|By Marketwired .||
|September 1, 2014 10:00 PM EDT||
GENEVA, SWITZERLAND and TOKYO, JAPAN -- (Marketwired) -- 09/01/14 -- Etrion Corporation ("Etrion") (TSX: ETX)(OMX: ETX) and Hitachi High-Technologies Corporation ("Hitachi High-Tech") (TSE: 8036), a subsidiary of Hitachi, Ltd. ("Hitachi") today announced the planned construction of 34 megawatts ("MW") in Japan with financing arranged by Sumitomo Mitsui Trust Bank, Limited ("SuMi Trust").
Marco A. Northland, Etrion's Chief Executive Officer, commented: "I am honoured to be working alongside Hitachi High-Tech and SuMi Trust in Japan. Japan is one of the largest solar photovoltaic ("PV") markets in the world and having strong local partners has been instrumental in enabling us to succeed in this exciting market. Etrion is one of the first foreign Independent Power Producers ("IPPs") to secure financing to build utility-scale solar plants in Japan and we are now well positioned to replicate this model with Hitachi High-Tech to accelerate our growth plans. These projects expand Etrion's geographic footprint providing a clear diversified platform for growth bringing Etrion closer to its objective of being in a position to declare dividends in the future."
Hidenori Nagao, Hitachi High-Tech's Vice President and Executive Officer and General Manager of Global Trading Group, commented: "It is our great honour to launch business in Japan's emerging solar market with Etrion, who has a proven track record in the solar industry. These projects will be built with our proven technical capabilities in engineering, procurement and construction ("EPC") using Hitachi's highly efficient and reliable solar PV power generation systems. Hitachi High-Tech, together with Etrion, are targeting a total of 100 MW by 2015 and a total of 300 MW by 2017, including these first two projects."
Kengo Noguchi, SuMi Trust's Executive Officer and General Manager of the Structured Finance Department, commented: "We are very proud to partner with Etrion and Hitachi High-Tech in developing their first two solar projects in Japan. SuMi Trust is committed to supporting the country's shift to clean energy and we look forward to assisting Etrion and Hitachi High-Tech as they execute their growth plans, bringing more solar projects into the energy mix in Japan."
Shizukuishi Solar Project (24.7 MW)
Shizukuishi is a 24.7 MW utility-scale solar PV power plant to be built in the Iwate Prefecture of Japan. Construction-related works are expected to commence in October 2014 and the solar project is expected to be operational by the end of 2016. The solar power plant will be built on 51 hectares of leased land and the facility will connect through the Tohoku Electric Power Co., Inc. utility ("Tohoku Electric Power utility"). The project will enter into a power purchase agreement ("PPA") with the Tohoku Electric Power utility to receive yen 40 per kilowatt-hour ("kWh") produced (approximately US$0.39 per kWh).
Once operational, Shizukuishi is expected to produce approximately 25.6 gigawatt-hours ("GWh") of solar electricity per year.
Mito Solar Project (9.3 MW)
Mito is a 9.3 MW utility-scale solar PV power plant to be built in the Ibaraki Prefecture of Japan. Construction is expected to commence in September 2014 and the solar project is expected to be operational by the end of 2015. The solar power plant will be built on 27 hectares of leased land and the facility will connect through the Tokyo Electric Power Company utility. The project will enter into a PPA with the Tokyo Electric Power Company utility to receive yen 40 per kWh produced (approximately US$0.39 per kWh).
Once operational, Mito is expected to produce approximately 10.3 GWh of solar electricity per year.
The total project cost for both projects will be financed approximately 80% through project debt from SuMi Trust with an 18-year tenor. The remaining approximate 20% equity portion will be funded by Etrion and Hitachi High-Tech based on their respective ownership interests of approximately 87% and 13%.
These projects will be built by Hitachi High-Tech using the proven EPC capabilities of Hitachi. Hitachi High-Tech will provide highly efficient PV generation systems that incorporate Hitachi's power conditioning systems (maximum efficiency: 98.8% at the world's highest standard / maximum direct current voltage input: 1,000 volts) and their amorphous transformers which are more efficient in practical load and can reduce standby power loss by 70% compared with Hitachi's conventional silicon-steel-cored transformers. Operations and maintenance ("O&M") services will be provided by Hitachi High-Tech through a long-term fixed-price agreement for each project.
Japan is one of the largest solar PV markets in the world with over 14 gigawatts ("GW") of installed capacity with a national solar power target of 28 GW by 2020.
In 2012, Etrion and Hitachi High-Tech signed a development agreement to develop a pipeline of solar assets in Japan. Under this agreement, both parties provide the key functions necessary to successfully develop, build and operate solar projects in Japan (including, but not limited to, obtaining the relevant permits and authorizations to build and operate the solar power facilities, developing relationships with local utilities and land owners, performing the EPC-related services and providing O&M and asset management-related services). Shizukuishi and Mito are the first solar projects to be built under this arrangement and the companies are targeting to reach 100 MW by 2015 either under construction or shovel-ready.
About Hitachi High-Tech
Hitachi High-Technologies Corporation, headquartered in Tokyo, Japan, is engaged in a broad range of fields, including Electronic Device Systems, Fine Technology Systems, Science & Medical Systems, Industrial & IT Systems, and Advanced Industrial Products. The company's consolidated sales for 2013 were more than US$6.2 billion. Additional information is available at: www.hitachi-hitec.com/global
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 and has a 70 MW solar project in Chile under construction that is expected to be operational by the end of 2014. Etrion is also actively 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". Additional information is available at: www.etrion.com
Subscribe to receive Etrion's press releases by email as soon as they are published. Click here to subscribe
Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 4:00am Central European Time (CET) on September 2, 2014.
This press release contains certain "forward-looking information". All statements, other than statements of historical fact, that address activities, events or developments that Etrion and/or Hitachi High-Tech believe, expect or anticipate will or may occur in the future (including, without limitation, statements relating to their anticipated plans to build, operate and finance the Shizukuishi and Mito solar projects, including, without limitation, the anticipated construction and operation start dates, the terms and methods under which the solar projects will be built and operate and the anticipated amount of solar electricity power to be produced from the solar projects and statements related to Etrion's and Hitachi High-Tech's targets for the construction and development of additional projects, Etrion's objective to declare dividends in the future and Japan's national target for solar power generation). This forward-looking information reflects the current expectations or beliefs of Etrion and/or Hitachi High-Tech, as the case may be, based on information currently available to them as well as certain assumptions (including that all necessary financing and regulatory or other approvals will be obtained and that current and future solar projects will be developed and operated in a manner consistent with the expectations of Etrion and Hitachi High-Tech). Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause actual results 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, Etrion or Hitachi High-Tech. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the failure to obtain necessary financing or approvals to complete construction of the solar projects or to operate them as expected, unexpected delays in starting or completing the construction of the solar projects and resulting delays in the start of operations, the inability of Etrion and Hitachi High-Tech to identify and/or acquire additional renewable energy projects on economic terms, the inability of Etrion to generate sufficient earnings from its projects to support the payment of dividends and possible reductions in Japan's target for solar power generation.
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, Etrion and Hitachi High-Tech disclaim any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although Etrion and Hitachi high-Tech believe 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.
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 24, 2015 08:00 PM EST Reads: 335
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 24, 2015 07:30 PM EST Reads: 339
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 24, 2015 06:00 PM EST Reads: 366
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 24, 2015 06:00 PM EST Reads: 317
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 24, 2015 05:30 PM EST Reads: 141
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
Nov. 24, 2015 04:30 PM EST Reads: 283
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 24, 2015 03:45 PM EST
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 24, 2015 03:30 PM EST Reads: 459
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Nov. 24, 2015 03:30 PM EST Reads: 135
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Nov. 24, 2015 03:30 PM EST Reads: 507
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 24, 2015 03:00 PM EST Reads: 284
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 24, 2015 03:00 PM EST Reads: 404
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Nov. 24, 2015 02:15 PM EST Reads: 257
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 24, 2015 02:00 PM EST Reads: 416
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 24, 2015 01:45 PM EST Reads: 406