Etrion provides update on operations
Thursday, Jul 12, 2012Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), an independent power producer, is pleased to provide an update on operations.
Etrion's current platform, of approximately 60 megawatts ("MW") of operating solar power projects in Italy, continues to perform above forecast. In June 2012, the Company produced over 14 million kWh of solar electricity (approximately 9% above forecast), more than 30% above the comparable period in 2011. During the six months ended June 30, 2012, the Company produced over 57 million kWh of solar electricity (approximately 10% above year-to-date forecast), an increase from 42 million kWh produced during the comparable period in 2011. Etrion expects to produce over 100 million kWh of solar electricity in 2012, increasing its annual production by more than 15% compared to 2011.
The Company continues to implement new measures to optimize the performance of its solar power projects as well as more efficient tools to increase real time visibility into the solar plants' performance which should translate into reduced outages per year and increased yields. The Company is also consolidating third party services to achieve better economies of scale and higher service level agreements.
Marco A. Northland, the Company's Chief Executive Officer, commented: "I am very pleased with the leadership of our asset management organization and their continued drive to further improve control, monitoring and operational performance, resulting in higher power production. Such activities do not only result in higher kWh produced but they prepare our platform for international expansion. We have implemented several tools and systems to optimize performance and we will continue to explore new ways to streamline operations and increase production where possible. 2012 continues to be an exciting year for us as we execute on our new development initiatives and pursue other opportunities to increase installed capacity."