Marco Northland reports
ETRION RECEIVES FINAL INSTALLMENT OF JPY 200 MILLION ($1.8 MILLION) FROM KUMAMOTO SALE
Etrion Corp. has collected the final instalment of 200 million Japanese yen ($1.8-million) under the rights sale agreement for the 45-megawatt Kumamoto solar park project rights in the Kumamoto prefecture of southern Japan. In December, 2018, Etrion reached an agreement and transferred all the rights of the Kumamoto solar park project to the original developer for total consideration of 610 million Japanese yen ($5.5-million), of which 410 million Japanese yen ($3.7-million) was previously collected by Etrion, and the remaining 200 million Japanese yen ($1.8-million) was received yesterday upon meeting certain conditions associated with the permitting of the project.
Marco A. Northland, Etrion's chief executive officer, commented, "I am very pleased to announce that we received the full amount under the Kumamoto rights sale agreement of approximately $5.5-million and that we continue to deliver on the objectives outlined for 2019."
About Etrion Corp.
Etrion is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The company owns and operates 57 MW of solar capacity and owns the 45 MW Niigata project under construction, all in Japan. Etrion also has several projects in the backlog and pipeline at different stages of development in Japan.
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