Solar power producer Etrion Corp (TSE:ETX) on Wednesday unveiled plans to offload its portfolio of photovoltaic (PV) assets in Japan in a bid to “maximise shareholder value.”
The Switzerland-based company currently owns 57 MW of operational solar farms and has a 45-MW project under construction in Niigata prefecture. Mitsubishi UFJ Morgan Stanley Securities Co has been hired to assist Etrion with the potential sale, which has already attracted several non-binding bids from unnamed “strategic and financial investors.” A due diligence procedure has been initiated.
Etrion’s management expects to receive one or more binding proposals by the end of this year. Subject to final agreements and approvals, the sale process is planned to be finalised by the end of 2021’s first quarter.
“If we conclude a sale of the Japanese portfolio next year, we would look to distribute a portion of the proceeds to shareholders in the most efficient way possible,” said CEO Marco Antonio Northland.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.