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