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  • Swiss-based Etrion Corporation has completed the sale of its interests in the company’s 45 MW Niigata solar project
  • The project is under construction and was sold to Renewable Japan and Daiichi Life Insurance Company Limited
  • Gross proceeds amounted to approximately US$ 57.3 million.
  • Etrion anticipates completing the sale of its other Japanese solar projects in the coming weeks
  • Etrion Corporation is down 1.23 per cent, trading at C$0.40 at 9:30 am ET

Swiss-based Etrion Corporation has completed the sale of its interests in the company’s 45 MW Niigata solar project.

The sale of the under-construction-project to Renewable Japan and Daiichi Life Insurance Company Limited amounted to gross proceeds of approximately US$ 57.3 million.

Etrion anticipates completing the sale of its other Japanese solar projects in the coming weeks.

The proceeds of the sales, together with the proceeds from the sale of the Niigata project, will allow the independent power producer to complete its previously announced reduction of capital and cash distribution to shareholders.

“The sale of the 45 MW Niigata solar project represents the first step in completing the sale of all of Etrion’s Japanese solar projects which was recently approved by the shareholders of the company,” said Etrion Chief Executive Officer Marco A. Northland.

Etrion Corporation develops, builds, owns and operates utility-scale solar power generation plants. The company’s largest shareholder is the Lundin family, which owns approximately 36 per cent of the Company’s shares directly and through various trusts.

Etrion Corporation is down 1.23 per cent, trading at C$0.40 at 9:30 am ET.

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