Etrion buys EUR 6.3m of its corporate bonds

Independent solar power producer Etrion Corp (TSE:ETX) announced today it has bought a nominal amount of roughly EUR 6.3 million (USD 7.4m) of its outstanding corporate bonds at par value.

The company said it will hold the bonds as an investment and that they will be reported as such in its financial statements. After this move, Etrion’s annual interest cost will amount to EUR 2.7 million per annum, which represents a 17% reduction.

“I believe it [the purchase] is an excellent use of some of our current liquidity, while also leaving the company with ample cash to continue to execute on our business plan and be fully funded through 2018," said CEO Marco Antonio Northland.

Etrion owns 113 MWp of installed solar capacity in Chile and Japan, and has a further 13 MWp of solar projects under construction in the Asian country.

(EUR 1.0 = USD 1.175)

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