Etrion Sheds 45-MW Japanese PV Project, More to Follow in Coming Weeks
Solar power producer Etrion Corp (TSE:ETX) said on Monday it has finalised the sale of its 45-MW Niigata solar park project in Japan in a deal with a gross value of JPY 6.3 billion (USD 54.8m/EUR 44.8m).
The photovoltaic (PV) park, currently being constructed in Niigata prefecture, was offloaded to a Japanese consortium composed of Renewable Japan Co Ltd and Daiichi Life Insurance Co Ltd.
The transaction is part of Etrion’s plan to sell all of its solar assets in Japan and distribute most of the proceeds to shareholders via a return of capital.
As of early-May, the Japan-focused solar company had 57 MW of operation PV capacity in the Asian country, plus the under-construction project. The Niigata plant, which will produce 45 MW of DC power, is due to be hooked to the grid in the fourth quarter of 2021.
Etrion, whose largest shareholder is Sweden’s billionaire Lundin family with a stake of about 36%, said it expects to close the sale of its remaining Japanese assets in the coming weeks.
As it announced previously, if those deals reach completion, Etrion may consider new business opportunities.
(JPY 100 = USD 0.9135/EUR 0.747)
Source: renewablesnow
