Etrion's current platform, of approximately 60 megawatts ("MW") of operating solar power projects in Italy, continues to perform above forecast. In June 2012, the Company produced over 14 million kWh of solar electricity (approximately 9% above forecast), more than 30% above the comparable period in 2011. During the six months ended June 30, 2012, the Company produced over 57 million kWh of solar electricity (approximately 10% above year-to-date forecast), an increase from 42 million kWh produced during the comparable period in 2011. Etrion expects to produce over 100 million kWh of solar electricity in 2012, increasing its annual production by more than 15% compared to 2011.
The Company continues to implement new measures to optimize the performance of its solar power projects as well as more efficient tools to increase real time visibility into the solar plants' performance which should translate into reduced outages per year and increased yields. The Company is also consolidating third party services to achieve better economies of scale and higher service level agreements.
Marco A. Northland, the Company's Chief Executive Officer, commented: "I am very pleased with the leadership of our asset management organization and their continued drive to further improve control, monitoring and operational performance, resulting in higher power production. Such activities do not only result in higher kWh produced but they prepare our platform for international expansion. We have implemented several tools and systems to optimize performance and we will continue to explore new ways to streamline operations and increase production where possible. 2012 continues to be an exciting year for us as we execute on our new development initiatives and pursue other opportunities to increase installed capacity."
Etrion Corporation is an independent power producer that owns and operates renewable assets. Etrion currently owns approximately 60 MW of operational, ground-based solar photovoltaic power plants in Italy. The Company is listed on the Toronto Stock Exchange in Canada and the NASDAQ OMX Stockholm exchange in Sweden (ticker symbol "ETX"). Etrion's largest shareholder is the Lundin family, which owns approximately 22% of the Company's shares through various trusts.
Note: The capacity of power plants in this release is described in approximate MW on a direct current ("DC") basis, also referred to as megawatt-peak ("MWp").
Budgeted and forecasted production represents management's best estimate of the production expected to be generated from the operating solar power projects calculated using a long-term forecast based on historical performance.
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 relating to the Company's anticipated production and growth plans) 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, the ability of the Company to produce electricity at anticipated rates, acquire additional renewable energy projects, enter into power purchase agreements with industrial clients and obtain project financing on economic terms. 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 risk that the Company may encounter unexpected operational issues that impair its electricity production and may not be able to identify and/or acquire additional renewable energy projects, successfully conclude power purchase agreements or obtain project financing on economic terms.
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 future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.