Etrion Corporation intends to undertake private placement of USD 60 million

January 17, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces
its intention to undertake a private placement.

Etrion intends to offer common shares in a private placement to raise gross
proceeds of approximately USD 60,000,000 aimed at Swedish and international
investors (the “Private Placement”). The Company retains the right to increase
the size of the Private Placement at its discretion by up to an additional USD
20,000,000.

The price of the shares in the Private Placement will be determined in a book
-building process that will begin at or around 17:31 Central European Time (CET)
on January 17, 2014, and end before the commencement of trading on NASDAQ OMX
Stockholm on January 20, 2014.

Payment for the shares will be made in cash. The proceeds from the Private
Placement are intended to be used to (i) fund Etrion’s remaining share of the
equity requirements relating to its previously announced initial project
development in Chile; (ii) repay the approximately USD 18 million shareholder
loan outstanding to Lorito Holdings (Guernsey) Limited, a company associated
with Etrion’s major shareholder, the Lundin family; (iii) other business
development activities; and (iv) general corporate purposes.

An application will be made to the Toronto Stock Exchange (the “TSX”) for
approval of the Private Placement. The new shares to be issued pursuant to the
Private Placement will be listed on NASDAQ OMX Stockholm. Closing of the Private
Placement is subject to, among other things, TSX approval and is expected to
occur on or about January 31, 2014, or such other date(s) as the Company and the
joint lead managers may agree.

The Private Placement is also subject to approval by the Board of Directors of
Etrion. The Board can choose to cancel the book-building at its sole discretion
for any reasons and can refrain from continuing with the Private Placement.

Pareto Securities AB has been appointed as sole bookrunner and, together with
ABG Sundal Collier AB, as joint lead manager in connection with the Private
Placement. Gernandt & Danielsson Advokatbyrå is legal advisor to the joint lead
managers, and Norton Rose Fulbright Canada and Ashurst are Etrion’s legal
advisors in connection with the Private Placement.

About Etrion
Etrion Corporation is an independent power producer (“IPP”) 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. The
Italian operations generate more than USD 40 million of annual earnings before
interest, taxes, depreciation and amortization (“EBITDA”). 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 25% 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 17:31
CET on January 17, 2014.

IMPORTANT INFORMATION

The information above is not intended for, and may not be distributed to or be
published in, directly or indirectly, Australia, Canada, Hong Kong, Japan, New
Zeeland, 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 Zeeland 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.

Pareto Securities AB and ABG Sundal Collier AB are acting for the Company and no
one else in connection with 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. Pareto Securities AB and ABG
Sundal Collier AB 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
amounts to be raised in the Private Placement, the anticipated date of closing
of the Private Placement and the anticipated start date of the book building
process) 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, the ability of the Company to generate sufficient
interest in the purchase of the securities being offered in the Private
Placement and existing shareholders viewing the Private Placement favourably.
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, unanticipated delays
in the start of the book building process, the risk that the pricing of the new
shares is not satisfactory to the Company, the risk that approvals are not
obtained in a timely manner with respect to the Private Placement (or any
component of the Private Placement for which such approval is required), the
risk that interest for the new shares is not at a level that is acceptable to
the Company and the failure to close the Private Placement in a timely matter,
if at all.

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.