Etrion Completes Balance of Sale of Italian Solar Portfolio to EF Solare Italia

solar PV projects

Early this year in November Etrion Corporation signed definitive sale and purchase agreement with Ultor S.p.A, a joint venture owned equally by Enel Green Power S.p.A. and Fondo Italiano per le Infrastrutture. Now the company has announced that it has completed phase two of the previously disclosed sale of its Italian solar portfolio to EF Solare Italia, a joint venture owned equally by Enel Green Power S.p.A. and Fondo Italiano per le Infrastrutture “F2i”. EF Solare Italia has purchased Helios Ita S.r.l., which owns 6.4 MW of Etrion’s total portfolio in Italy, for cash consideration of Euro 5.3 million and the assumption of related project-level debt of Euro 23 million. This successfully completes the Company’s disposition of its Italian portfolio.

Marco A. Northland, Etrion’s Chief Executive Officer, said “I am very proud of our executive team across the organization that delivered brilliantly on the first phase of our strategy. Over the last three months we completed the closing of the Italian solar portfolio, monetizing the value of Italy and capturing significant value from its divestiture. We deleveraged our balance sheet by reducing our corporate debt by 50%. In Japan we commenced construction of two new solar parks and connected 24.7 MW. We are exiting 2016 with a very strong cash balance, putting us in a great position to accelerate our growth in Japan, the next phase of our strategy. These results could not have been achieved without our team, which worked around the clock to carry out these objectives.”

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