Total and Etrion to Build World's Largest Solar Merchant Project in Chile

Total and Etrion to Build World's Largest Solar Merchant Project in Chile 
Total, Sunpower and Etrion Partner to Build, Own and Operate 70 MWp
Solar Power Plant in Chile With Financing Secured From Us Overseas
Private Investment Corporation 
PARIS, FRANCE and GENEVA, SWITZERLAND -- (Marketwired) -- 09/26/13 --
Total S.A. ("Total") (PAR:TOTF.PA) and Etrion Corporation ("Etrion")
(TSX:ETX)(OMX:ETX) today announced the planned construction of
Project Salvador, the world's largest solar power project based on
spot market electricity ("merchant") revenues.  
Project Salvador will be a 70 megawatt-peak ("MWp") photovoltaic
power plant in the Atacama region of Chile. Pursuant to the terms of
the related purchase agreement, Etrion, Total and Solventus Energias
Renovables ("Solventus") will own 70%, 20%, and 10% interests,
respectively, in the project. The total project cost of approximately
US$200 million will be financed 70% through non-recourse project debt
from the Overseas Private Investment Corporation ("OPIC"), the US
Government's development finance institution. The remaining 30%
equity portion will be funded by Etrion, Total and Solventus, based
on their respective ownership interests. 
Project Salvador will be built by Total's affiliate, SunPower
Corporation ("SunPower") (NASDAQ: SPWR), a US solar energy leader
offering solutions unmatched in efficiency, reliability and
performance. Project Salvador will also enter into a long-term fixed
price operation and maintenance agreement with SunPower.  
"Project Salvador is an important step in the process of transforming
the capabilities of solar power in the world. This merchant project
confirms that solar energy is becoming competitive with other
conventional energy sources," said Philippe Boisseau, President,
Marketing & Services and New Energies and a member of the Executive
Committee of Total. He continued, "Solar power is a compelling
proposition in Chile due to the amount of solar irradiation received
every day in the region. Combined with Chile's high electricity
prices, large energy demand and low construction costs, solar can
compete with traditional sources of electricity in Chile without
government subsidies. As a world leader in the solar industry, we are
proud to launch with our partners the largest solar merchant project
in the world, and we are pleased to assist Chile in the
diversification of its energy mix. We look forward to further
developing our solar activities in the country." 
Marco A. Northland, Etrion's Chief Executive Officer, commented:
"This is a very exciting opportunity for Etrion to work alongside
Total, SunPower and Solventus in Chile. Project Salvador will
demonstrate that solar is a viable and sustainable power solution in
Chile given the strong solar irradiation and high electricity prices
in the region. This project diversifies our portfolio in terms of
geography and contract regime, demonstrates our ability to compete
with traditional sources of electricity in a non-subsidy environment
and provides a clear platform for growth that will give Etrion the
option to declare dividends in the future." 
Chile has an investment grade rating and offers attractive investment
opportunities for leading financial institutions to provide
non-recourse project finance. Project Salvador will be financed 70%
by OPIC with US dollar-denominated, non-recourse project debt with a
19.5-year tenor. The debt financing was approved by OPIC's Board of
Directors on September 19, 2013, with financial close expected in the
fourth quarter of this year.  
About Project Salvador  
The company in which Etrion, Total and Solventus will hold their
respective ownership interests holds the licenses, land rights and
permits necessary to build, own and operate Project Salvador. Project
Salvador will initially operate on a merchant basis where the
electricity produced will be sold on the spot market and delivered to
the Sistema Interconectado Central ("SIC") electricity network, with
the ability to secure future power purchase agreements ("PPAs"). The
solar power plant will be built on 133 hectares leased from the
Chilean government through a long-term concession. The facility will
connect through the power infrastructure of Corporacion Nacional del
Cobre de Chile ("Codelco"). 
Construction is expected to start during the fourth quarter of 2013,
and Project Salvador is expected to be operational by the first
quarter of 2015 at the latest. SunPower will install their SunPower
Oasis(TM) Power Blocks system, a fully integrated solution utilizing
SunPower's high efficiency solar panels and single-axis trackers.  
Once operational, Project Salvador is expected to produce
approximately 200 gigawatt-hours of solar electricity per year,
enough to supply electricity to approximately 60,000 people in Chile. 
About Total 
Total is one of the largest integrated oil and gas companies in the
world, with activities in more than 130 countries. The Group is also
a first rank player in chemicals. Its 97,000 employees put their
expertise to work in every part of the industry - exploration and
production of oil and natural gas, refining and marketing, new
energies, trading, and chemicals. Total is working to help satisfy
the global demand for energy, both today and tomorrow.  
Total is striving to diversify its supply to help meet growing energy
demand in the long term. The Group holds a 66% stake in SunPower, a
world leader in solar energy. Additionally, Total is actively engaged
in a number of renewable research and development projects, such as
solar and biomass. More information is available at: 
About Etrion 
Etrion Corporation is an independent power producer that owns and
operates renewable assets. Etrion currently has approximately 60 MWp
of operational, ground-based solar photovoltaic power plants in
Italy. Etrion is pursuing opportunities in Chile to complement its
existing business by developing solar projects with long-term PPAs or
at merchant. Etrion is listed on the Toronto Stock Exchange in Canada
and the NASDAQ OMX Stockholm exchange in Sweden. Etrion's largest
shareholder is the Lundin family, which currently owns 24.5% of
Etrion directly and through various trusts. Additional information is
available at: 
Note: A megawatt-peak (MWp) = 1 million peak watts. A peak watt, the
unit used to rate the performance of photovoltaic collectors, will
deliver 1 watt of electricity under standard conditions of 1,000
watts of light intensity per square meter and an ambient temperature
of 25 degrees C. 
Forward-Looking Information: 
This press release contains certain "forward-looking information".
All statements, other than statements of historical fact, that
address activities, events or developments that Etrion and/or Total
believe, expect or anticipate will or may occur in the future
(including, without limitation, statements relating to their
anticipated plans to build, operate and finance Project Salvador,
including, without limitation, its anticipated construction and
operation start dates, the terms and methods under which Project
Salvador will be built and operate (including through SunPower), the
anticipated amount of solar electricity power to be produced from
Project Salvador and the extent to which such power will supply the
Chilean market, expected revenues to be derived, from Project
Salvador, the anticipated impact of the development of Project
Salvador on Chile and generally, as well as sources of
financing).This forward-looking information reflects the current
expectations or beliefs of Etrion and/or Total, as the case may be,
based on information currently available to them as well as certain
assumptions (including that all necessary financing and regulatory or
other approvals will be obtained and that Project Salvador will be
developed and operated in a manner consistent with the expectations
of Etrion and Total). Forward-looking information is subject to a
number of significant risks and uncertainties and other factors that
may cause actual results 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, Etrion or
Total. Factors that could cause actual results or events to differ
materially from current expectations include, but are not limited to,
the failure to obtain necessary financing or approvals to complete
construction of Project Salvador or to operate it as expected, the
failure to satisfy conditions precedent to the completion of the
acquisition of the project interests as well as unexpected delays in
starting or completing the construction of Project Salvador and
resulting delays in the start of operations. 
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, Etrion and Total disclaim any intent or obligation to update
any forward-looking information, whether as a result of new
information, future events or results or otherwise. Although Etrion
and Total believe 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.
Quentin Vivant
Press officer
+33 1 41 35 37 44 
Paul Naveau
Press officer
+33 1 41 35 22 44 
Marco A. Northland
Chief Executive Officer
+41 (22) 715 20 90
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