Etrion's Japanese solar assets show increased results in Q2
Aomori solar park in Japan. Source: Etrion (www.etrion.com).
Japan-focused solar power producer Etrion Corp (TSE:ETX) on Wednesday reported an year-over-year rise in second-quarter consolidated adjusted EBITDA on the back of higher installed capacity and electricity production in Japan and corporate overhead reduction.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) rose to USD 3.7 million (EUR 3.2m) from USD 2.2 million in the second quarter of 2017.
In Japan, revenues were up 21%, while production increased 22%. The 13.2-MW Komatsu solar project in western Japan became fully operational in May 2018 and the company says it has 390 MW of projects in different stages of development in the country, with 105 MW of them targeting to reach financial close within the next 12 months. "We continue to have a solid cash position with sufficient liquidity to fund our backlog projects," said chief executive Marco A Northland. The company currently owns 57 MW of solar capacity in Japan.
Etrion, which deconsolidated its Chilean operating subsidiary in September 2017, narrowed its net loss in the quarter to USD 746,000 from USD 6.9 million in the year-ago period.