Etrion Corporation, which is a solar independent power producer, has completed the sale of its stake in the 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito solar projects which are currently operational. The sale has been made to a consortium established by Development Bank of Japan, Kansai Electric Power, and Osaka Gas Co., Ltd. for a value of JPY 8.252 billion, which is equivalent to about $74.8 million.
Etrion will use the proceeds from the sale, along with the proceeds from the recently completed sale of the Niigata project, to complete its previously announced reduction of capital and cash distribution to shareholders. This is anticipated to happen by July 2021. Etrion also plans to sell its 9.5 MW Misawa solar project in the near future.
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 9.5 MW of solar capacity in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the Nasdaq Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36 per cent of the Company’s shares directly and through various trusts.