Etrion says Japanese assets deliver strong 2017 results

Aomori solar park in Japan. Source: Etrion (www.etrion.com).

Etrion SA (STO:ETX), the solar independent power producer now focused on Japan, today said its Japanese assets performed at or above the high-end of the company's guidance in 2017.

After a decision to deconsolidate its Chilean subsidiary, Etrion in November 2017 provided a revised production, revenue and project-level EBITDA estimates for 2017 based on its Japanese assets only.

Production in 2017 was 2.3% above the higher end of the forecast range, while project-level earnings before interest, tax, depreciation and amortisation (EBITDA) came 6.5% above the high end.

Below is a summary of the performance, net to Etrion's interest:

In USD million, unless specified	2017 result	Guidance
Energy generation (MWh)	36,018	33,500-35,200
Revenue	12.7	11.5-12.7
Project-level EBITDA	9.2	7.8-8.6

"On the development side, we have made excellent progress, moving closer to beginning construction on 100 MW (net 75 MW) capacity in Japan within the next 9-12 months," said chief executive Marco Northland.

The company's Japanese backlog currently includes four projects totalling 190 MW, in which Etrion will own between 50% and 100%.

"In addition to our backlog, our team remains very active on securing new opportunities expanding our pipeline and look forward to providing further update once they reach backlog stage," the CEO said.

(USD 1 = EUR 0.811)

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