Etrion Corporation (TSX:ETX) (OMX:ETX), a solar independent power producer, announces that the first two sites of the Aomori solar project totaling 5.3 megawatts have been connected to the grid and will start recognizing revenues following testing by the end of February 2017. These first two sites, built by Hitachi High-Technologies, were completed on time and on budget.
Aomori is a 9.5 MW utility-scale solar photovoltaic power project with four sites in the Aomori prefecture of Japan. The remaining two sites under construction are expected to be fully operational by the third quarter of 2017 as originally planned. Each Aomori site has a twenty-year power purchase agreement with the Tohoku Electric Power utility and will receive ¥36 per kilowatt-hour (“kWh”) produced (approximately US$0.35 per kWh). Once fully operational, the Aomori solar project is expected to produce approximately 10.7 gigawatt-hours of solar electricity.
Marco A. Northland, Etrion’s Chief Executive Officer, commented, “We continue to make significant progress in Japan, and we are very happy to increase our installed capacity on time and on budget. I congratulate every stakeholder in the Aomori project for performing brilliantly.”
In Japan, Etrion now has 39.3 MW operational and 17.4 MW under construction.
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns 109 MW of installed solar capacity in Chile and Japan. Etrion has 17 MW of solar projects under construction in Japan and is also actively developing additional greenfield solar power projects in Japan. Etrion is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm Exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 24% of the Company’s shares directly and through various trusts.
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