Click here to close now.

SYS-CON MEDIA Authors: Carmen Gonzalez, Kevin Jackson, Peter Silva, Greg Wind, Glenn Rossman

News Feed Item

Etrion Provides Update on Italian Operations and Schedules Investor Conference Call

GENEVA, SWITZERLAND -- (Marketwired) -- 06/25/14 -- Etrion Corporation (Etrion or the Company) (TSX: ETX)(OMX: ETX), a solar independent power producer, provides an update on the Company's Italian operations and schedules an investor conference call at 10:00 Eastern Daylight Time (EDT) / 16:00 Central European Time (CET) on Thursday, June 26, 2014.

Italian Government Proposal

On June 24, 2014, the Italian government published a new decree outlining, among other things, certain proposed changes to the current Italian Feed-in-Tariff (FiT) regime. This decree, effective June 25, 2014, is subject to Parliamentary approval, which is expected to take place within 60 days of the decree's publication, during which time, the new decree may be amended or fully rejected.

The Italian FiT currently entails a 20-year commitment from the Italian state-owned company, Gestore Servizi Energetici (GSE), to pay a constant premium rate for all solar electricity produced at a fixed rate defined on the basis of the connection date. Etrion's Italian solar parks have an average residual incentive period of 16 years. In addition to the FiT, solar power generators in Italy receive the spot market rate for all solar electricity produced. In 2013, the spot market accounted for approximately 15% of Etrion's Italian revenues.

The proposed changes would impact the revenues received by solar power producers by reducing the annual FiT incentive to be paid by the GSE. Specifically, the proposal outlines a reduction of the original FiT, effective January 2015, between 17% and 25%, depending on the remaining incentive period, offset by an extension of the incentive period from 20 to 24 years. Alternatively, solar power producers can voluntarily elect a flat 8% reduction of the FiT for the remaining incentive period without an extension. In addition, the new decree introduces certain changes to the payment of the FiT, starting July 2014, whereby approximately 10% is delayed until June of the following year.

The final implementation of the law is uncertain, and it is possible that changes to the new decree may be introduced by Parliament. Etrion is working closely with legal advisors and project lenders to assess the implications of the proposed decree.

Management Comments

Marco A. Northland, the Company's Chief Executive Officer, commented, "I am very disappointed with the measures proposed by the Italian government and the impact this could have on the solar market and foreign direct investment in Italy. Although this proposed decree is not yet final, we have started to analyse the potential impact such decree may have on our Italian portfolio and are exploring options to best optimize the economics given Etrion's strong track record in Italy and above expectation performance. The proposed changes highlight the importance of our strategy shift two years ago to diversify into new markets with different contract regimes."

Mr. Northland continued, "All of our growth plans today are focused on countries outside of Europe, and Italy represents less than 50% of our expected installed capacity in 2015. In Chile, construction of the 70 MW Project Salvador is ahead of schedule, and we expect to begin generating electricity by the end of Q4-2014. In Japan, we expect to reach financial close on our first two projects with a combined capacity of 34 MW by the end of Q3-2014 and begin construction by the end of the year."

Investor Conference Call

A conference call/webcast to discuss the proposed changes will be held on Thursday, June 26, 2014, at 10:00 Eastern Daylight Time (EDT) / 16:00 Central European Time (CET).

Dial-in details:

North America and International: +1-647-788-4922 / Toll Free: +1-877-223-4471 / Sweden Toll Free: 02-079-4343

A replay of the telephone conference will be available until July 3, 2014.

Replay dial-in details:

North America and International: +1-416-621-4642 / Toll Free: +1-800-585-8367

Pass code for replay: 64704761

About Etrion

Etrion Corporation is an independent power producer that builds, owns and operates utility-scale solar power generation plants. Etrion owns 17 solar power plants in Italy with approximately 60 MW of installed capacity. Etrion is also developing greenfield solar power projects in Chile and Japan. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden under ticker symbol "ETX". Etrion's largest shareholder is the Lundin family, which owns approximately 24% of the Company's shares directly and through various trusts.

Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 23:05 CET on June 25, 2014.

This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to the proposed changes to the Italian FiT regime and the development and timing of the Company's projects in Chile and Japan) constitute forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, assumptions with respect to the changes to the Italian FiT regime going into effect and the ability of the Company to obtain required permits for its projects in a timely fashion and project financing on economic terms. Reliance should not be placed on forward-looking information. Forward-looking information is subject to a number of significant risks and uncertainties and other factors that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, but are not limited to, the possibility that the changes to the Italian FiT regime will differ significantly from those currently proposed, uncertainties with respect to the receipt or timing of all applicable permits for the development of the Company's projects, the risk that the Company may not be able to obtain project financing on economic terms and the risk of delays in construction of the Company's projects.

Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.

Contacts:
Etrion Corporation
Pamela Chouamier
Investor Relations
+41 (22) 715 20 90
www.etrion.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Cisco, the worldwide leader in IT that transforms how people connect, communicate and collaborate, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Cisco makes amazing things happen by connecting the unconnected. Cisco has shaped the future of the Internet by becoming the worldwide leader in transforming how people connect, communicate and collaborat...
WSM International is launching a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. This is the first independent services company to create a dedicated practice to help organizations looking to transition to the DevOps model. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of ...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
DevOps tasked with driving success in the cloud need a solution to efficiently leverage multiple clouds while avoiding cloud lock-in. Flexiant today announces the commercial availability of Flexiant Concerto. With Flexiant Concerto, DevOps have cloud freedom to automate the build, deployment and operations of applications consistently across multiple clouds. Concerto is available through four disruptive pricing models aimed to deliver multi-cloud at a price point everyone can afford.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...