PV project developer Etrion narrows losses, increases electricity sales in 2Q 2011

Etrion Corporation (Geneva, Switzerland) released its financial results for the second quarter of 2011, reporting USD 17.8 million in revenues and a net loss of USD 2.1 million.

The company also reports that it generated 29.3 million kWh of electricity from its five solar photovoltaic (PV) plants during the quarter, more than double its first quarter 2010 sales.

“With a fully-funded solar portfolio of 60 MW, Etrion has substantial revenues and cash flows from operations,” stated Etrion CEO Marco Northland. “Our solar parks have been producing almost 10% above budget, and we look forward to increasing cash flow as we add additional capacity.”

Etrion starts work on 12.6 MW of PV plants

During the quarter, the company commenced construction of the 10 MW Helios ITA-3 and 2.6 MW Nettuno PV plants, both of which it expects to connect to the grid in the third quarter of 2011.

Etrion currently owns 47.2 MW of operational PV plants, with a further 12.6 MW under construction in Italy.

The company’s losses in the second quarter of 2011 are a decrease from its 4.2 million net loss in the second quarter of 2010. The company generated its first revenues from the sale of solar electricity in June 2010.

Etrion also notes that during the second quarter of 2011 it repaid the outstanding principal and interest associated with the USD 87 million credit facility provided by a subsidiary of Lundin Petroleum AB (Stockholm, Sweden).

Source: solarserver

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