Etrion Corporation closes books in USD 80 million private placement

January 20, 2014, Geneva, Switzerland – Etrion Corporation (“Etrion” or the
“Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces
closing of books for its previously announced private placement.

Etrion announced on January 17, 2014, at 17:31 CET the intention to offer common
shares in a private placement to raise gross proceeds of approximately USD
60,000,000 (the “Private Placement”). The Private Placement generated strong
interest from both Swedish and international investors, and the Company has
therefore decided to increase the size of the Private Placement to approximately
USD 80,000,000.

The price of the shares in the Private Placement was determined in a book
-building process to be SEK 4.15 (approximately C$0.70) per share (the
“Subscription Price”), representing a nine percent discount to the Company’s 30
-day volume weighted average share price on NASDAQ OMX Stockholm. This would
result in the issuance of 124,633,571 new shares. Entities associated with the
Lundin family, the Company’s largest shareholder, have subscribed for 28,201,571
shares or approximately 23 percent of the Private Placement. As a result, the
Lundin family would continue to be Etrion’s largest shareholder and would own
approximately 24 percent of the Company’s shares after closing.

Marco A. Northland, Etrion’s CEO, commented: “We are very pleased with the
significant interest shown by Swedish and international investors. We thank the
Lundin family for their continued support, and we welcome the new shareholders
of Etrion. This financing allows us to repay the bridge loan for our 70 MW
Project Salvador under construction in Chile and to advance our project pipeline
in Chile and Japan. In addition, the new equity puts us in a better position to
refinance our corporate bond later this year.”

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.
Pareto Securities AB is sole bookrunner and, together with ABG Sundal Collier
AB, 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”.


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 8:45am
CET on January 20, 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
Zealand, 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
completion of the Private Placement and the refinancing of the Company’s
outstanding bonds) 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 obtain the
approvals necessary to complete the Private Placement. 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, the failure to obtain the required approvals necessary
to complete the Private Placement, unforeseen delays in completing the
transaction in a timely manner, the occurrence of any material adverse change in
the Company that could prevent the transaction from being completed in a timely
manner, or at all and the risk that the Company may not be able to refinance its
outstanding bonds on favourable 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.