Etrion exits oil & gas business to focus on solar power
Oct 15, 2013 - Swiss-based Etrion Corp (TSE:ETX) said on Tuesday it had disposed of its non-core legacy oil and gas assets so it could fully focus on the field of solar power generation.
Etrion has divested all of its shares in PFC Oil & Gas CA to an unnamed buyer for USD 5 million (EUR 3.7m), including a USD-2-million payment that is deferred until March 2014. The divested firm has minority stakes in two Venezuelan oil and gas businesses, namely PetroCumarebo and Baripetrol, which are controlled by national oil company Petroleos de Venezuela SA.
Etrion has been paying more attention to the renewable power business since acquiring Solar Resources Holding Sarl in September 2009. The group owns 17 solar power plants in Italy with a total installed capacity of 60 MW. These operations generate over USD 40 million of annual earnings before interest, tax, depreciation and amortisation (EBITDA), according to Etrion.
The company also develops solar power schemes in Chile, where it works on a 70-MW solar park in collaboration with France’s Total SA (EPA:FP).