Etrion posts Q3 profit on gain from Chilean unit deconsolidation

Independent solar power producer Etrion Corp (STO:ETX) today reported a net profit from continuing operations of USD 35.2 million (EUR 30m) for the third quarter of 2017, versus a loss of USD 92.6 million a year earlier.

The profit includes a USD-41-million gain on the deconsolidation of the company's 70%-owned Chilean subsidiary, PV Salvador SpA, that owns the licenses and rights to operate a 70-MW solar power project in northern Chile. Last year Etrion booked impairment charges against the project due to a negative outlook for long-term power prices in the Chilean market. It now said it lost control of Salvador for IFRS purposes on September 30, 2017 as the adverse market conditions mean that only the project lender bank would be affected by the returns on the project.

More details of the firm's performance:

The increase in revenues reflects higher installed capacity and electricity generation. Etrion says it owns 114 MW of installed solar capacity in Chile and Japan. It has another 190 MW of projects, on a gross basis, in Japan targeted to reach financial close in the next two years.

(USD 1 = EUR 0.853)

Choose your newsletter by Renewables Now. Join for free!