Bloomberg News

Etrion Rises on Talks for Chilean Solar Project: Stockholm Mover

June 21, 2012

Etrion Corp., (ETX) a producer of solar energy, rose the most ever in Stockholm trading after saying the company is negotiating its first contract in Chile and that its output in Italy was higher than expected.

The shares rose as much 44 percent, the biggest intraday jump since the stock was listed in Stockholm in November 2010. Etrion traded 37 percent higher at 2.91 kronor as of 12:27 p.m. and was the biggest gainer in the OMX Stockholm All-Share index. The shares are also listed in Toronto.

Etrion is in talks about constructing a 5-megawatt solar power project in Chile by 2013, the Geneva-based company said today in a statement. The deal would be Etrion’s first power purchase agreement in that market and may be followed by additional contracts with mining companies before year-end, the company said.

The company has also access to long-term financing in Chile at “competitive terms,” which will help the company develop even if subsidies change, Chief Executive Officer Marco A. Northland said in the statement.

“I am very pleased with the progress we are making in Chile,” Northland said. “Long-term cost reduction trends in solar should enable Etrion to become ever more competitive with other sources of energy.”

The company currently has about 60 megawatts of ground- based solar power production in Italy. The plants produced 40 million kilowatt hours of electricity in the first five months of 2012, which was 10 percent more than expected, Etrion said.

To contact the reporter on this story: Janina Pfalzer in Stockholm at jpfalzer@bloomberg.net.

To contact the editor responsible for this story: Christian Wienberg at cwienberg@bloomberg.net.


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