Etrion SA
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 US million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). In addition, Etrion is pursuing opportunities in Chile and Japan to develop solar projects with long-term power purchase agreement ("PPA"), feed-in tariff ("FiT") or spot market ("merchant") revenues.
Etrion is partnering with Total S.A. on Project Salvador, a 70 MW solar photovoltaic power plant in Chile that will initially operate on a merchant basis. The project is financed 70% through non-recourse project debt from the Overseas Private Investment Corporation ("OPIC"). Construction of Project Salvador started in December 2013.
Etrion is also partnering with Hitachi High-Technologies Corporation, a subsidiary of Hitachi, Ltd., to develop greenfield solar power projects in Japan. Japan is a relatively low-risk jurisdiction with an attractive solar FiT program and low financing costs. The Japanese government has instituted a strong mandate to increase the use of renewable energy in Japan's energy mix in order to reduce the country's dependence on nuclear power.
Etrion's strategy is focused on:
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Geographic Diversity |
Entering new regions with high electricity prices, large energy demand and abundant renewable resources or strong mandates to diversify energy mix with attractive government incentives; |
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Contract Regime Diversity |
Complementing Feed-in-Tariff (FiT) revenues with long-term PPAs or merchant revenues; |
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Yield |
Preparing the company to pay dividends to shareholders; and |
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Growth |
Building a large pipeline of renewable energy development projects through key partnerships |
Etrion is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under the ticker symbol "ETX". Etrion is based in Geneva, Switzerland and has offices in Rome, Italy; Santiago, Chile and Tokyo, Japan.
Etrion's major shareholders are the Lundin family (24.3%) and other directors and management (6.7%).
