Etrion enters deal to sell Niigata Solar Project for JPY6.3 billion

Etrion Corporation, a solar independent power producer, through its wholly-owned subsidiaries Solar Resources Holding Sàrl, Etrion Services (Japan) K.K., and Etrion (Japan) K.K. have entered into agreements to sell their interests in the 45 MW Niigata solar project under construction with Renewable Japan Co. Ltd, and Daiichi Life Insurance Company Limited for an aggregate net purchase price of approximately JPY6.3 billion (US$57.45 million), subject to certain adjustments at closing. 

Niigata is a 45 MW ground-mounted fixed-tilt solar photovoltaic power project built on 75.7 hectares of owned land in the Niigata prefecture of Japan. It is expected to produce approximately 47 gigawatt-hours of solar electricity per year, enough to supply more than 13,000 Japanese households.

Completion of the sale of the Niigata Project pursuant to the Transfer Agreements is subject to certain conditions precedent including, all necessary regulatory, shareholder, and third-party approvals. The closing of the Niigata Project transaction is currently expected to take place before the end of June 2021. The Niigata project and the previously announced 3 operating assets (Komatsu, Mito, and Shizukuishi) are being sold with their respective project debts, which means that the total cash consideration announced, less transaction-related expenses, will be received by Etrion at their respective completion dates.