Etrion SA : Estimates and forecasts and other required disclosure

PRESS RELEASE

Etrion provides estimates and forecasts and other required disclosure

January 17, 2014, Geneva, Switzerland - Etrion Corporation ("Etrion" or the "Company") (TSX: ETX / OMX: ETX), a solar independent power producer, announces estimates and forecasts in respect of revenues and EBITDA, information regarding its pipeline projects in Chile and Japan, updated financial information on capitalization and indebtedness and an operational performance update for Italy.

Estimates and Forecasts

evenue Estimates and Forecasts BITDA Estimates and Forecasts

USD million 2013 2014 2015 USD million 2013 2014 2015

Italian platform Italian platform

Cassiopea 23.1 24.1 23.4 Cassiopea 20.1 20.4 19.5

Centauro 8.3 8.2 8.2 Centauro 6.6 6.9 6.8

Helios ITA-3 7.2 7.4 7.2 Helios ITA-3 6.9 6.5 6.2

Helios ITA 6.3 6.1 6.1 Helios ITA 5.3 5.1 5.1

Etrion Lazio 4.3 4.4 4.2 Etrion Lazio 3.6 3.7 3.5

SVE 3.2 3.0 3.0 SVE 2.7 2.5 2.5

Sagittario 1.5 1.6 1.5 Sagittario 1.2 1.3 1.2

Total Italian platform 53.9 54.8 53.6 Total Italian platform 46.4 46.4 44.8

Chilean platform Chilean platform

Aguas Blancas - - 1.4 Aguas Blancas - - 1.0

Project Salvador - - 21.2 Project Salvador - - 17.8

Total Chilean platform - - 22.6 Total Chilean platform - - 18.8 Total revenue estimate/forecast 53.9 54.8 76.2 Total EBITDA estimate/forecast 46.4 46.4 63.6

Project economics estimates and forecasts

Etrion has estimated revenue and EBITDA at the project level for the fiscal year ending on December 31, 2013 , and forecasted revenue and EBITDA figures at the project level for the fiscal years to be ended on December 31, 2014 and 2015 based on the assumptions set out below. These estimates and forecasts include measures not defined under IFRS, specifically EBITDA. Non-IFRS measures have no standardized meaning prescribed under IFRS and therefore such measures may not be comparable with those used by other companies. Such estimated and forecasted financial information provides a financial outlook on the basis and for the years described above, and this information may not be appropriate for any other purposes.

Basis of preparation of the estimates and forecasts

The revenue estimates and forecasts have been prepared on a basis consistent with the accounting policies that
are expected to be used in the Group's consolidated financial statements for the years to be then ended. These

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policies are consistent with those set out in the accounting policies in the Group's consolidated financial
statements for the years ended December 31, 2012 and 2011.
The EBITDA estimates and forecasts have been prepared using a non-IFRS widely accepted methodology.
Revenue and EBITDA forecasts have been prepared using the project currency and translated, where applicable, to USD using the prevailing exchange rate at the date of the projection of EUR/USD 1:1.36 which is not a reflection of future exchange rates. Revenue and EBITDA estimates for 2013 have been prepared using the 2013 average exchange rate of EUR/USD of 1:1.33.

Assumptions for the estimates and forecasts

Factors outside the influence or control of the directors:
a) There will be no major event or other circumstances which would cause a significant delay in the construction, completion and connection to the grid of new solar power plants.
b) There will be no material change in the current management team, ownership of and control over the project level companies.
c) There will be no material change in legislation or regulatory requirements impacting the Group's
operations or its accounting policies.
d) There will be no material differences between the actual or past recent weather and irradiation conditions and those anticipated or projected by the director.
e) There will be no material changes to general trading and economic conditions and no downturn in economic activity in Italy or in Chile, in each case, from that which is currently prevailing and/or anticipated by the directors which would cause a material change in levels of energy production and demand.
f) There will be no major or international natural disasters, outbreaks of hostilities, terrorist attacks or other circumstances which would cause a material change in levels of energy production and demand.
g) There will be no business interruptions that materially affect the Group, its major suppliers or its major customers.
h) There will be no material change in interest rates from those currently prevailing, hedged and/or anticipated by the directors.
i) There will be no material changes to the prices of energy electricity forecasted by the Group's projects.
Factors within the influence or control of the directors:
a) There will be no loss of revenue risk due to underperformance of the solar projects which will have a material impact on the forecast.
b) There will be no acquisitions and disposals by the Group which will have a material impact on the forecast.

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Chile Pipeline Projects

Etrion's business development activities in Chile are focused on solar power generation that is carried along the electricity networks SING and SIC, where industrial users are particularly concerned with electricity shortages due to high growth in energy demand. Together, the SING and SIC account for approximately 90 percent of Chile's total electricity production. Northern Chile has among the highest solar irradiation in the world (25 percent above Nevada, USA / 50 percent above Spain). Besides the previously announced Project Salvador, Etrion has three other pipeline projects in Chile; Aguas Blancas, Aguas Blancas 2 and Las Luces (described below).

Aguas Blancas

Etrion has entered into a long-term take-or-pay power purchase agreement ("PPA") with Atacama Minerals Chile S.C.M. to provide electricity to its iodine mine located in northern Chile. Etrion plans to build, own and operate a solar park, Aguas Blancas, with a total capacity of 8.8 MW in the Antofagasta region in northern Chile to meet approximately 35 percent of the mine's total projected power requirements. The electricity will be sold through a
15-year fixed-price take-or-pay USD-denominated PPA that was signed in July 2013 with Atacama Minerals, a wholly-owned subsidiary of Sirocco Mining Inc., in order to supply electricity to the Aguas Blancas mine. Per the PPA, all electricity produced by Aguas Blancas will be sold to Atacama Minerals for USD 0.114 per kWh. Once operational, Aguas Blancas is expected to produce approximately 23.5 million kWh of solar electricity per year. Construction of Aguas Blancas is expected to commence in the first quarter of 2015, subject to Etrion arranging the necessary debt financing, and the solar project is expected to be operational in the third quarter of 2015 provided the mine proceeds with expansion of their production facility by early 2015.

Aguas Blancas 2

Aguas Blancas 2 will consist of three solar power plants with a total capacity of 72 MW in the SING region in northern Chile. Etrion owns 100 percent of Aguas Blancas 2. The application for land was filed in April 2013, and following confirmation of land, environmental studies will be prepared and filed. The project is in an early stage of development. If the project proceeds, construction is expected to commence in the first quarter of 2015. Aguas Blancas 2 is expected to generate revenues according to a long-term PPA yet to be secured.

Las Luces

Las Luces will consist of one solar power plant with a total capacity of 22 MW in the CIS region in central Chile. Etrion owns 100 percent of Las Luces. The application for land was filed in April 2013, and following confirmation of land, environmental studies will be prepared and filed. The project is under early stage of development. If the project proceeds, construction is expected to commence in the first quarter of 2015. Las Luces is expected to generate revenues according to a long-term PPA yet to be secured.

Japan Pipeline Projects

Etrion and Hitachi Hi-Tech have signed an agreement to develop a project pipeline in Japan that is expected to reach at least 100 MWp of solar power generation facilities under construction or shovel -ready by 2015. The joint development team has already identified and secured the FiT of ¥40 per kWh (US$0.38 per kWh) for two initial projects with a combined capacity of 34 MWp (24.7 MWp and 9.3 MWp, respectively). Etrion's ownership in the first two projects will be 85 percent, and Hitachi Hi-Tech will own the remaining 15 percent.

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Financial Position Update

The tables below set out the Company's capitalisation and net indebtedness as at November 30, 2013, on an actual basis based on the Company's unaudited interim management accounts for the period January 1, 2013, to November 30, 2013, which have been prepared in accordance with IFRS.
The information below has not been audited or reviewed by the Company's auditors and should be read together with the Company's unaudited condensed consolidated interim financial statements for the three and nine months ended September 30, 2013, and the Company's audited consolidated financial statement for the financial years
2012 and 2011.
Etrion's interest-bearing liabilities amounted to USD 392.2 million, and secured commitments amounted to USD
309.9 million. The secured commitments comprise customary security arrangements supporting the respective project loans. These security arrangements consist of pledges over the shares in the relevant special purpose vehicles, assignments of receivables, pledges over project accounts, mortgages and assignments of receivables towards Gestore dei Servizi Energetici GSE S.P.A., a company incorporated under the laws of Italy.
After November 30, 2013, there have been the following changes to the Company's indebtedness; (a) reduction of USD 5.1 million of secured current debt, following the regular repayment schedule of senior debt principal and VAT credit facilities for five out of seven Italian operating companies and, (b) increase of USD 48 million (net of transactions costs) of secured non-current debt due to the first drawdown from the Overseas Private Investment Corporation credit facility made in December 2013 to fund the construction of Project Salvador. Transactions with related parties such as loans and other credit facilities are not included in this capitalisation table.

Capitalisation1

USD thousands November 30, 2013

Total Current Debt 24,622

Secured2 23,744

Unguaranteed/Unsecured3 878

Total Non-Current Debt (excluding current portion of long-term debt) 367,568

Secured4 286,237

Unguaranteed/Unsecured5 81,331

Shareholders' equity

Share capital 35,583

Other Reserves (5,070)

Total 422,703

1 The capitalisation table was prepared and presented in accordance with the European Securities and Markets Authority recommendations.

2 In order to secure the Group's non-recourse project loans, the Group pledged as collateral the fixed assets (i.e., solar power

projects and land) associated with the solar power projects financed by these facilities.

3 Unguaranteed/Unsecured debt relates to the corporate EUR 60 million bond issued by the Company in April 2011.

4 Please see footnote 2 above.

5 Please see footnote 3 above.

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Net Financial Indebtedness6

USD million November 30, 2013

Unaudited

Cash 43,225

Liquidity 43,225

Current Financial Receivables 13,006

Current bank debt 23,744

Current portion of non-current debt 878

Current Financial Debt 24,622 Net Current Financial Indebtedness -31,609

Non-current bank loans 286,237

Bonds issued 81,331

Non-current Financial Indebtedness 367,568

Net Financial Indebtedness 335,959 Operational Performance Update - Italy

Production (MWh)

16'000

14'000

12'000

10'000

8'000

6'000

4'000

2'000

0

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Budget Production Actual Production

6 The net financial indebtedness table was prepared and presented in accordance with the European Securities and Markets

Authority recommendations.

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Revenue (USD '000)

8'000

7'000

6'000

5'000

4'000

3'000

2'000

1'000

0

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13

Budget Revenue Actual Revenue

* Note: Solar-related revenues are subject to seasonality over the year due to the variability of daily sun hours in the summer versus winter months.

The current platform in Italy of approximately 60 MW continues to perform above budget, producing approximately two percent more electricity and generating approximately two percent more revenues than budgeted over the last twelve months (excluding foreign exchange impact). During 2013, Etrion's seventeen solar power plants produced 104.9 million kWh of solar electricity, approximately two percent above forecast due to a combination of higher availability and higher solar irradiation. As Etrion connects projects in Chile, it will minimize the effects of seasonality due to the northern / southern hemisphere profile of operations.

About Etrion

Etrion Corporation is an independent power producer ("IPP") that builds, owns and operates utility -scale solar power generation plants. The Company owns 17 solar power plants in Italy with approximately 60 MW of installed capacity. The Italian operations generate more than USD 40 million of annual earnings before interest, taxes, depreciation and amortization ("EBITDA"). Etrion is also developing greenfield solar power projects in Chile and Japan. 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
25 percent of the Company's shares directly and through various trusts.
For additional information, please visit the Company's website at www.etrion.com or contact:
Pamela Chouamier - Investor Relations
Telephone: [phone]

Etrion discloses the information provided herein pursuant to the Swedish Securities Market Act. The information was submitted for publication at 17:30 CET on January 17, 2014.

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").

Forward-Looking Information:

This press release contains certain "forward-looking information" (including a "financial outlook") within the

meaning of applicable Canadian securities laws, such financial outlook appearing herein und er the heading

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"Estimates and Forecasts". 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 electricity production from its producing Italian operations and from Project Salvador, Aguas Blancas, Aguas Blancas 2 and Las Luces once such solar plants are operational; the expected construction start dates for Aguas Blancas, Aguas Blancas 2 and Las Luces; the targeted period for the Japanese pipeline projects to be shovel ready or under construction; and estimated and forecasted revenues and EBITDA for 2013, 2014 and 2015, as applicable, with respect to the described Italian and Chilean platforms) constitute forward-looking information. This forward-looking information reflects the expectations or beliefs of the Company based on information currently available to the Company as well as certain assumptions including, without limitation, that: solar irradiation will continue at expected levels; financing and labour costs associated with the construction of new plants will be available and on anticipated terms and that such projects will produce the anticipated amount of electricity when constructed; Sirocco Mining Inc. will proceed with its expansion of mining operations; the Company will be able to enter into PPAs with industrial clients; the Italian FiT regime will not provide for any material price decreases or other material adverse changes in the near term; Japan and Chile will remain attractive jurisdictions to develop solar power; and certain other assumptions described herein relating to the Company's estimates and forecasts. Reliance sho uld not be placed on forward- looking information. 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: uncertainties with respect to the receipt or timing of applicable permits for the development of the projects to be built; the possibility of delays in construction; the possibility of cost overruns for projects to be built; the failure of the projects to be built to produce, and existing operating plants continuing to produce, electricity at anticipated levels; the failure of the Company to enter into PPAs; spot market prices being materially lower than anticipated; adverse changes to the Italian FiT regime that would materially reduce the FiT payable to the Company ; the risk that Aguas Blancas 2 and Las Luces may not be developed further; the failure of Sirocco Mining Inc. to expand its mining operations; the failure by the Company to obtain financing on economic terms when and if required for the particular project; uncertainties with respect to certain financial information relating to solar electricity revenue in Italy that is subject to confirmation of both the applicable FiT to which the Company is entitled by the Italian state - owned company, Gestore Servici Energetici, and the applicable spot market price by local utilities for electricity sales to the Italian national grid; the impact of general economic conditions and world-wide industry conditions in the jurisdictions and industries in which the Company operates or intends to operate.

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.

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