Etrion provides operations update
Monday, Jan 20, 2014
Etrion Corporation ("Etrion" or the "Company") (TSX:ETX)(OMX:ETX), a solar independent power producer, announces an operations update, including preliminary production results for the year ended December 31, 2013.
Etrion's solar parks in Italy continue to perform above forecast. During the year ended December 31, 2013, the Company's 17 solar power plants produced 104.9 million kilowatt hours ("kWh") of solar electricity, approximately two percent above forecast primarily as a result of better plant availability and higher solar irradiation. Etrion expects to continue producing more than 100 million kWh of solar electricity from its Italian operations on an annual basis.
Project Salvador Update
The Company's previously announced Project Salvador, a 70-megawatt ("MW") solar project in the Atacama region of Chile, is proceeding as planned. The long-term, non-recourse financing was recently signed with the Overseas Private Investment Corporation (OPIC), and first disbursement of the loan was made in December 2013. SunPower Corp. (NASDAQ:SPWR) received notice to proceed with construction last month, and site preparation is proceeding on schedule. Etrion expects the solar plant to commence partial commercial operations during Q4-2014, with full commissioning expected in early 2015. Upon completion, Project Salvador will enter into a long-term, fixed-price operation and maintenance agreement with SunPower. Once fully operational, Project Salvador is expected to produce approximately 140 million kWh of solar electricity per year net to Etrion's initial 70 percent ownership interest.
Marco A. Northland, the Company's CEO, commented: "We are pleased to announce meeting our 2013 production target of over 100 million kWh of solar electricity. Our Italian operations continue to perform better than expected due to high solar irradiation and efficient asset management. In addition, Project Salvador, our 70 MW solar park under construction in Chile, is expected to be on-time, on-budget and should start generating revenues later this year."