- Etrion (ETX) and its subsidiaries have entered into an agreement with two Japanese companies to sell Etrion’s Niigata solar project
- The project will be sold for JPY 6.3 billion, or approximately US$57.7 million
- Once the transaction is completed, the company will have no significant assets or operations
- The closing of the Niigata Project transaction is currently expected to take place before the end of June 2021
- Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants
- Etrion (ETX) is steady, currently trading at C$0.445 per share
Etrion (ETX) and its subsidiaries have entered into an agreement with two Japanese companies to sell Etrion’s Niigata solar project.
The project, which is currently under construction, will be sold for an aggregate net purchase price of approximately JPY 6.3 billion, or approximately US$57.7 million, to Renewable Japan Co. and Daiichi Life Insurance Company.
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.
If these transactions are completed, the company will not have any significant assets or active business operations, and the board may consider pursuing new business opportunities.
However, if no attractive opportunities arise within a reasonable period of time, the board intends to effect the dissolution of the company.
Any remaining proceeds from the transactions and any other cash reserves would be distributed to the shareholders.
Marco A. Northland, CEO of Etrion, commented,
“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.”
The closing of the Niigata Project transaction is currently expected to take place before the end of June 2021.
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants.
Etrion (ETX) is steady, currently trading at C$0.445 per share as of 11:28 am ET.
