EAM Solar

EAM Solar ASA : Standstill agreement implemented with Aveleos

EAM: Standstill agreement implemented with Aveleos

20(th) of October 2014

EAM Solar ASA and Aveleos S.A. have agreed and implemented a 6 months Standstill

Agreement in conjunction with the P31 portfolio acquisition.

Aveleos S.A., the seller of the P31 portfolio, is headquartered in Luxembourg

and was established in 2010 as a joint venture between Enovos Luxembourg SA

(59% ownership) and Avelar Energy Ltd (41% ownership). The objective of Aveleos

has since its inception been to develop, operate and sell to the market

photovoltaic plants in Italy and France.

EAM and Aveleos have agreed to jointly clarify all relevant facts related to the

power plants and the viability of the FIT contracts that has been affected by

the preliminary investigations conducted by the public Prosecutor in Milan.

Furthermore, EAM receives cash securing liquidity for operating the affected

power plants and SPV's in a normal manner. Based on the standstill Agreement EAM

has lifted the injunction as described the stock exchange notice of the 4(th) of

September.

The Standstill Agreement does not construe that either party waive any rights as

regulated by the share purchase agreement, and all actions regulated by the

share purchase agreement is suspended until the end of the standstill agreement

period.

Last week EAM filed a petition to the administrative court in Rome in order to

have the suspension of the payment of the feed in tariffs lifted. The filing of

the petition is conducted following the preliminary results of the forensic fact

finding work currently conducted by EAM. The administrative court in Rome is

expected to conduct its court hearing on this matter the 30(th) of October. The

administrative court may conduct a verdict in this matter two weeks after the

hearing.

EAM will issue the third quarter 2014 report on Tuesday the 21(st) of October,

and will consequently give more information on status of operations.

For information, please contact:

Viktor E Jakobsen, Executive Director, phone +47 9161 1009, [email protected]

Audun W. Iversen, CEO, phone +47 916 16 250, [email protected]

About EAM Solar:

EAM Solar ASA is a utility company that acquires and operates solar power

plants. The Company currently owns solar PV power plants in Italy, acquired

during in 2011/12. The plants are operating under long-term sales contracts. EAM

Solar acquires power plants that are commissioned, connected to the grid and in

power production at the time of financial close with the geographical focus on

Europe.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1864033]

AI Terminal