EAM Solar

Share Issue/Capital Change • Jan 14, 2014

EAM Solar ASA: Announces equity offering to finance the acquisition of portfolio of solar power plants

EAM Solar ASA: Announces equity offering to finance the acquisition of portfolio of solar power plants

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: Announces equity offering to finance the acquisition of portfolio of solar

power plants

14 January 2014

Reference is made to the stock exchange notice of 2 January 2014 related to the

signing of the sale and purchase agreement to acquire a portfolio of 31 solar

power plants in Southern Italy (the "New Portfolio"), with a combined capacity

of 30 MW and an average annual electricity production capacity of approximately

44 GWh (the "Acquisition"). The Acquisition is initially based on an enterprise

value of EUR 114.3 million for the New Portfolio, of which EUR 73.4 million will

be financed with the continuation of existing debt in the New Portfolio.

To finance the equity component of the Acquisition, EAM Solar ASA ("EAM Solar"

or the "Company") has retained ABG Sundal Collier Norge ASA, Arctic Securities

ASA and Carnegie AS as joint-lead managers and joint bookrunners to advise on

and effect a private placement directed towards Norwegian and international

investors with targeted gross proceeds of NOK 350 million (the "Private

Placement"). The Private Placement will be marketed with an indicative price

range of NOK 80-85 per share.

The book-building period will commence today at 09:00 CET and is expected to

close at 20:00 CET on 16 January 2014. The Company may, however, at any time

close or extend the book-building period at its discretion. The minimum

subscription in the Private Placement has been set to NOK 1 million.

The competition of the Private Placement is subject to the approval by the Board

of Directors of EAM Solar pursuant to the resolution by the Extraordinary

General Meeting held Tuesday 17 December 2013. Notification of allotment and

payment instructions are expected to be sent out on or about 17 January 2014.

The payment date is expected to be on or about 21 January 2014 while the

delivery of the shares offered in the Private Placement is expected to take

place on or about 23 January 2014 (following the publication by the Company of a

listing prospectus in compliance with section 7-3 of the Norwegian Securities

Trading Act).

Private Placement subscriptions:

ABG Sundal Collier Norge ASA: +47 22 01 60 04

Arctic Securities ASA: +47 21 01 31 85

Carnegie AS: +47 22 00 93 40

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.

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.

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