EAM Solar

Legal Proceedings Report • Oct 7, 2021

EAM Solar ASA: Criminal Proceeding in Italy - Supreme Court has annulled the acquittal decision by the Appeal Court of Milan.

EAM Solar ASA: Criminal Proceeding in Italy - Supreme Court has annulled the acquittal decision by the Appeal Court of Milan.

7 October 2021

The Supreme Court of Italy held a hearing on the 6th of October on the appeal of the acquittal sentence decided by the Milan Criminal Court of Appeal issued the 20th of January 2021.

The Supreme Court of Cassation decided to annull the judgment of acquittal of the indicted by the Milan Court of Appeal, and consequently the criminal proceedings will return to the Milan Criminal Court of Appeal for new proceedings.

As far as EAM understands this reinstates the validity of the first instance ruling from April 2019 whereby the Court of Milan found EAM to be victim of criminal contractual fraud in conjunction with the P31 acquisition.

The detailed basis and arguments for the Supreme Court’s decision will be published at a later date.

The Italian Supreme Court of Cassation is the highest court of Italy. Appeals to the Court of Cassation generally come from the Appellate Court, the second instance courts. The Supreme Court can reject, or confirm, a sentence from a lower court. If it rejects the sentence, it can order the lower court to amend the trial and sentencing, or it can annul the previous sentence altogether.

For further information, please contact:

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar ASA: EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy. The plants are operating under long-term sales contracts. In addition, the Company's business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.