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Etrion: Etrion Releases First Quarter 2016 Results

May 12, 2016, Geneva, Switzerland - Etrion Corporation ("Etrion" or
the "Company") (TSX: ETX) (OMX: ETX), a solar independent power
producer, today released its condensed consolidated interim financial
statements and related management's discussion and analysis ("MD&A")
for the three months ended March 31, 2016.

Operational Highlights

· Development: Advanced the backlog of three projects in Japan for a
total capacity of 76 megawatts ("MW"). Management expects to reach
financial close for these backlog projects within the second half of
2016. The Company is advancing the development of additional projects
in Japan for a combined capacity of 190 MW. Finally, the Company
continues to maintain its shovel-ready 99 MW in Chile which are
targeted to be built once Power Purchase Agreements ("PPAs") are

· Construction: The Company is progressing on the construction of
the 25 MW Shizukuishi project in northern Japan. The project is on
budget and on schedule, with estimated connection to the electricity
grid by September 2016.

· Production: Produced approximately 65.1 million kilowatt-hours
("kWh") of electricity during the three months ended March 31, 2016,
(2015: 64.4 million kWh), from the Company's 139 MW portfolio
comprising 23 solar power plants (2015: 130 MW comprising 18 solar
plants) in Italy, Chile and Japan. When broken down by country, the
Company produced 16.4 million kWh (2015: 17.0 million kWh) in Italy,
46.0 million kWh (2015: 47.5 million kWh) in Chile and 2.8 million
kWh (2015: nil) in Japan, representing an overall production increase
of 1% quarter-over-quarter.

Financial Highlights

· Revenue: Generated revenues of US$9.9 million (2015: US$10.4
million) during the three months ended March 31, 2016, from the
Company's 139 MW portfolio comprising 23 solar power plants in Italy,
Chile and Japan.

· EBITDA: Recognized earnings before interest, taxes, depreciation
and amortization ("EBITDA") of US$4.4 million (2015: US$5.5 million)
during the three months ended March 31, 2016.

· Cash and Working Capital: Closed the three months ended March 31,
2016 with a cash balance of US$54.5 million, of which US$14.1 million
is unrestricted (December 2015: US$52.5 million and US$17.6 million,
respectively) and positive working capital of US$21.7 million
(December 2015: US$1.5 million).

Management Comments

Marco A. Northland, the Company's Chief Executive Officer, commented,
"I am very excited about 2016; Japan continues to be a terrific
market for Etrion. Our target is to exit 2016 with over 100 MW of
projects connected or under construction and a larger pipeline for
realization in subsequent years. Project economics continue to be
very attractive and the partnership with Hitachi High-Tech remains
very strong. Italy continues to deliver strong cash flows, which were
significantly improved through a series of initiatives, including a
comprehensive refinancing, introduction of several cost cutting
measures and successful commercial activities. Italy remains with two
potential material upsides, including a potential positive outcome of
the Italian Constitutional Court hearing in December 2016 to
determine whether the original feed-in-tariff ("FiT") should be
reinstated and the reimbursement of certain investment tax credits.
We will communicate this as it is determined.

In Chile, the team has done a great job by securing a PPA for 70
gigawatt-hours for Project Salvador, starting in January 2016. The
team continues to work around the clock to secure additional PPAs for
the remaining capacity of Project Salvador and our pipeline as well.
Spot market electricity prices for Project Salvador continued to be
low during the first quarter of 2016, due to network bottlenecks and
are likely to remain low for the rest of 2016 and a portion of 2017
until network expansion is completed.

On the operational side, we continue to make significant savings due
to the reduction of operating and maintenance costs, headcount and
other cost reduction initiatives."


During the three months ended March 31, 2016, the Company reported a
gross profit of US$0.2 million (2015: US$2.4 million) and generated
adjusted operating cash flow of US$4.5 million (2015: US$5.6
million). These results were primarily attributable to lower
production and spot electricity prices in Chile and Italy. In
addition, the substantially lower foreign exchange gain recognized
during the quarter of $0.4 million (2015: $6.3 million) contributed
to Etrion reporting a net loss of US$8.5 million (loss per share of
US$0.02) compared to a net loss of US$2.5 million (loss per share NM)
during the comparable period in 2015.

Earnings Call

A conference call/webcast to present the Company's first quarter
results will be held on Thursday, May 12, 2016, at 10:00 a.m. Eastern
Daylight Time (EDT) / 4:00 p.m. Central European Summer Time (CEST).

Dial-in details:

North America: +1-647-788-4919 / Toll Free: +1-877-291-4570 / Sweden
Toll Free: 02-079-4343


A webcast will be available at

In addition, the earnings call presentation, along with the Company's
condensed consolidated interim financial statements for the three
months ended March 31, 2016, and related management's discussion and
analysis will be available on the Company's website (

A replay of the telephone conference will be available until June 12,

Replay dial-in details:

North America: +1-416-621-4642 / Toll Free: +1-800-585-8367

Pass code for replay: 83627584

About Etrion

Etrion Corporation is an independent power producer that develops,
builds, owns and operates utility-scale solar power generation
plants. The Company owns 139 MW of installed solar capacity in Italy,
Chile and Japan. Etrion has a 25 MW solar project under construction
in Japan and is also actively developing solar power projects in
Japan and Chile. The Company is listed on the Toronto Stock Exchange
in Canada and the NASDAQ OMX Stockholm exchange in Sweden under
ticker symbol "ETX". Etrion's largest shareholder is the Lundin
family, which owns approximately 24% of the Company's shares directly
and through various trusts.

For additional information, please visit the Company's website at or contact:

Paul Rapisarda - 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 basis, also referred to as

Etrion discloses the information provided herein pursuant to the
Swedish Securities Market Act and/or the Swedish Financial
Instruments Trading Act. The information was submitted for
publication in Sweden at 08:05 Central European Time on May 12, 2016.

Non-IFRS Measures:

This press release includes non-IFRS measures not defined under IFRS,
specifically EBITDA and adjusted operating cash flow. Non-IFRS
measures have no standardized meaning prescribed under IFRS and
therefore such measures may not be comparable with those used by
other companies.

EBITDA is a useful metric to quantify the Company's ability to
generate cash before extraordinary and non-cash accounting
transactions recognized in the financial statements. In addition,
EBITDA is useful to analyze and compare profitability between
companies and industries because it eliminates the effects of
financing and accounting policy decisions. In addition, adjusted
operating cash flow is used by investors to compare cash flows from
operating activities without the effects of certain volatile items
that can positively or negatively affect changes in working capital
such as value added taxes paid during construction of the Company's
solar power plants as they are viewed as not directly related to a
company's operating performance. Refer to Etrion's MD&A for the three
months ended March 31, 2016, for a reconciliation of EBITDA and
adjusted operating cash flow reported during the period.

Forward-Looking Information:

This press release contains certain "forward-looking information". All
statements, other than statements of historical fact, that address
activities, events or developments that the Company believes, expects
or anticipates will or may occur in the future (including, without
limitation, statements and estimates relating to the advancement and
development of the Company's projects in Japan and elsewhere,
statements relating the viability of, and the outlook for, the
Company's markets and statements relating to future electricity
pricing applicable to the Company's projects) constitute
forward-looking information. This forward-looking information
reflects the current expectations or beliefs of the Company based on
information currently available to the Company as well as certain
assumptions including, without limitation, confirmation of the
applicable FiT and spot market price for electricity sales in in the
markets in which the Company operates and the ability of the Company
to execute on its development pipeline. Forward-looking information
is subject to a number of significant risks and uncertainties and
other factors that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
information, and even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on the Company. Factors that
could cause actual results or events to differ materially from
current expectations include, but are not limited to, the lack of
confirmation or reduction of the applicable FiT and the spot market
price for electricity sales in the relevant markets, the risk that
the Company may not be able to obtain all applicable permits for the
development of projects in markets in which it operates and the
associated project financing on economic terms for the development of
such projects, the risk of unforeseen delays in the development and
construction of such projects and the risk that the Company's
operational projects may not produce electricity or generate revenues
and earnings in the amounts anticipated.

Any forward-looking information speaks only as of the date on which it
is made and, except as may be required by applicable securities laws,
the Company disclaims any intent or obligation to update any
forward-looking information, whether as a result of new information,
future events or results or otherwise. Although the Company believes
that the assumptions inherent in the forward-looking information are
reasonable, forward-looking information is not a guarantee of fu...

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