Tuesday 8 July | 11:44:34 Europe / Stockholm

Attachments

Calendar

Est. time*
2021-11-05 - Quarterly Report 2021-Q3
2021-08-16 - Ex-date Bonus Dividend ETX 2.8123635
2021-08-06 - Quarterly Report 2021-Q2
2021-05-27 - Annual General meeting
2021-05-07 - Quarterly Report 2021-Q1
2021-05-03 - Ex-date Ordinary Dividend ETX 0.00 SEK
2021-03-12 - Year-end Report 2020
2020-11-12 - Quarterly Report 2020-Q3
2020-08-06 - Quarterly Report 2020-Q2
2020-06-15 - Ex-date Ordinary Dividend ETX 0.00 SEK
2020-06-12 - Annual General meeting
2020-05-08 - Quarterly Report 2020-Q1
2020-03-10 - Year-end Report 2019
2019-11-15 - Quarterly Report 2019-Q3
2019-08-08 - Quarterly Report 2019-Q2
2019-06-12 - Annual General meeting
2019-05-10 - Ex-date Ordinary Dividend ETX 0.00 SEK
2019-05-08 - Quarterly Report 2019-Q1
2019-03-15 - Year-end Report 2018
2018-11-07 - Quarterly Report 2018-Q3
2018-08-08 - Quarterly Report 2018-Q2
2018-06-08 - Ex-date Ordinary Dividend ETX 0.00 SEK
2018-06-07 - Annual General meeting
2018-05-07 - Quarterly Report 2018-Q1
2018-03-15 - Year-end Report 2017
2017-11-09 - Quarterly Report 2017-Q3
2017-08-08 - Quarterly Report 2017-Q2
2017-06-09 - Ex-date Ordinary Dividend ETX 0.00 SEK
2017-06-08 - Annual General meeting
2017-05-15 - Quarterly Report 2017-Q1
2017-03-13 - Year-end Report 2016
2016-11-10 - Quarterly Report 2016-Q3
2016-08-11 - Quarterly Report 2016-Q2
2016-05-12 - Quarterly Report 2016-Q1
2016-05-10 - Ex-date Ordinary Dividend ETX 0.00 SEK
2016-05-09 - Annual General meeting
2016-03-16 - Year-end Report 2015
2015-11-05 - Quarterly Report 2015-Q3
2015-08-06 - Quarterly Report 2015-Q2
2015-06-12 - Ex-date Ordinary Dividend ETX 0.00 SEK
2015-06-11 - Annual General meeting
2015-05-06 - Quarterly Report 2015-Q1
2015-03-19 - Year-end Report 2014
2014-11-06 - Analyst Meeting 2014
2014-11-06 - Quarterly Report 2014-Q3
2014-08-06 - Quarterly Report 2014-Q2
2014-06-12 - Annual General meeting
2014-05-09 - Extra General Meeting 2014
2014-05-09 - Quarterly Report 2014-Q1
2014-03-12 - Year-end Report 2013
2013-11-07 - Analyst Meeting 2013
2013-11-07 - Quarterly Report 2013-Q3
2013-08-02 - Quarterly Report 2013-Q2
2013-06-14 - Ex-date Ordinary Dividend ETX 0.00 SEK
2013-06-13 - Annual General meeting
2013-05-14 - Quarterly Report 2013-Q1
2013-03-12 - Year-end Report 2012
2012-11-08 - Analyst Meeting 2012
2012-08-15 - Quarterly Report 2012-Q2
2012-06-15 - Ex-date Ordinary Dividend ETX 0.00 SEK
2012-03-08 - Year-end Report 2011
2011-11-08 - Quarterly Report 2011-Q3
2011-08-09 - Quarterly Report 2011-Q2
2011-06-17 - Annual General meeting
2011-05-10 - Quarterly Report 2011-Q1
2011-03-21 - Year-end Report 2010

Description

CountrySwitzerland
SectorEnergy & Environment
IndustryEnergy
Etrion är verksamma inom energisektorn. Bolaget äger, förvaltar och utvecklar solkraftverk runtom Sydamerika och Asien. En stor del av solkraftverken drivs även i samarbete med övriga aktörer på marknaden, med fokus på utveckling, reparation och tekniskt underhåll. Kunderna återfinns bland industriella aktörer samt bland kunder inom energisektorn. Huvudkontoret ligger i Genève.
2021-04-09 12:35:00

April 9, 2021, Geneva, Switzerland - Etrion Corporation ("Etrion" or the "Company") (TSX: ETX) (OMX: ETX), a solar independent power producer, today announces that Solar Resources Holding Sàrl ("SRH"), Etrion Services (Japan) K.K. ("ESJKK") and Etrion (Japan) K.K. ("EJKK"), wholly-owned subsidiaries of the Company, have entered into agreements (the "Transfer Agreements)") to sell their interests in the Company's 45 MW Niigata solar project under construction ("Niigata Project") with Renewable Japan Co. Ltd ("RJ"), and Daiichi Life Insurance Company Limited ("DL") (collectively, the "Consortium") for an aggregate net purchase price of approximately JPY 6.3 billion (approximately USD 57.7 million), subject to certain adjustments at closing.  

Completion of the sale of the Niigata Project pursuant to the Transfer Agreements is subject to certain conditions precedent including, all necessary regulatory, shareholder and third-party approvals.  The closing of the Niigata Project transaction is currently expected to take place before the end of June 2021.  The Niigata project and the previously announced 3 operating assets (Komatsu, Mito and Shizukuishi) are being sold with their respective project debts, which means that the total cash consideration announced, less transaction related expenses, will be received by the Company at their respective completion dates.   

The sale of the Niigata Project together with the previously announced sale of Etrion's Komatsu, Shizukuishi and Mito operating projects would represent a sale of all or substantially all of the Company's assets or undertaking.  Under the provisions of the Business Corporations Act (British Columbia), the Company's governing corporate law statute, the sale of all or substantially all of its undertaking requires approval by way of special resolution, which is a resolution approved by at least two-thirds of the votes cast on the matter at a meeting of shareholders.  The Company has scheduled an annual and special meeting of shareholders to approve the sale of its projects and other matters for May 27, 2021.

If the sales of its projects are completed, the Company intends to cause its subsidiaries to deliver the net proceeds from the transactions to the Company. Following receipt of such proceeds, the Company intends to complete an initial cash distribution of the majority of the proceeds to the shareholders by way of a return of capital. 

If the foregoing transactions are completed, the Company will not have any significant assets or active business operations. The Board may consider pursuing new business opportunities but if no attractive opportunities arise within a reasonable period of time, the Board intends to pursue the settlement of the outstanding liabilities of the Company and effect the dissolution of the Company. Immediately prior to or concurrently with such dissolution, the Board anticipates that it would authorize the distribution of any remaining proceeds from the transactions and any other cash reserves of the Company to the shareholders.

Management Comments

Marco A. Northland, Etrion's Chief Executive Officer, commented: "We are very pleased to announce the signature of the agreements for the sale of Project Niigata, our 45MW project under construction with estimated connection to the electricity grid in the fourth quarter of 2021. I am extremely proud of our team that continues to deliver brilliantly, from development, financing, construction and operations.  This sale demonstrates once again our ability to monetize solar assets at multiples of our original investment."

Etrion was advised on this transaction by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

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 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.

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

Christian Lacueva - Chief Financial Officer 

Telephone: +41 (22) 715 20 90

 

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 at 12:35 p.m. CET on April 9, 2021.

Forward-Looking Information: 

This press release contains certain "forward-looking information". 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 proposed sale of its Japanese solar assets, the distribution of proceeds therefrom and the possible dissolution of the Company) 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 complete the sale of the Japanese assets. 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 risk that the Company may not be able to complete the sale of the Japanese assets, effect a distribution of proceeds or dissolve the Company. Reference is also made to the risk factors disclosed under the heading "Risk factors" in the Company's AIF for the year ended December 31, 2020 which has been filed on SEDAR and is available under the Company's profile at www.sedar.com.

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.