Etrion to raise $80m for PV pipeline

PV developer Etrion will raise about $80m after closing the book on a share placement.

Toronto and Stockholm- listed Etrion decided to increase the size of the private placement as a result of “strong interest” from Swedish and international investors.

“This financing allows us to repay the bridge loan for our 70MW Project Salvador under construction in Chile, and to advance our project pipeline in Chile and Japan. In addition, the new equity puts us in a better position to refinance our corporate bond later this year.” said Marco Northland, Etrion’s CEO.

Etrion sold its legacy oil and gas assets last autumn to become a dedicated solar developer.

The Lundin family will continue to be Etrion’s largest shareholder, owning approximately 24% of the stock.

Closing of the private placement is subject to Toronto stock market approval and is expected to occur at the end of the month.