Etrion Corporation Closes USD 80 Million Private Placement

GENEVA, SWITZERLAND--(Marketwired - Jan. 29, 2014) - Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), a solar independent power producer, announces the closing of a USD 80 million private placement (the "Private Placement").

Etrion announced on January 20, 2014, at 08:45 CET the closing of books in the Private Placement to raise gross proceeds of approximately USD 80,000,000. The Company is pleased to announce that an aggregate of 124,633,571 common shares have been issued at a price of SEK 4.15 (approximately C$0.70) per share for gross proceeds of SEK 517,229,320. The new shares will be deposited into the accounts of Private Placement investors on or about January 31, 2014.

The proceeds from the Private Placement will 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) fund other business development activities; and (iv) fund general corporate expenses.

Pareto Securities AB acted as sole bookrunner and, together with ABG Sundal Collier AB, joint lead manager in connection with the Private Placement. Gernandt & Danielsson Advokatbyrå was legal advisor to the joint lead managers, and Norton Rose Fulbright Canada and Ashurst were 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 24 percent of the Company's shares directly and through various trusts.