EAM Solar

Earnings Release • Feb 23, 2016

EAM Solar ASA : Q4 2015 financial report and company update

EAM Solar ASA : Q4 2015 financial report and company update

23(rd) of February 2016

Highlights in the fourth quarter 2015

* All 25 PV power plants produced electricity in the 4(th) quarter. Annual

power production 2015 was 37.7 GWh, 99.8% of normal. Adjusted for the

lightning strike in July, the production was 1.5% above normal for the year.

4(th) quarter production was 4.7% above normal production.

* GSE made in the 4(th) quarter a unilateral decision to terminate the FIT-

contracts of the 17 power plants affected by the criminal proceedings in

Milan. The correctness of the termination decision will be judged in the

Administrative Court of Rome in April 2016.

* As a consequence of the GSE termination decision, EAM has conducted a write-

down of assets and receivables and recognition of contingent liabilities of

a total EUR 69.7 million

* The SPV Energetic Source Solar Production Srl received a formal notice of

breach of the loan agreement from UniCredit.

* The Board of Directors has annulled the decision it made the 14(th) of

December 2015 to distribute shares in EAM Solar Italy Holding Srl.

* Legal actions to secure damage claims of EUR 212 million against Enovos,

Avelar and Aveleos have been initiated.

Annulment of dividend

On the 25(th) of November 2015, EAM held an extraordinary shareholders meeting

in order to grant the Board of Directors the authority to conduct a split of the

company by issuing shares in EAM Solar Italy Holding Srl as dividends to the

Company's shareholders.

The purpose of the decision was to give the Board of Directors the sufficient

authority to protect the financial integrity of EAM Solar ASA.

On the 14(th) of December 2015 the Board of Directors decided to split the

Company by distribution of dividends. No date for distribution of dividends was

set (ex. dividend date).

Subsequent events have made the split of the Company irrelevant in order to

maintain the financial integrity. Consequently, the Board of Directors has

decided to annul the issue of shares in EAM Solar Italy Holding Srl as

dividends.

The Board of Directors has appointed a new CEO in EAM Solar ASA

The Board of EAM Solar ASA has today appointed Viktor Erik Jakobsen as CEO of

EAM Solar ASA, simultaneously Mr Jakobsen has resigned as executive member of

the board.

Mr Jakobsen, has been on the board of EAM Solar ASA since inception, in addition

he is also CEO of the manager Energeia Asset Management AS. Mr Jakobsen has 20+

years experience in academia, investment banking and the PV industry. Previous

positions have been as Director, SVP & CFO ScanWafer, Co-Head of Equities & Head

of Equity Research DnB, Partner SEB Enskilda, Chairman Bellona Environmental

Foundation. Mr Jakobsen holds an MSc Econ from NHH, Bergen.

Mr Jakobsen replaces Audun W. Iversen who has been CEO since 4(th) of July

2012. Mr Iversen has expressed wish to step down to give priority to his

commitments as chair and board member of several companies.

The board of EAM Solar ASA thanks Mr Iversen for his great work and wishes him

the best for the future.

Mr Iversen continues to be a part of the team in the manager Energeia Asset

Management AS.

For information, please contact:

Ragnhild Wiborg, Chair, phone +47 958 45 645, raghnild@eam.no

Viktor E Jakobsen, CEO, phone +47 9161 1009, viktor@eam.no

About EAM Solar: EAM Solar 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.

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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