Etrion discloses the information provided herein pursuant to the Swedish
Securities Market Act. The information was submitted for publication at 08:05
a.m. CET on November 1, 2016.

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 Etrion and/or Hitachi High-Tech believe, expect or
anticipate will or may occur in the future (including, without limitation,
statements related to Etrion’s and Hitachi High-Technologies Corporation’s
targets for the construction and development of additional projects, and Japan’s
national target for solar power generation). This forward-looking information
reflects the current expectations or beliefs of Etrion and/or Hitachi High
-Technologies Corporation, as the case may be, based on information currently
available to them as well as certain assumptions (including that all necessary
financing and regulatory or other approvals will be obtained and that current
and future solar projects will be developed and operated in a manner consistent
with the expectations of Etrion and Hitachi High-Technologies Corporation).
Forward-looking information is subject to a number of significant risks and
uncertainties and other factors that may cause actual results 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,
Etrion or Hitachi High-Technologies Corporation. Factors that could cause actual
results or events to differ materially from current expectations include, but
are not limited to, the failure to obtain necessary financing or approvals to
complete construction of the solar projects or to operate them as expected,
unexpected delays in starting or completing the construction of the solar
projects and resulting delays in the start of operations, the inability of
Etrion and Hitachi High-Technologies Corporation to identify and/or acquire
additional renewable energy projects on economic terms and possible reductions
in Japan’s target for solar power generation.

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, Etrion and Hitachi
High-Technologies Corporation disclaim any intent or obligation to update any
forward-looking information, whether as a result of new information, future
events or results or otherwise. Although Etrion and Hitachi High-Technologies
Corporation believe 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.