Solar-focused Etrion ditches fossils
Etrion, the Switzerland-based independent power producer, has sold its legacy oil and gas assets, indicating that its business will be “entirely focused” on solar generation.
Toronto- and Stockholm-listed Etrion, which entered the PV game in 2009, has sold all its remaining shares in PFC Oil & Gas for $5m. The buyer was not named.
PFC Oil & Gas owns significant minority stakes in two Venezuelan oil and gas companies owned by Petroleos de Venezuela, the national oil company.
Last month Etrion announced that it had entered a partnership with French energy giant Total to build 70MW of unsubsidised PV capacity in Chile, known as Project Salvador, using SunPower modules.
The $200m Chilean project will be 70% debt financed by the US Overseas Private Investment Corporation.
Etrion owns 17 operational PV plants in Italy totalling 60MW, an asset base which generates a steady $40m in earnings before interest, taxes, depreciation and amortisation, the company claims.