Etrion provides estimates and forecasts and other required disclosure

January 17, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces
estimates and forecasts in respect of revenues and EBITDA, information regarding
its pipeline projects in Chile and Japan, updated financial information on
capitalization and indebtedness and an operational performance update for Italy.

Please see the attached PDF file for full financial figures and tables.

About Etrion
Etrion Corporation is an independent power producer (“IPP”) that builds, owns
and operates utility-scale solar power generation plants. The Company 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 percent 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 17:30
CET on January 17, 2014.

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

Forward-Looking Information:

This press release contains certain “forward-looking information” (including a
“financial outlook”) within the meaning of applicable Canadian securities laws,
such financial outlook appearing herein under the heading “Estimates and
Forecasts”. 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 Company’s anticipated electricity production from
its producing Italian operations and from Project Salvador, Aguas Blancas, Aguas
Blancas 2 and Las Luces once such solar plants are operational; the expected
construction start dates for Aguas Blancas, Aguas Blancas 2 and Las Luces; the
targeted period for the Japanese pipeline projects to be shovel ready or under
construction; and estimated and forecasted revenues and EBITDA for 2013, 2014
and 2015, as applicable, with respect to the described Italian and Chilean
platforms) constitute forward-looking information. This forward-looking
information reflects the expectations or beliefs of the Company based on
information currently available to the Company as well as certain assumptions
including, without limitation, that: solar irradiation will continue at expected
levels; financing and labour costs associated with the construction of new
plants will be available and on anticipated terms and that such projects will
produce the anticipated amount of electricity when constructed; Sirocco Mining
Inc. will proceed with its expansion of mining operations; the Company will be
able to enter into PPAs with industrial clients; the Italian FiT regime will not
provide for any material price decreases or other material adverse changes in
the near term; Japan and Chile will remain attractive jurisdictions to develop
solar power; and certain other assumptions described herein relating to the
Company’s estimates and forecasts. 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: uncertainties with respect to the receipt or timing of
applicable permits for the development of the projects to be built; the
possibility of delays in construction; the possibility of cost overruns for
projects to be built; the failure of the projects to be built to produce, and
existing operating plants continuing to produce, electricity at anticipated
levels; the failure of the Company to enter into PPAs; spot market prices being
materially lower than anticipated; adverse changes to the Italian FiT regime
that would materially reduce the FiT payable to the Company; the risk that Aguas
Blancas 2 and Las Luces may not be developed further; the failure of Sirocco
Mining Inc. to expand its mining operations; the failure by the Company to
obtain financing on economic terms when and if required for the particular
project; uncertainties with respect to certain financial information relating to
solar electricity revenue in Italy that is subject to confirmation of both the
applicable FiT to which the Company is entitled by the Italian state-owned
company, Gestore Servici Energetici, and the applicable spot market price by
local utilities for electricity sales to the Italian national grid; the impact
of general economic conditions and world-wide industry conditions in the
jurisdictions and industries in which the Company operates or intends to
operate.

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.