Etrion Corporation, a solar independent power producer, has announced completing the refinancing of a majority of the company’s Italian solar parks with a €222 million (US$235.2 million) portfolio financing including long-term, non-recourse bank debt and project bonds.
The Italian refinancing includes six out of seven of Etrion’s Italian solar projects (10 out of 17 solar plants) for a total of 53.6 MW out of 60 MW of installed capacity.
The closing of the Italian refinancing largely completes the optimization of Etrion’s 60 MW Italian solar portfolio. This initiative will result in a 76% increase to the company’s expected annual Italian cash distributions, from the 2014 run rate of approximately €4.5 million per year to an average annual distribution of approximately €7.9 million per year
Marco A. Northland, the Company’s Chief Executive Officer, commented,
“We are very pleased to close the Italian refinancing, which will result in a significant increase in annual cash distributions from our Italian projects. I congratulate Natixis, our arranger and bookrunner, and the Etrion finance team for completing this innovative solution to free-up cash and create real shareholder value. I am also very grateful to our advisors who worked around the clock with the lenders to close this transaction before year-end.”
Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The company owns 139 MW of installed solar capacity in Italy, Chile and Japan. Etrion has a 25 MW solar project under construction in Japan and is also actively developing solar power projects in Japan and Chile.