Etrion Completes Sale of 60 MW Mie Solar Project

GENEVA, Oct. 23, 2020 (GLOBE NEWSWIRE) -- Etrion Corporation (a??Etriona?? or the a??Companya??) (TSX: ETX) (OMX: ETX), a solar independent power producer, announces that it has completed the sale of its investment interest in the Mie 60 MW solar project and received JPY 3.4 billion (approximately US$32.2 million). In addition, Etriona??s subsidiary, Etrion Japan KK, has been paid a development fee of JPY 300 million (approximately US$2.8 million).
Earlier this month, Etrion Japan KK also received a payment of JPY 700 million (approximately US$6.6 million) as compensation for work performed to date. In aggregate, Etrion has received a total of JPY 4.4 billion (approximately US$41.6 million) for this project.Management CommentsMarco Antonio Northland, Etriona??s Chief Executive Officer, commented: a??I am very pleased that we were able to monetize this project and collect almost US$42 million. The Mie transaction greatly strengthens our cash position and provides flexibility on how best to maximize shareholder value.a??About Etrion
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