EAM Solar

Legal Proceedings Report • Sep 4, 2014

EAM Solar ASA: Preventive legal actions executed for P31 acquisition

EAM Solar ASA: Preventive legal actions executed for P31 acquisition

EAM: Preventive legal actions executed for P31 acquisition

4(th) of September 2014

EAM Solar ASA's wholly owned subsidiary EAM Italy has through the Court of

Luxembourg obtained an injunction of EUR 33m on assets held by Aveleos S.A. and

others. The Court of Luxembourg's decision is one of the preventive legal steps

currently conducted by EAM. These processes is initiated to protect EAM's

interests and to secure any relevant indemnification claims EAM may have if the

actions conducted by the public Prosecutor in Milan should have any harmful

impact on the P31 acquisition and the company.

Injunction in Luxembourg against Aveleos S.A., a subsidiary of Enovos Luxembourg

S.A.

EAM Italy filed the 18(th) of August 2014 an injunction petition before the

Court of Luxembourg in order to seize Aveleos' and others assets held with BGL

BNP Paribas, a Luxembourg credit institution (BGL BNPP). Aveleos is the seller

of the P31 portfolio.

On the 19(th) of August 2014, the President of the Court decided to grant the

authorization for attachment in relation to EAM Italy's injunction petition with

respect to a total amount of EUR 33.062.633.

On the 25(th) of August 2014, EAM Italy served the authorization for attachment

to the attached third party, i.e., BGL BNPP, which will block the assets, if

any, held on behalf of Aveleos and others.

On the 1(st) of September 2014, EAM filed a court action against Aveleos and

others in order to have the attachment of the relevant assets.

The injunction is currently a preliminary measure, and may be challenged. The

final seizure and transfer of assets are subject to the outcome of normal legal

proceedings and a final court decision.

Update on P31 acquisition portfolio companies

Reference is made the stock exchange notice sent the 28(th) of July and to note

14 in the second quarter report published the 4(th) of August.

Operations: The 21 power plants where EAM assumed operational control on the

15(th) of July are all running according to normal operating procedures.

Although the suspension of the FIT and RID revenues for 17 of the 21' power

plants has resulted in lower running cash flow from operations at the moment,

and the bank accounts of the affected SPV's still are restricted, the cash flow

from the operational EAM power plants are sufficient to cover the running costs

of operation for all power plants.

GSE: As reported earlier GSE has enacted a temporary suspension of the FIT and

RID of 17 of the 21 the power plants under EAM control based on a notification

of a preliminary criminal investigations involving the power plants conducted by

the Prosecutors' office in Milan. EAM has formally received the GSE decision

notification for only 2 out of the 17 affected power plants. However, EAM

believes GSE has issued the formal notice for all 17 power plants in early

August although the notices have not yet been received by EAM. The suspension

can be challenged in the Administrative Court with a resulting reinstatement of

FIT and RID payments. EAM will decide what legal actions to perform during the

next weeks.

A positive decision by the Administrative Court to terminate the suspension

decision made by GSE will result in the repayment of revenues withheld during

the suspension period.

About Aveleos S.A.

Aveleos S.A, headquartered in Luxembourg, 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.

Aveleos is a subsidiary company of Enovos Luxembourg S.A. The company has no

employees but is governed by a Board of Managing Directors reflecting the share

ownership of the company.

About Enovos Luxembourg S.A and Enovos International S.A.

Enovos Luxembourg S.A., a 100% subsidiary of Enovos International S.A. Enovos

International S.A. is headquartered in Luxembourg.

Enovos International S.A. is owned 25.44% by the State Luxembourg, Ardian/AXA

Redilion Management - 23,48%, RWE Energy - 18,36%, E.ON Ruhrgas - 10.0% SNCI

(Société Nationale de Crédit et d'Investissement 10.01%, Administration

communale de la Ville de (City of) Luxembourg 8% and GDF Suez (Electrabel S.A.)

- 4.71%.

About Avelar Energy Group

Avelar Energy Group is a Zurich-based energy company, established in 2006.

Avelar's activities cover several areas of the energy sector.

For information, please contact:

Viktor E Jakobsen, Executive Director, phone +47 9161 1006, viktor@eamsolar.no

Audun W. Iversen, CEO, phone +47 916 16 250, audun@eamsolar.no

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.

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