EAM Solar

Share Issue/Capital Change • Jan 20, 2014

EAM Solar ASA : Raises NOK 220 million in a private placement

EAM Solar ASA : Raises NOK 220 million in a private placement

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED

STATES, CANADA, AUSTRALIA, HONG KONG OR JAPAN OR ANY OTHER JURISDICTION IN WHICH

THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL

PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS STOCK EXCHANGE NOTICE

EAM: Raises NOK 220 million in a private placement

20 January 2014

EAM Solar ASA ("EAM Solar" or the "Company") today announces that the Company

has raised NOK 220 million in gross proceeds through a private placement of

2,750,000 new shares, each with a par value of NOK 10.00 at a price of NOK

80.00 per share (the "Private Placement").

The net proceeds from the Private Placement will be used to equity finance the

acquisition of a portfolio of 31 solar power plants in Southern Italy with a

combined capacity of 30 MW and an annual electricity production capacity of

approximately 44 GWh (the "Acquisition"). Based on the net proceeds from the

Private Placement, available cash resources and a committed credit facility of

NOK 50 million (at 6% interest p.a., if drawn) secured by the existing solar

power plants in EAM Solar, the Company has the necessary funding required to

complete the Acquisition. In addition, the SPA allows for partial and sequential

closing of the Acquisition. The Acquisition is expected to close during Q1 2014.

The Private Placement has been approved by the Board of Directors of the Company

in accordance with a resolution by the Extraordinary General Meeting held on 17

December 2013. After the completion of the Private Placement, the Company will

have 5,070,000 shares outstanding, each with a par value of NOK 10.00.

Notification of allotment and payment instructions for the Private Placement

will be sent to the applicants on or about 20 January 2014. Payment date is set

to 22 January 2014 and delivery is expected to occur on or about 24 January

2014. The new shares to be issued in connection with the Private Placement are

not tradable until the share capital increase is registered in the Norwegian

Business Register and the allocated shares have been delivered to the respective

applicants, expected to occur on or about 24 January 2014.

The Private Placement was managed by ABG Sundal Collier Norge ASA, Arctic

Securities ASA and Carnegie AS as joint-lead managers and joint bookrunners.

For further information, please contact:

Viktor E Jakobsen, Executive Director, phone +47 9161 1009, viktor@eamsolar.no

Audun W Iversen, CEO, phone +47 9161 6250, audun@eamsolar.no

About EAM Solar:

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

The Company currently owns four solar power plants in Italy that operate under

long-term electricity sales contracts. EAM Solar acquires solar power plants

that are commissioned, connected to the grid and in power production at the time

of financial close. The current portfolio has a combined capacity of 6.6 MW and

an annual production capacity of approximately 9 GWh. On 31 December 2013, EAM

Solar signed a sale and purchase agreement to acquire a portfolio of 31 solar

power plants in Southern Italy with a combined capacity of 30 MW and an average

annual electricity production capacity of approximately 44 GWh for a total

consideration of EUR 114.3 million.

For more information, please visit www.eamsolar.no

Important Notice

The release is not for publication or distribution, in whole or in part directly

or indirectly, in or into Australia, Canada, Japan or the United States

(including its territories and possessions, any state of the United States and

the District of Columbia).

This release is an announcement issued pursuant to legal information

obligations, and is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act. It is issued for information

purposes only, and does not constitute or form part of any offer or solicitation

to purchase or subscribe for securities, in the United States or in any other

jurisdiction. The securities mentioned herein have not been, and will not be,

registered under the United States Securities Act of 1933, as amended (the

"Securities Act"). The securities may not be offered or sold in the United

States except pursuant to an exemption from the registration requirements of the

Securities Act. The Company does not intend to register any portion of the

offering of the securities in the United States or to conduct a public offering

of the securities in the United States. Copies of this announcement are not

being made and may not be distributed or sent into Australia, Canada, Japan or

the United States. The issue, exercise, purchase or sale of subscription rights

and the subscription or purchase of shares in the Company are subject to

specific legal or regulatory restrictions in certain jurisdictions. Neither the

Company nor the Manager assumes any responsibility in the event there is a

violation by any person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by

law. Persons into whose possession this release comes should inform themselves

about and observe any such restrictions. Any failure to comply with these

restrictions may constitute a violation of the securities laws of any such

jurisdiction. Carnegie is acting for the Company and no one else in connection

with the Private Placement and will not be responsible to anyone other than the

Company for providing the protections afforded to their respective clients or

for providing advice in relation to the rights issue and/or any other matter

referred to in this release.

Forward-looking statements:

This release and any materials distributed in connection with this release may

contain certain forward-looking statements. By their nature, forward-looking

statements involve risk and uncertainty because they reflect the Company's

current expectations and assumptions as to future events and circumstances that

may not prove accurate. A number of material factors could cause actual results

and developments to differ materially from those expressed or implied by these

forward-looking statements.

This information is subject of the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

[HUG#1755611]