November 6, 2009

Geneva, Switzerland : Etrion Closes Financing on Four Solar Projects

Etrion Corporation has closed the financing for the construction of four solar power plants in southern Italy with an aggregate capacity of four megawatts. The ground-based solar photovoltaic power plants, once built, will generate approximately 6.8 million kilowatt hours (kWh) per year, enough electricity to power more than 650 homes.

The Company arranged the financing with Centrobanca, an Italian bank owned by the UBI Group. The total project cost is approximately EUR 20.7 million, and the non-recourse loan provided by Centrobanca is for EUR 17.2 million or 83% of the anticipated cost. Concurrent with the financing, a subsidiary of Etrion committed the balance of EUR 3.5 million.

Marco Northland, the Company's CEO, commented, "We are pleased to close the acquisition and financing of our first renewable energy project in Italy. We expect the solar power plants to be operational by the summer of 2010. This is the first of several initiatives we are developing in Europe and plan to realize in 2010 through a combination of co-development efforts and the acquisition of existing projects."

Construction of the first project is targeted to begin by the end of November 2009, and the Company's first electricity sales under the Italian feed-in-tariff regime are expected during the third quarter of 2010.

Etrion Corporation is a Canadian energy company based in Geneva, Switzerland and listed on the Toronto Stock Exchange. The Company is focused on developing, financing, building, owning and operating global electrical power plants based on renewable sources of energy, including solar photovoltaic, solar thermal and wind. Etrion continues to own oil and gas investments in Venezuela acquired by its predecessor, PetroFalcon Corporation.

The Company is owned 45% by Lundin Petroleum, a Swedish independent oil and gas company traded on the Nordic Exchange.

Further details about: Etrion Corporation