News Feed Item

Etrion Provides Update on Italian Operations and Schedules Investor Conference Call

GENEVA, SWITZERLAND -- (Marketwired) -- 06/25/14 -- Etrion Corporation (Etrion or the Company) (TSX: ETX)(OMX: ETX), a solar independent power producer, provides an update on the Company's Italian operations and schedules an investor conference call at 10:00 Eastern Daylight Time (EDT) / 16:00 Central European Time (CET) on Thursday, June 26, 2014.

Italian Government Proposal

On June 24, 2014, the Italian government published a new decree outlining, among other things, certain proposed changes to the current Italian Feed-in-Tariff (FiT) regime. This decree, effective June 25, 2014, is subject to Parliamentary approval, which is expected to take place within 60 days of the decree's publication, during which time, the new decree may be amended or fully rejected.

The Italian FiT currently entails a 20-year commitment from the Italian state-owned company, Gestore Servizi Energetici (GSE), to pay a constant premium rate for all solar electricity produced at a fixed rate defined on the basis of the connection date. Etrion's Italian solar parks have an average residual incentive period of 16 years. In addition to the FiT, solar power generators in Italy receive the spot market rate for all solar electricity produced. In 2013, the spot market accounted for approximately 15% of Etrion's Italian revenues.

The proposed changes would impact the revenues received by solar power producers by reducing the annual FiT incentive to be paid by the GSE. Specifically, the proposal outlines a reduction of the original FiT, effective January 2015, between 17% and 25%, depending on the remaining incentive period, offset by an extension of the incentive period from 20 to 24 years. Alternatively, solar power producers can voluntarily elect a flat 8% reduction of the FiT for the remaining incentive period without an extension. In addition, the new decree introduces certain changes to the payment of the FiT, starting July 2014, whereby approximately 10% is delayed until June of the following year.

The final implementation of the law is uncertain, and it is possible that changes to the new decree may be introduced by Parliament. Etrion is working closely with legal advisors and project lenders to assess the implications of the proposed decree.

Management Comments

Marco A. Northland, the Company's Chief Executive Officer, commented, "I am very disappointed with the measures proposed by the Italian government and the impact this could have on the solar market and foreign direct investment in Italy. Although this proposed decree is not yet final, we have started to analyse the potential impact such decree may have on our Italian portfolio and are exploring options to best optimize the economics given Etrion's strong track record in Italy and above expectation performance. The proposed changes highlight the importance of our strategy shift two years ago to diversify into new markets with different contract regimes."

Mr. Northland continued, "All of our growth plans today are focused on countries outside of Europe, and Italy represents less than 50% of our expected installed capacity in 2015. In Chile, construction of the 70 MW Project Salvador is ahead of schedule, and we expect to begin generating electricity by the end of Q4-2014. In Japan, we expect to reach financial close on our first two projects with a combined capacity of 34 MW by the end of Q3-2014 and begin construction by the end of the year."

Investor Conference Call

A conference call/webcast to discuss the proposed changes will be held on Thursday, June 26, 2014, at 10:00 Eastern Daylight Time (EDT) / 16:00 Central European Time (CET).

Dial-in details:

North America and International: +1-647-788-4922 / Toll Free: +1-877-223-4471 / Sweden Toll Free: 02-079-4343

A replay of the telephone conference will be available until July 3, 2014.

Replay dial-in details:

North America and International: +1-416-621-4642 / Toll Free: +1-800-585-8367

Pass code for replay: 64704761

About Etrion

Etrion Corporation is an independent power producer 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. 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% 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 23:05 CET on June 25, 2014.

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 proposed changes to the Italian FiT regime and the development and timing of the Company's projects in Chile and Japan) 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 the changes to the Italian FiT regime going into effect and the ability of the Company to obtain required permits for its projects 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 possibility that the changes to the Italian FiT regime will differ significantly from those currently proposed, uncertainties with respect to the receipt or timing of all applicable permits for the development of the Company's projects, the risk that the Company may not be able to obtain project financing on economic terms and the risk of delays in construction of the Company's projects.

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.

Etrion Corporation
Pamela Chouamier
Investor Relations
+41 (22) 715 20 90

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
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that Cloudbric, a leading website security provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Cloudbric is an elite full service website protection solution specifically designed for IT novices, entrepreneurs, and small and medium businesses. First launched in 2015, Cloudbric is based on the enterprise level Web Application Firewall by Penta Security Sys...
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Enterprises have been using both Big Data and virtualization for years. Until recently, however, most enterprises have not combined the two. Big Data's demands for higher levels of performance, the ability to control quality-of-service (QoS), and the ability to adhere to SLAs have kept it on bare metal, apart from the modern data center cloud. With recent technology innovations, we've seen the advantages of bare metal erode to such a degree that the enhanced flexibility and reduced costs that ...
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.
SYS-CON Events announced today that SoftNet Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. SoftNet Solutions specializes in Enterprise Solutions for Hadoop and Big Data. It offers customers the most open, robust, and value-conscious portfolio of solutions, services, and tools for the shortest route to success with Big Data. The unique differentiator is the ability to architect and ...
In the 21st century, security on the Internet has become one of the most important issues. We hear more and more about cyber-attacks on the websites of large corporations, banks and even small businesses. When online we’re concerned not only for our own safety but also our privacy. We have to know that hackers usually start their preparation by investigating the private information of admins – the habits, interests, visited websites and so on. On the other hand, our own security is in danger bec...
Successful transition from traditional IT to cloud computing requires three key ingredients: an IT architecture that allows companies to extend their internal best practices to the cloud, a cost point that allows economies of scale, and automated processes that manage risk exposure and maintain regulatory compliance with industry regulations (FFIEC, PCI-DSS, HIPAA, FISMA). The unique combination of VMware, the IBM Cloud, and Cloud Raxak, a 2016 Gartner Cool Vendor in IT Automation, provides a co...
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...