Etrion Corporation (TSX: ETX), an independent solar power producer, and SunPower Corporation (Nasdaq: SPWRA; SPWRB) have reached an agreement to build two solar power plants, totaling 10 megawatts (MW), in the Puglia region of Italy. Etrion will own the power plants, and SunPower will design, construct and provide operations and maintenance services for the plants.
The 10 MW ground-based solar photovoltaic project is expected to
produce 17 million kilowatt hours of electricity and EUR 6 million of
earnings to Etrion before interest, taxes, depreciation and amortization
(EBITDA) per year.
Construction of the solar project is targeted to begin by the end of this month. The first electricity sales from the project under the
Italian feed-in-tariff regime are expected during 3Q11.
Etrion currently owns 40 MW of operational, ground-based solar photovoltaic (PV) power plants, has 8 MW of solar parks under construction and has more than 200 MW of solar development pipeline in Italy.
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