Etrion Announces Agreement to Sell the 9.5 MW Misawa Solar Project to Japanese Consortium for Total Cash Consideration of approximately JPY 1.6 billion

June 3, 2021, Geneva, Switzerland – Etrion Corporation (“Etrion” or the “Company”) (TSX: ETX) (OMX: ETX), a solar independent power producer, today announced that Solar Resources Holding Sàrl  and Etrion Japan K.K., wholly-owned subsidiaries of the Company, have entered into agreements (the “Transfer Agreements)” to sell their interests in the Company’s 9.5 MW Misawa operating solar energy project to a  Japanese company, GK Misawa Solar,  for an aggregate net purchase price of approximately JPY 1.6 billion (or USD 14.6 million), subject to certain adjustments at closing.

Completion of the sale of the 9.5 MW Misawa project pursuant to the Transfer Agreements is subject to certain conditions precedent including all necessary regulatory and third-party approvals, as well as the buyer being satisfied with the Company’s recovery plan for the Misawa project. The closing the transaction is currently expected to take place before the end of July 2021.

Management Comments

Marco A. Northland, Etrion’s Chief Executive Officer, commented: “We are very pleased to have signed the agreement for the sale of the 9.5 MW Misawa solar operating project; in parallel, we are extremely focused in completing the repair plan for the full recovery of the plant ahead of the expected closing of the transaction before the end of July.”

Etrion was advised on this transaction by Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

About Etrion 

Etrion Corporation is an independent power producer that develops, builds, owns and operates utility-scale solar power generation plants. The Company owns and operates 57 MW of solar capacity in Japan. The Company is listed on the Toronto Stock Exchange in Canada and the Nasdaq Stockholm exchange in Sweden under ticker symbol “ETX”. Etrion’s largest shareholder is the Lundin family, which owns approximately 36% of the Company’s shares directly and through various trusts.

For additional information, please visit the Company’s website at www.etrion.com or contact:

Christian Lacueva – Chief Financial Officer 

Telephone: +41 (22) 715 20 90

Note: The capacity of power plants in this release is described in approximate megawatts on a direct current (“DC”) basis, also referred to as megawatt-peak (“MWp”).

This information is information that Etrion Corporation is obliged to make public pursuant to the EU Market Abuse

Regulation. The information was submitted for publication at 13:05 p.m. CET on June 3, 2021.