Etrion eyes expansion in Canada - report

Nov 12, 2014 - Swiss-based solar power producer Etrion Corp (TSE:ETX, STO:ETX) intends to expand its operations to Canada within a couple of years, the Globe and Mail said yesterday, citing its CEO.

The company, whose biggest shareholder is the Lundin family, is keen for a dramatic growth, especially in the Americas, CEO Marco Northland told the paper. At present, Etrion owns 60 MW of photovoltaic (PV) capacity in Italy and also has projects in Japan and Chile.

For Canada, in particular, Etrion intends to start some project development by the end of next year and commence construction activities in 2016, Northland said during a visit in Toronto. In addition, the firm may open an office in Canada that will focus on the provision of solar services for the mining sector, thus developing a niche market for off-grid installations.

In the next year or so, Etrion plans to boost its PV project portfolio to about 240 MW. Bloomberg reported last week, citing Northland, that the Swiss firm intends to spend USD 1 billion (EUR 801m) to develop more projects in Chile and Japan in the next three years.

(USD 1.0 = EUR 0.801)

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