Solar power producer Etrion Corporation has announced it has received a payment of approximately 700 million Japanese Yen (about $6.6 million) as part of the agreement reached last month with Ziva Energy, the developer of the 60 MW Mie project.
Courtesy of NREL
As per the agreement, Etrion expects to receive an additional 3.4 billion Yen (approximately $32.5 million) for the acquisition of Etrion’s economic rights on the project plus 300 million Yen (approximately $2.9 million) as a development fee, both due by December 28th, 2020 (an additional aggregate amount of approximately $35.4 million).
“I am pleased to have received the first payment, as part of the agreement signed with Ziva” said Marco Antonio Northland, Etrion’s Chief Executive Officer. “We are cautiously optimistic that the remaining two payments will be received before year end.”
Project Mie is a 60 MW ground-mounted, fixed-tilt solar photovoltaic power project. It has been developed near the Yokkaichi city in the Mie prefecture. Etrion had signed a development services agreement (DSA) with Ziva, a Tokyo based developer, in 2015. In December 2018 the parties entered a dispute regarding the terms of the DSA. On September 23, 2020, Ziva and Etrion reached an agreement to end the dispute if certain payments are received by Etrion by December 28, 2020.