Etrion Announces Agreement To Sell The 9.5 MW Misawa Solar Project To Japanese Consortium
Etrion Corporation, a solar independent power producer, announced that Solar Resources Holding Sàrl and Etrion Japan K.K., wholly-owned subsidiaries of the Company, have entered into agreements (the “Transfer Agreements)” to sell their interests in the Company's 9.5 MW Misawa operating solar energy project to a Japanese company, GK Misawa Solar, for an aggregate net purchase price of approximately JPY 1.6 billion (or USD 14.6 million), subject to certain adjustments at closing.
Completion of the sale of the 9.5 MW Misawa project pursuant to the Transfer Agreements is subject to certain conditions precedent including all necessary regulatory and third-party approvals, as well as the buyer being satisfied with the Company's recovery plan for the Misawa project. The closing the transaction is currently expected to take place before the end of July 2021.
Marco A. Northland, Etrion's Chief Executive Officer, commented: “We are very pleased to have signed the agreement for the sale of the 9.5 MW Misawa solar operating project; in parallel, we are extremely focused in completing the repair plan for the full recovery of the plant ahead of the expected closing of the transaction before the end of July.”
Etrion was advised on this transaction by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.