Etrion Corporation focuses on developing, building, owning, and operating solar power plants. The company’s operating solar plants and proposed plants are located in Italy and focus on the generation of electricity using solar photovoltaic (PV) sources.
Acquisition of SunPower Solar Assets
On August 9, 2010, the company announced that it had acquired the then largest solar power park in Italy when it purchased from SunPower Corporation 23.9 megawatts (MW) of operating solar PV assets in Lazio,...
Etrion Corporation focuses on developing, building, owning, and operating solar power plants. The company’s operating solar plants and proposed plants are located in Italy and focus on the generation of electricity using solar photovoltaic (PV) sources.
Acquisition of SunPower Solar Assets
On August 9, 2010, the company announced that it had acquired the then largest solar power park in Italy when it purchased from SunPower Corporation 23.9 megawatts (MW) of operating solar PV assets in Lazio, Italy (Montalto 24) and agreed to acquire a further 8.8 MW of near-operational PV assets on the same site (Montalto 9). Montalto 24 is a ground-based solar PV power plant connected to the grid in November 2009. The Montalto 9 park uses the same technology. It was connected to the grid in August 2010, and the acquisition was completed on October 1, 2010.
Borgo Piave Plant
On July 19, 2010, Etrion announced an agreement to build a 3.5 MW solar power plant in the Lazio region of Italy (the Borgo Piave Plant). The construction phase of the Borgo Piave Plant was completed in December 2010 and the plant is expected to be connected to the electrical grid in March 2011.
Acquisition of Deutsche Bank Solar Assets
On April 2, 2010, Etrion and Deutsche Bank entered into a definitive sale and purchase agreement pursuant to which Etrion would acquire all of Deutsche Bank’s solar assets in Italy. The acquisition was completed on June 24, 2010 and as a result, Etrion acquired from Deutsche Bank 6.4 MW of operating assets (Helios ITA), 10 MW of permitted projects ready for construction and a development pipeline of more than 150 MW. Helios ITÀ is a solar power project located in Puglia, Italy, consisting of seven different sites, all of which have been built and connected to the electricity grid.
Principal Markets and Distribution Methods
The company focuses on solar energy projects in Europe, and in particular, Italy, utilizing government guaranteed premium electricity rates, such as feed-in-tariffs, and non-recourse bank financing. Etrion sells the electricity it generates from the solar PV power plants that it operates to the electricity grid.
History
The company was incorporated in 1993 under the name Agents of Change, Inc. and changed its name to VisuaLabs, Inc. in 1996. Further, it changed its name to Pretium Industries, Inc. in 2002 and to PetroFalcon Corporation in 2003. The company changed its name to Etrion Corporation in September 2009 as a result of business focus shift to renewable energy sector.