Etrion Corporation today announced that it has completed phase one of the previously disclosed sale of its Italian solar portfolio to EF Solare Italia. Etrion expects to complete the balance of the sale (the 6.7MW Helios ITA portfolio) in January 2017.
Etrion intends to use the sale proceeds to advance its solar development activities in Japan and to repurchase a portion of its corporate bond. Etrion has a Euro 80 million corporate bond listed on the Oslo Stock Exchange that matures in April 2019 and pays 8% annual interest.
Marco A. Northland, Etrion's Chief Executive Officer, commented: "The sale of the Italian assets demonstrates our ability to monetize solar assets at multiples of our original investment. The sale proceeds will allow us to accelerate our growth in Japan while, at the same time, deleveraging the company through our previously announced intention to repay part of our corporate bond."