Etrion Corporation, 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, Etrion’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 Comments
Marco Antonio Northland, Etrion’s Chief Executive Officer, commented: “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.”
