EAM Solar

Legal Proceedings Report • Jun 1, 2021

EAM Solar ASA: Legal status update

EAM Solar ASA: Legal status update

1 June 2021

EAM Solar ASA has filed a private criminal proceeding against the company Enovos Luxembourg SA in Oslo District Court

On Friday 28th of May, EAM Solar ASA filed a private criminal proceeding for the crime of serious fraud against the company Enovos Luxembourg SA in Oslo District Court. The private criminal proceeding is initiated in accordance with section 402 of the Norwegian Criminal Procedure Act.

To the Company’s knowledge, neither Enovos Luxembourg SA, nor any of its employees, have been investigated or indicted by any prosecuting body for the fraud against EAM Solar ASA.

In 2016, through final judgements by the Criminal Court of Milan and the Administrative Court of Lazio (Rome), it became a legal fact that the subsidy contracts for 17 of 21 solar PV power plants transferred by a subsidiary of Enovos Luxembourg SA to EAM Solar ASA were not valid and were consequently terminated. In addition to loss of future revenues, the solar PV power plants were also required to return all subsidy payments received between 2011 and 2014 to the State of Italy. EAM Solar ASA has experienced significant economic losses due to the fraud in the period 2014 to 2020.

Reference is given to the Company’s annual reports for the period 2014 to 2020 for further information.

EAM Solar ASA to appeal Milan Criminal Appeal Court ruling to the Supreme Court of Cassation.

Following the reception of the full judgement from the Milan Criminal Court of Appeal on April 20th, 2021, EAM Solar ASA has decided to join with the Prosecutor’s Office in Milan in appealing to the Italian Supreme Court of Cassation.

EAM Solar ASA seeks to reinstate the convictions of Igor Akhmerov and Marco Giorgi for the crime of fraud against EAM.

The appeal is based on several cases of misinterpretation of facts in the grounds for judgment by the Milan Criminal Court of Appeal.

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.