Welcome!

News Feed Item

Etrion Announces Update on Solar Projects in Japan

GENEVA, SWITZERLAND -- (Marketwired) -- 02/03/14 -- Etrion Corporation ("Etrion" or the "Company") (TSX: ETX)(OMX: ETX), a solar independent power producer, announces an update for its solar project development in Japan as part of the recently announced strategic partnership with Hitachi High-Technologies Corporation ("HHT") (TOKYO: 8036), a subsidiary of Hitachi, Ltd.

Management Comments

Marco A. Northland, Etrion's Chief Executive Officer, commented: "We have secured the Feed-in Tariff and have recently executed land agreements for our first two solar projects in Japan, Shizukuishi and Mito, with a combined total capacity of 34 MW. We have also entered into a cooperation agreement with the city of Shizukuishi to advance the development of our project there. Hitachi High-Tech and Etrion are working together to reach financial closing and start construction on both of these solar parks later this year. We continue to target a solar project pipeline in Japan of at least 100 MW under construction or shovel-ready by 2015."

Mito (9.3 MW)

Etrion has entered into a development agreement with HHT to build, own and operate a solar park, Mito, with a total capacity of 9.3 MW in the Mito region in central Japan. The electricity will be sold through a local energy utility and injected into the Japanese electricity network under the fixed-price JPY-denominated Feed-in Tariff (FiT), already secured for 20 years, equivalent to JPY 40 per kWh (USD 0.39 per kWh). Once operational, Mito is expected to produce approximately 10 million kWh of solar electricity per year. Construction of the Mito solar park is expected to commence in the second quarter of 2014, subject to Etrion and HHT closing the necessary debt financing and completing the permitting process. The solar project is expected to be operational in the first half of 2015.

The total project cost, including costs related to the licenses, permits, development and construction, is estimated to be USD 30 million, which is expected to be financed mostly by long-term, non-recourse project debt in local currency from a Japanese financial institution on competitive terms. The remaining equity portion is expected to be funded 85 percent by Etrion and 15 percent by HHT, according to their respective ownership interests.

Shizukuishi (24.7 MW)

Etrion has also entered into a development agreement with HHT to build, own and operate a second solar park, Shizukuishi, with a total capacity of 24.7 MW in the Iwate region in northern Japan. In addition, Etrion has entered into a cooperation agreement with the city of Shizukuishi to assist the Company with the permitting process. The electricity will be sold through a local energy utility and injected into the Japanese electricity network under the fixed-price JPY-denominated FiT, already secured for 20 years, equivalent to JPY 40 per kWh (USD 0.39 per kWh). Once operational, Shizukuishi is expected to produce approximately 24 million kWh of solar electricity per year. Construction of the Shizukuishi solar park is expected to commence in the second half of 2014, subject to Etrion and HHT closing the necessary debt financing and completing the permitting process. The solar project is expected to be operational in the fourth quarter of 2015.

The total project cost, including costs related to the licenses, permits, development and construction, is estimated to be approximately USD 75 million, which is expected to be financed mostly by long-term, non-recourse project debt in local currency from a Japanese financial institution on competitive terms. The remaining equity portion is expected to be funded 85 percent by Etrion and 15 percent by HHT, according to their respective ownership interests.

About Etrion

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 USD 40 million of annual earnings before interest, taxes, depreciation and amortization (EBITDA). Etrion is also developing greenfield solar power projects in Chile and 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 24 percent of the Company's shares directly and through various trusts.

Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 08:05 CET on February 3, 2014.

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). A megawatt-peak = 1 million peak watts. A peak watt, the unit used to rate the performance of photovoltaic collectors, will deliver 1 watt of electricity under standard conditions of 1,000 watts of light intensity per square meter and an ambient temperature of 25 degrees C.

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. 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 timing of the development of the Shizukuishi and Mito solar projects, the anticipated construction costs thereof and the amount of electricity expected to be generated therefrom) 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, assumptions with respect to project costs and the ability of the Company to obtain required permits in a timely fashion and project financing on economic terms. Reliance should not be placed on forward-looking information. 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 of project cost overruns, uncertainties with respect to the receipt or timing of all applicable permits for the development of the Shizukuishi and Mito projects and the risk that the Company may not be able to obtain project financing on economic terms.

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.

Contacts:
Pamela Chouamier - Investor Relations
+41 (22) 715 20 90
www.etrion.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...