Etrion completes the sale of its last non-core solar asset
GENEVA, May 14, 2020 (GLOBE NEWSWIRE) — Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), an independent solar power producer, has sold its 70% ownership in PV Salvador, a solar power plant operating in northern Chile, to Innergex Renewable Energy Chile Spa.
Marco Antonio Northland, Etrion’s Chief Executive Officer, commented: “I am pleased to complete the sale of our solar park in Chile. This was our last non-core asset outside of Japan which was carried at zero value on our balance sheet after being fully deconsolidated in September 2017. The Salvador sale allows Etrion to further streamline our corporate structure and to continue focus on maximizing the value of our platform in Japan.”Etrion has not consolidated Salvador’s financial position and performance since September 30, 2017, when management concluded that Etrion no longer met the control criteria in accordance with IFRS. The retained investment in Salvador was accounted for as an equity investment and recorded at a fair value of nil.About Etrion