Etrion Corporation, a solar independent power producer, has completed the sale of its stake in the 13.2 MW Komatsu, 24.7 MW Shizukuishi and 9.3 MW Mito solar projects which are currently operational in Japan.
The sale has been made to a consortium established by Development Bank of Japan, Kansai Electric Power, and Osaka Gas Co., Limited for a value of JPY 8.252 billion, which is equivalent to about USD74.8 million. Etrion will use the proceeds from the sale, along with the proceeds from the recently completed sale of the Niigata project, to complete its previously announced reduction of capital and cash distribution to shareholders. This is anticipated to happen by July 2021. Etrion also plans to sell its 9.5 MW Misawa solar project in the near future.