Etrion repays EUR-28m loan with project financing facility

Nov 3, 2011 - Swiss-based and Italy-focused solar energy company Etrion Corp (TSE:ETX, STO:ETX) today said it has repaid a EUR-28-million (USD 38.6m) short-term bridge loan with a non-recourse project financing facility.

The company has completed the drawdown of a previously announced project finance facility totalling EUR 60 million, agreed with Natixis SA (EPA:KN), WestLB and Mediocreval. The facility covers 84% of the project costs of five operational solar plants with a combined capacity of 17.8 MW in Italy and matures in 18 years from the start of operations.

The bridge loan was extended by investment firms Lorito Holdings Sarl and Zebra Holdings & Investment Sarl, both wholly owned by trusts of the Lundin family.

The projects under the financing are expected to produce 28 million kWh of electricity a year, bringing some EUR 9 million of earnings before interest, tax, depreciation and amortisation (EBITDA) annually, Etrion said.

(EUR 1 = USD 1.378)

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