News | Energy Efficiency

http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar/etrion-plans-corporate-bond-issue.html

Solar utility company Etrion has engaged the Nordic investment bank, ABG Sundal Collier Norge as sole lead manager for a new corporate bond issue.

Switzerland-based Etrion develops, builds, owns and operates solar power plants, and currently owns 47MW of operational ground-based solar PV power plants in Italy.
Etrion is contemplating the issuance of €45m-€60m corporate bonds in the Norwegian bond market at nine per cent annual interest with a four-year maturity. The Lundin family, Etrion’s major shareholder, has committed to subscribe for €15m of the bond issue.
Net proceeds from the bond issue will be used for repayment of the bridge loan provided by Etrion’s former major shareholder Lundin Pertroleum.
Etrion’s CFO Garrett Soden said, ‘We look forward to refinancing the Lundin Petroleum bridge loan on a longer maturity. Lundin Petroleum’s financial support accelerated our growth dramatically over the last year, allowing us to build significant shareholder value and exit 2010 with nearly 50MW of solar power plants operational in Italy. The successful completion of this bond offering will clearly demonstrate that alternative sources of capital are available to Etrion beyond the equity capital markets.’