Etrion Corporation (Geneva, Switzerland), an independent solar power producer, on May 12th,
2016 released its consolidated interim financial statements and related
management’s discussion and analysis for the three months ended
March 31st, 2016.
The company generated revenues of USD
9.9 million (2015: USD 10.4 million) in Q1, 2016 its 139 MW portfolio
comprising 23 solar photovoltaic (PV) power plants in Italy, Chile and
Japan.
Recognized earnings before interest, taxes,
depreciation and amortization (EBITDA) was USD 4.4 million (2015: USD
5.5 million) during the three months ended March 31st, 2016.
Gross profit decreased by USD 2.2 million
In Q1, 2016, the company reported a gross profit of
USD 0.2 million (2015: USD 2.4 million) and generated adjusted operating
cash flow of USD 4.5 million (2015: USD 5.6 million). These results
were primarily attributable to lower production and spot electricity
prices in Chile and Italy.
Additional PV projects in Chile and Japan
Etrion advanced the backlog of three PV projects in
Japan for a total capacity of 76 megawatts. Management expects to reach
financial close for these backlog projects within the second half of
2016. The Company is advancing the development of additional projects in
Japan for a combined capacity of 190 MW. Finally, the Company continues
to maintain its shovel-ready 99 MW of PV projects in Chile which are
targeted to be built once Power Purchase Agreements (PPAs) are secured.
The Company is progressing on the construction of
the 25 MW Shizukuishi PV project in northern Japan. The project is on
budget and on schedule, with estimated connection to the electricity
grid by September 2016, Etrion notes.
65.1 million kWh of solar power produced in Q1, 2016
Etrion produced approximately 65.1 million
kilowatt-hours (kWh) of solar power in Q1, 2016 (2015:
64.4 million kWh), from the Company’s 139 MW portfolio comprising
23 solar power plants (2015: 130 MW comprising 18 solar plants) in
Italy, Chile and Japan.
When broken down by country, the Company produced
16.4 million kWh in Italy (2015: 17.0 million kWh), 46.0 million kWh in
Chile (2015: 47.5 million kWh) and 2.8 million kWh in Japan (2015: nil),
representing an overall production increase of 1% quarter-over-quarter.
Spot market electricity prices for Project Salvador continued to be low
“I am very excited about 2016; Japan continues to be
a terrific market for Etrion. Our target is to exit 2016 with over
100 MW of projects connected or under construction and a larger pipeline
for realization in subsequent years,” said Marco A. Northland, the
Company’s Chief Executive Officer.
“In Chile, the team has done a great job by securing
a PPA for 70 gigawatt-hours for Project Salvador, starting in January
2016. The team continues to work around the clock to secure additional
PPAs for the remaining capacity of Project Salvador and our pipeline as
well. Spot market electricity prices for project Salvador continued to
be low during the first quarter of 2016, due to network bottlenecks and
are likely to remain low for the rest of 2016 and a portion of 2017
until network expansion is completed.”
source: http://www.solarserver.com
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