Etrion records improved EBITDA in Q1

Solar power producer Etrion SA (TSE:ETX) this week reported improved EBITDA for the first quarter of 2018, reflecting higher installed capacity and power generation in Japan and reduced corporate overhead.

The company has 44 MW of installed solar capacity in Japan. In the first quarter, its production and revenues in Japan were up 9% and 12% year-on-year, respectively.

Etrion expects to bring online the 13.2-MW Komatsu solar project in western Japan by the end of the second quarter of 2018. "We have also made significant progress on the development of three key projects in the backlog, with an aggregate net capacity of about 100 MW, targeting to commence construction within the next 12-18 months," said chief executive Marco Northland.

According to the CEO the company has enough liquidity to fund its backlog projects. "I am very excited at the prospects over the next 12 months in the Japanese market and look forward to bringing new projects to financial close," added Northland.

The company lost control for IFRS purposes of its Chilean subsidiary PV Salvador SpA in September 2017.

(USD 1 = EUR 0.838)

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