- Etrion (ETX) Corporation is selling three Japanese operating solar projects for a total cash consideration of JPY 8.252 billion
- The sale, which works out to approximately US$74.9 million, is to a Japanese consortium
- The sale of assets is through a pair of Etrion wholly-owned subsidiaries
- Etrion is currently negotiating the sale of a fourth operating project
- Etrion is up 11.34 per cent on the day, with shares of the company trading at C$0.39 at 11:19 am ET
Etrion (ETX) Corporation is selling three Japanese operating solar projects for a total cash consideration of JPY 8.252 billion.
The sale, which works out to approximately US$74.9 million, is to a Japanese consortium of three companies.
The sale of assets is through a pair of Etrion wholly-owned subsidiaries, Holding Sàrl and Etrion Japan K.K.
The assets in question are the 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito operating solar energy projects.
Etrion is currently negotiating the sale of the company’s fourth operating project, Misawa, which is currently undergoing repairs from winter storms, to a fourth purchaser associated with the consortium.
“We are very pleased to sign agreements for the sale of three of our four Japanese solar operating projects and look forward to completing the repairs of the Misawa project to the satisfaction of the Consortium. Since entering Japan in 2012, we have executed across the full project lifecycle – most recently optimizing production, reducing operating costs and extracting value through refinancing – with success. We are extremely proud of the steady and efficient solar platform built,” said Etrion Chief Executive Officer Marco A. Northland.
Completion of the sale remains subject to certain conditions. The closing of the transaction is currently expected to take place before the end of June 2021.
Etrion is up 11.34 per cent on the day, with shares of the company trading at C$0.39 at 11:19 am ET.