By Etrion Corporation is exploring strategic alternatives to maximize the value of its solar portfolio in Japan.
Etrion has engaged Mitsubishi UFJ Morgan Stanley Securities (MUMSS) as financial advisor to assist with the potential sale of the company’s 57-megawatt operating solar portfolio and its 45-megawatt solar park under construction in Japan.
The company has received several non-binding proposals from strategic and financial investors regarding the potential purchase of its Japanese assets.
A short-listed group of interested parties is now engaged in detailed due diligence of the assets.
The company anticipates receiving one or more binding offers by end of the year and expects to close a sale by the end of the first quarter in 2021, subject to the negotiation of final agreements and the receipt of any required shareholder and regulatory approvals.
“We have built a world-class solar portfolio in Japan that has attracted a large number of interested investors in the current environment. As a result, we are conducting a formal sale process for these assets to maximize shareholder value. We look forward to receiving final offers by the end of the year. If we conclude a sale of the Japanese portfolio next year, we would look to distribute a portion of the proceeds to shareholders in the most efficient way possible.”
Marco Antonio Northland, Etrion’s chief executive officer.
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