- Renewable power producer, Etrion Corporation (TSX:ETX) has reported a stable first quarter in 2020, and is on track to complete the Niigata solar project in Japan
- Etrion produced 12.5 gigawatt-hours of energy in its first quarter, up 1.3 per cent on 2019’s same quarter
- Construction of the Niigata solar project in Japan remains ongoing and is currently 42 per cent complete
- The company expects to connect the site to Japan’s grid in the final quarter of 2021
- Etrion Corporation (ETX) is down 12.24 per cent, with share trading for C$0.22 and a market cap of $71.8 million
Renewable power producers Etrion (TSX:ETX) has reported a stable first quarter in 2020, and is on track to complete the Japanese Niigata solar project.
Etrion produced 12.5 gigawatt-hours of energy in its first quarter. This is a marginal 1.3 per cent improvement on the company’s production in 2019’s same quarter.
Revenue reflected the marginal increase, up 1.9 per cent when compared to the previous corresponding period.
Despite Japan being one of the first countries outside of China to report increasing cases of COVID-19, the company’s operations in the region have remained ongoing, due to energy assets being deemed essential.
Consequently, construction of Niigata solar project remains ongoing and is currently 42 per cent complete.
The company expects to connect the site to Japan’s grid in the final quarter of 2021. Etrion estimates the solar project will almost double its current installed power capacity.
Marco A. Northland, CEO of Etrion, believes the company’s assets in Japan will remain resilient during the pandemic.
“Our solar plants continue to deliver predictable revenues and EBITDA with strong positive results. Our 45 MW Niigata solar project under construction is on schedule and budget.
“We have taken very strict measures on site to reduce COVID-19 risks. On the development side, our team continues to advance on various initiatives to source new projects for the platform. I am optimistic about our growth potential and our ability to maximize shareholder value in the near-term,” he said.
Despite the stable report, the company’s market share had a turbulent few months. When COVID-19’s economic impact first began to hit the market, Etrion’s share price fell more than 40 per cent.
However, since then the share price has recovered its losses and posted a six-month high in late April.
Etrion Corporation (ETX) is down 12.24 per cent, with share trading for C$0.22 at 1:41pm EDT.
