GENEVA, SWITZERLAND — (Marketwired) — 10/31/13 — Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX)(OMX: ETX), a solar independent power producer, announces preliminary production results for the third quarter of 2013.
Operational Performance
Etrion–s solar parks in Italy continue to perform above forecast. During the three months ended September 30, 2013, the Company–s seventeen solar power plants produced 37.7 million kilowatt hours (“kWh”) of solar electricity, approximately 5% above forecast and 6% above the comparable period in 2012 due primarily to higher solar irradiation. Etrion expects to produce over 100 million kWh of solar electricity in 2013.
The Company–s solar park operations show an improving trend with a weighted average availability of 99.4% in Q3 2013 compared to 98.5% in Q3 2012. A solar park–s availability measures the amount of time it is able to generate power during daylight hours.
The improving trend in operations is also demonstrated by weather-adjusted production increasing 1% in Q3 2013 compared to Q3 2012. A solar park–s weather-adjusted production rescales actual production to standard solar irradiation.
Management Comments
Marco A. Northland, the Company–s Chief Executive Officer, commented: “Our solar operations continue to perform better than expected due to high solar irradiation and efficient asset management. We look forward to integrating the new Chilean projects into our operations and maintenance platform next year.”
About Etrion
Etrion Corporation is an independent power producer (“IPP”) that builds, owns and operates utility-scale solar power generation plants. The Company owns 17 solar power plants in Italy with approximately 60 MW of installed capacity. The Italian operations generate more than US$40 million of annual earnings before interest, taxation, depreciation and amortization (“EBITDA”). Etrion is also developing solar power projects in Chile, including a 70 MW solar park in partnership with Total SA. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under the ticker symbol “ETX”. Etrion–s largest shareholder is the Lundin family, which owns approximately 25% of the Company–s shares directly and through various trusts.
For additional information, please visit the Company–s website at .
Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).
Forward-Looking Information:
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the Company–s anticipated electricity production) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, the ability of the Company to acquire additional renewable energy projects, enter into power purchase agreements with industrial clients and obtain project financing on economic terms. Reliance should not be placed on forward-looking information. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the risk that the Company may not be able to identify and/or acquire other renewable energy projects.
Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Contacts:
Etrion Corporation
Pamela Chouamier
Investor Relations
+41 (22) 715 20 90