Etrion publishes update on solar assets

Etrion Corporation, a solar independent power producer (IPP), has announced an operations update and preliminary production results for the three months ended September 30, 2015.

In Italy Etrion’s 100%-owned 60 MW solar portfolio produced approximately 34.6 million kWh of electricity, similar to the comparable period in 2014.

In Chile Etrion’s 70%-owned 70 MW Salvador solar power plant located north of the country produced approximately 36.5 million kWh of electricity, below expectations due to lower than expected solar irradiation. Project Salvador began operations in January 2015. The electricity produced is sold on the spot market and delivered to the Sistema Interconectado Central (SIC) electricity network. The project executed a long-term power purchase agreement (PPA) with EE-ERNC-1, an investment grade off-taker. The PPA is for approximately 35% of Project Salvador’s production for 15 years starting January 1, 2016, at approximately US$0.10 per kWh. Project Salvador is seeking additional PPAs to secure its long-term revenues.

In Japan Etrion completed construction of its 87%-owned 9.3 MW Mito solar project in the Ibaraki Prefecture of Japan. All five sites of the Mito cluster have been operational since August, producing a total of approximately 2.6 million kWh of electricity during the third quarter of 2015. The project has a 20-year PPA with Tokyo Electric Power Company (TEPCO). Addiyionally, Etrion’s 87%-owned 24.7 MW Shizukuishi solar project is under construction on one site in the Iwate Prefecture of Japan. The project has a 20-year PPA with the Tohoku Electric Power utility.