EAM Solar

M&A Activity • Dec 23, 2019

EAM Solar ASA: Sale of Varmo & Codroipo update

EAM Solar ASA: Sale of Varmo & Codroipo update

23 December 2019

Reference is given to the stock exchange notice of the 15th of August and the Q3 report 2019.

Following the sale of the Varmo and Codroipo power plants to Energeia AS the 15th of August 2019, Energeia AS has initiated processes to either refinance or sell the power plants. A sale of the power plants is anticipated if the sales valuation is deemed adequate.

In accordance with the Share Purchase Agreement between EAM Solar ASA and Energeia AS of the 15th of August 2019, EAM Solar ASA is entitled to receive 75% of a realized sales value above a net enterprise value approx. EUR 17 million after subtraction of transaction costs.

As of the 23rd of December Energeia has received 3 non-binding offers with price indications above the EUR 17 million. A sales process based on the non-binding offers received is likely to be effectuated during the first half of 2020.

For further information, please contact:

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

About EAM Solar ASA: EAM Solar ASA 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. In addition, the Company's business is lawsuits in relation acquisition of solar power plants.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.