Etrion Announces Strategic Partnership in Japan

Etrion Announces Strategic Partnership in Japan 
GENEVA, SWITZERLAND -- (Marketwired) -- 01/07/14 --   Etrion
Corporation ("Etrion") (TSX: ETX)(OMX: ETX), a solar independent
power producer, today announced a strategic partnership with Hitachi
High-Technologies Corporation ("HHT") (TSE: 8036), a subsidiary of
Hitachi, Ltd., for the development, financing, construction,
ownership and operation of utility-scale solar power plants in Japan. 
Japan is one of the largest solar photovoltaic ("PV") markets in the
world today with over 15 gigawatts ("GW") of installed capacity. It
is a relatively low-risk jurisdiction with an attractive solar
feed-in tariff ("FiT") program and low financing costs. The Japanese
government has instituted a strong mandate to increase the use of
renewable energy in Japan's energy mix in order to reduce the
country's dependence on nuclear power. The government plans to
increase the share of renewable energy as a percentage of total power
supply from 10% in 2011 to 25-35% by 2030. Japan has a national solar
power target of 28 GW by 2020. In order to encourage solar power
generation, Japan has implemented an attractive 20-year FiT program
of yen 40 per kWh (US$0.38 per kWh) for projects secured by March 31,
2013, and yen 36 per kWh (US$0.34 per kWh) for projects secured the
following year. The government has also announced various other
policy actions, including regulatory easing, tax incentives and
energy sector reforms. 
Etrion and HHT have signed a development agreement and have been
working closely together for more than one year to form a joint
development team. The partnership is developing a pipeline that is
expected to reach at least 100 megawatts-peak ("MWp") of solar power
generation facilities under construction or shovel-ready in Japan by
2015. Both parties have been providing the key functions required to
successfully execute projects, such as local content, relationships
with utilities and banks, engineering, procurement and construction,
non-recourse project finance as well as operations, maintenance and
asset management services. Etrion and HHT plan to start construction
of the first solar power plant in 2014.  
Marco A. Northland, Etrion's Chief Executive Officer, commented: "We
are extending the range of our partners to position Etrion as a
global platform for growth. Etrion is honored to partner with Hitachi
Hi-Tech and sees this as a key relationship for success in Japan and
other Asian markets. We are very pleased with our progress to date,
and we expect to announce our first projects shortly." 
About Hitachi High-Technologies 
Hitachi High-Technologies Corporation, headquartered in Tokyo, Japan,
is engaged in activities in a broad range of fields, including
Electronic Device Systems, Fine Technology Systems, Science & Medical
Systems, Industrial & IT Systems, and Advanced Industrial Products.
The company's consolidated sales for FY 2012 were more than $6.1
billion. For further information, visit 
About Etrion 
Etrion Corporation is an independent power producer ("IPP") that
builds, owns and operates utility-scale solar power generation
plants. Etrion 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, taxes,
depreciation and amortization ("EBITDA"). Etrion is also developing
greenfield solar power projects in Chile and 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 25% of
Etrion's shares 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"
within the meaning of applicable Canadian securities laws. All
statements, other than statements of historical fact, that address
activities, events or developments that Etrion Corporation (the
"Company") believes, expects or anticipates will or may occur in the
future (including, without limitation, statements relating to the
plans of the Japanese government to increase power supply from
renewable sources and the timing and scope of the new solar projects
anticipated to be developed by the Company and HHT) 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 and develop additional renewable energy projects 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
Japanese government may alter its stated goals for the growth of
renewable energy production, the risk that the Company may not be
able to identify and/or acquire renewable energy projects in the time
frame expected, uncertainties with respect to the receipt or timing
of all applicable permits for the development of such projects and
the risk that the Company may not be able to obtain project financing
on economic terms. 
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. 
Etrion Corporation
Pamela Chouamier
Investor Relations
+41 (22) 715 20 90
Press spacebar to pause and continue. Press esc to stop.