Etrion Announces Potential Sale of Japanese Solar Assets

GENEVA, Switzerland, Oct. 21, 2020 (GLOBE NEWSWIRE) -- Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX / OMX: ETX), a solar independent power producer, announces that it is exploring strategic alternatives to maximize the value of its solar portfolio in Japan.

Etrion has engaged Mitsubishi UFJ Morgan Stanley Securities Co., Ltd (“MUMSS”) as financial advisor to assist with the potential sale of the Company’s 57-megawatt operating solar portfolio and its 45-megawatt solar park under construction in Japan.

The Company has received several non-binding proposals from strategic and financial investors regarding the potential purchase of its Japanese assets. A short-listed group of interested parties is now engaged in detailed due diligence of the assets. Management anticipates receiving one or more binding offers by end of the year and expects to close a sale by the end of the first quarter in 2021, subject to the negotiation of final agreements and the receipt of any required shareholder and regulatory approvals.

Management Comments

Marco Antonio Northland, Etrion’s Chief Executive Officer, commented: “We have built a world-class solar portfolio in Japan that has attracted a large number of interested investors in the current environment. As a result, we are conducting a formal sale process for these assets to maximize shareholder value. We look forward to receiving final offers by the end of the year. If we conclude a sale of the Japanese portfolio next year, we would look to distribute a portion of the proceeds to shareholders in the most efficient way possible.”

About Etrion

Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in 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 36% of the Company’s shares directly and through various trusts.

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For additional information, please visit the Company’s website at www.etrion.com or contact:

Christian Lacueva – Chief Financial Officer
Telephone: [phone]

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

This information is information that Etrion Corporation is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 11:05 p.m. CET on October 21, 2020.