Etrion turns to loss, lifts EBITDA in 2018

Aomori solar park in Japan. Source: Etrion (www.etrion.com).

March 13 (Renewables Now) - Solar energy company Etrion Corp (TSE:ETX) posted a net loss of USD 8.6 million (EUR 7.3m) for 2018, versus a USD-16.5-million profit recorded a year earlier.

Etrion’s earnings before interest, taxes, depreciation and amortisation (EBITDA) almost doubled to USD 7.6 million during the year due to the strong performance of the company's Japanese assets.

In Japan, revenues increased by 27.3% to USD 19.5 million, while EBITDA stood at USD 14.6 million, up by 25% year-on-year.

Details on Etrion’s 2018 financial performance are presented in the table below:

Figures in USD million, unless otherwise noted 2018 2017*
Net profit (loss) (8.6) 16.5
EBITDA 7.55 3.85
Adjusted EBITDA 8 4.7
Revenue 19.5 21.8
Total generation in MWh 56,786 149,048

*The 2017 results include the performance of the Chilean subsidiary, PV Salvador SpA, which Etrion shed in the third quarter of that year.

During the year, Etrion connected the 13.2-MW Komatsu solar plant to the Japanese grid. The company now owns 57 MW of solar in Japan and it expects to continue generating revenues from these assets, benefitting from 20-year power purchase agreements (PPAs).

For 2019, Etrion projects electricity generation of 46.8 GWh-51.8 GWh. Revenues are seen in the range of USD 15.9 million-17.6 million, while project-level EBITDA is forecast at between USD 12 million and USD 13.3 million.

(USD 1.0 = EUR 0.89)

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