Etrion Earnings

Etrion sees revenue fall due to lower solar irradiation in Italy

Etrion owns 17 PV power plants in Italy, including the pictured Cassiopea (23.9 MW) and Centauro (8.7 MW) solar parks in Lazio. © Etrion SA 07.11.2014: Swiss independent power producer Etrion Corp. recorded a slight increase in net income in the third quarter of 2014 despite a drop in revenue. Revenue for the latest quarter came to $17.1 million, down from $19.4 million a year earlier, but net income was up at $1.2 million versus $1.1 million last year. The net results for the third quarter of 2014 were adversely impacted by lower solar irradiation and a reduction in the spot market price in Italy but positively impacted by the recognition of foreign exchange gains as a result of the approximately 8% devaluation of the euro versus the US dollar during the latest quarter. The company’s 17 PV power plants in Italy, which have an installed capacity of 60 MW, produced 34.6 million kWh in the third quarter of 2014, down from 37.7 million kWh in the third quarter of 2013. SunPower Corp. recently completed construction of the 70 MW Salvador solar park in northern Chile for Etrion (70%) and project partners Total SA (20%) and Solventus Energias Renovable (10%). The plant, interconnected on Nov. 3, was completed 5 months ahead of schedule and under budget. Etrion is also developing two PV projects totaling 34 MW in Japan with Hitachi High-Technologies Corp. Etrion owns 85% of the 24.7 Shizukuishi and the 9.3 MW Mito power plants. Hitachi High-Tech is building the two plants, which are expected to be operational by the end of 2016 and 2015, respectively. © PHOTON http://www.etrion.com http://www.etrion.com/dm/Press/pr_corp_06-11-14.pdf

 

 

Monty Bannerman

ArcStar Energy

+1-646-402-5076

www.arcstarenergy.com