Etrion Completes Oria Solar Park in Italy

GENEVA, Switzerland--(BUSINESS WIRE)--Regulatory News:
 
Etrion Corporation (“Etrion” or the “Company”) (TSX:ETX) (OMX:ETX), an independent solar power producer, today announced the completion of the Oria solar park in Puglia, Italy.

Marco Northland, Etrion’s CEO, commented, “We are pleased to announce the completion of the Oria solar park built by SunPower. We expect to connect the remaining 2 MW of our SVE portfolio in Italy before the end of the year. We are happy to supply clean energy to the holiday lights in Puglia.”

The 1 MW Oria park is expected to produce over 1.7 million kilowatt hours (“kWh”) of clean electricity and more than 600,000 euros of earnings before interest, taxes, depreciation and amortization (“EBITDA”) per year.

The project benefits from the 2010 feed-in-tariff of 0.346 euros per kWh plus a market price of approximately 0.08 euros per kWh.

The Italian feed-in-tariff is a premium purchase price for solar electricity that is guaranteed by the Italian government for 20 years from the start of operations.

The 1 MW Oria park is a ground-based solar PV power plant using SunPower’s high-efficiency PV modules and single axis tracker technology with Siemens inverters.

Centrobanca, an Italian bank, provided 83% of the financing for the project with a 17.5-year, non-recourse loan.