Quarterly Report • May 23, 2016
Quarterly Report
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| Highlights Q1'2016 3 |
|
|---|---|
| Main events 3 | |
| Key figures 3 | |
| Interim report 4 |
|
| Operational review and outlook 4 | |
| Subsequent events 5 | |
| Financial review 5 | |
| Consolidated interim financial information 7 |
|
| Statement of comprehensive income 7 | |
| Consolidated statement of financial position 8 | |
| Consolidated cash flow statement 9 | |
| Consolidated statement of changes in equity 10 | |
| Notes to the interim consolidated financial statements 11 |
|
| Note 1: Basis for preparation 11 | |
| Note 2: Significant accounting judgements 11 | |
| Note 3: Currency exposure 12 | |
| Note 4: Transactions with related parties 12 | |
| Note 5: Segment information 13 | |
| Note 6: Financial income and expenses 13 | |
| Note 7: Cash and cash equivalents 13 | |
| Note 8: Accounts receivables 13 | |
| Note 9: Property, plant and equipment 14 | |
| Note 10: Short- and long-term debt 14 | |
| Note 11: List of subsidiaries 16 | |
| Note 12: Operational costs break-down 2015 16 | |
| Note 13: Events after the reporting date 17 | |
| Power production18 |
Aveleos are regarded as financially liable for the damages suffered by EAM. The criminal trial will commence the 7th of June 2016 in Milan.
| EUR 000' | Q1 2016 | Q1 2015 | 2015 | 2014 |
|---|---|---|---|---|
| Revenues | 919 | 2 383 | 6 131 | 8 715 |
| Cost of operations | -452 | -379 | -1 606 | -1 158 |
| Sales, general and administration expenses | -481 | -676 | -3 113 | -2 356 |
| Acquisition and transaction costs | -567 | -311 | -20 361 | -2 989 |
| EBITDA | -581 | 1 017 | -18 949 | 2 213 |
| Depreciation, amortizations and write downs | -566 | -1 313 | -49 573 | -3 365 |
| EBIT | -1 147 | -296 | -68 522 | -1 152 |
| Net financial items | -1 579 | -2 158 | -1 508 | 561 |
| Profit before tax | -2 725 | -2 454 | -70 031 | -591 |
| Income tax gain/(expense ) | 88 | -52 | 167 | -1 034 |
| Net income | -2 637 | -2 506 | -69 864 | -1 625 |
| Earnings per share (fully diluted): | -0,52 | -0,49 | -13,78 | -0,32 |
| Distribution to shareholders per share | 0,00 | 0,00 | 0,00 | 0,36 |
| Dividend yield | 0,0 % | 0,0 % | 0,0 % | 0,0 % |
| Million no. of shares (fully diluted) | 5,07 | 5,07 | 5,07 | 5,07 |
| EBITDA adjusted | -14 | 1 328 | 1 412 | 5 202 |
| EBIT adjusted | -580 | 15 | -48 161 | 1 837 |
| Net income adjusted | -4 783 | -4 038 | -51 171 | 1 363 |
Adjusted EBITDA, EBIT and Net income are adjusted for non-recurring items such as cost of acquisition, legal cost, gains from bargain purchase, non-cash currency movements etc.
EAM Solar ASA is an investment company listed on the Oslo Stock Exchange under the ticker EAM. The Company's primary business is to own solar photovoltaic power plants and sell produced electricity under longterm fixed price sales contracts. The initial geographical focus is Italy, where the company owns twenty-five power plants of which four power plants are located in the Friuli and Piemonte regions in Northern Italy, and twenty-one power plants are located in the Puglia region in Southern Italy. Energeia Asset Management AS manages EAM Solar ASA under a long-term management agreement.
This interim report should be read in conjunction with the annual report for 2015, published the 30th of April 2016.
EAM Solar ASA operated 25 Solar PV power plants in the 1st quarter 2016 with a total installed capacity of 27,2 MW and an annual budget power production of 38 GWh (P50 production).
In the 1st quarter 8 power plants was operated under long-term FIT contracts representing 10,6 MW and 15 GWh annual capacity and production, while 17 power plants was operated with only market price revenues representing 16,6 MW and 23 GWh annual capacity and production.
The power plants not affected by the termination decisions operated as normal in the 1st quarter. EAMs own operation and maintenance team conducted normal operational inspections and maintenance work during the 1st quarter.
The 17 power plants with terminated FIT contracts have due to restricted cash flow received less maintenance work for a period of time. The funds available from operations without the FIT contract revenues are not sufficient to secure a "best practise" operation. Consequently, the lead-time from equipment failure to repair and restoration of key components is longer than under normal operating conditions. In the 1st quarter the power plants Pisicoli T, Antonacci, Piangevino and Cagnazzi all experienced technical issues resulting in inverter failure. The technical failures resulted in an energy production loss of approximately 180 MWh, representing an economic loss of EUR 6.160,-.
Due to theft of 880 PV modules in 2015 not yet restored, the power production in the 1st quarter was reduced by approximately 90 MWh. 30 MWh from non-FIT power plants representing an economic loss of EUR 1,000,- and 60 MWh from FIT power plants representing a loss of EUR 14,500,- in the quarter. All thefts have been reported to the police and the insurance companies and insurance claims have been filed.
Power production in the 1st quarter from all power plants was 6.474 MWh, equivalent to 17% of budgeted annual production. The production in the quarter was 12% below the quarterly budget (P50 production), but within normal quarterly variance.
Production in April 2016 was 4% above budget, implying that the accumulated production at the end of April was 7% below budget, equivalent to 26% of total budgeted annual production.
Power production from the power plants not affected by the criminal proceedings in the 1st quarter amounted to 2.566 MWh and the production from the power plants with terminated FIT contracts amounted to 3.908 MWh.
FIT contract revenues in the 1st quarter amounted to EUR 660k, equivalent to an average FIT contract price of EUR 257,7 per MWh. 4 power plants in the north of Italy and 4 power plants in the South of Italy receives FIT contract revenues, while 17 power plants had their FIT contracts terminated by GSE in the 4th quarter 2015, and are consequently not receiving any FIT revenues.
Market price revenues in the 1st quarter amounted to EUR 235k representing an average market price for electricity of EUR 36,35 per MWh. The average electricity market price achieved in the North of Italy was EUR 42,4 per MWh and in the South of Italy EUR 34,5 per MWh.
The average market price of electricity in Italy has, equal to the rest of Europe, seen a drop of more than 35% over the past 12 months. EAM expect the market price of electricity to remain at these level in 2016, and that the general drop in market prices represents a lasting structural trend in the European power market. An increase in the oil price may increase power prices short term, however, with more and more intermittent renewable energy entering the market, EAM expects more periods of close to zero price on wholesale electricity to occur in the years to come.
Due to the termination of 17 FIT contracts in the 4th quarter 2015, and the negative impact on business development opportunities because of the "P31 Acquisition" fraud, the main focus of EAM Solar ASA is to resolve the financial and legal situation of the company.
In the 1st quarter, EAM Solar ASA filed to the Bankruptcy Court in Milan for financial restructuring and creditor protection of the 5 SPVs involved in the criminal proceedings with terminated FIT contracts (ESGP, ESGI, ESSP and ENFO14). The companies has now external restructuring commissioners
appointed by the court, and a deadline until the 8th of July 2016 to deliver the restructuring plan to the court for judgment.
The Manager, Energeia Asset Management continues to execute cost reduction measures including reduction of own staff and the use of external service providers. The cost reduction measures shall be fully executed during 2016.
As stated in the annual report 2015, due to the P31 Acquisition EAM has been transformed from an operational YieldCo to be dominated by ongoing and future legal actions and lawsuits.
On the 15th of March the presiding judge in the Criminal Court decided that the request for trial against the indicted in the criminal case 44638/13 should commence on the 7th of June 2016. In addition, the judge ruled that EAM Solar ASA and EAM Solar Italy Holding Srl was civil victims and that Enovos, Avelar and Aveleos would be financially liable for the damages inflicted on EAM from the criminal contractual fraud. EAM and its legal counsel have prepared the forthcoming criminal trial in Milan during the 1st quarter.
Following the termination decision by GSE in the 4th quarter 2015, EAM has appealed the termination decision to the Administrative Court of Lazio, Rome. This has been done in order to secure a legally valid FIT contract termination decision. The validity of the termination decision was treated in a court session the 28th of April 2016, and a final ruling may according to normal process time be expected in the period May to July 2016.
At the end of the 1st quarter EAM had 4 ongoing legal proceedings and 4 pending legal proceedings.
EAM will pay no dividend in conjunction with the 1st quarter 2016.
GSE conducted an inspection of the 3 power plants owned by ENS Solare One Srl (ENS1) the 21st and 22nd of December 2015. On May the 16th the SPV ENS1 received formal communication from GSE that the inspection conclusion was that all power plants were in compliance with rules and regulations, subject to GSE having received correct documentation.
ENS1 is receiving the FIT contract revenues as normal, and the SPV is currently not part of the Criminal investigation conducted by the prosecutor's office of Milan.
Following the inspection of the ENS1 power plants, EAM now has only one power plant left from the P31 Acquisition that not has been inspected by GSE, which is ENFO25.
EAM will convene the Annual general Meeting for the Shareholders on Thursday the 26th of May at 14:00 CET at the Company's offices at Dronningen 1, Oslo (see stock exchange notice of the 4th of may 2016).
The financial review of the 1st quarter 2016 does not compare with the reported 1st quarter report of 2015 due to changes in the accounts as a consequence of the FIT termination decision by GSE.
1st quarter revenues came in at EUR 919k, of which EUR 660k came from FIT contracts and EUR 235k came from market sales of electricity.
The 1st quarter 2016 revenues represent approximately 18% of the expected annual revenues of EUR 5,1 million based on the current corporate structure with 25 power plants in operations. However, subject to the outcome of the financial restructuring plan affecting 5 SPVs and 17 power plants, to be determined in the 3rd quarter 2016, the corporate structure may change to only comprise 8 power plants.
The 8 power plants not affected by the criminal proceedings represent annual revenue of approximately EUR 4,4 million with the current market prices of electricity.
EAM achieved an average electricity price in the 1st quarter of EUR 142 per MWh, a significant reduction from previous periods. However, this is due to the termination of 17 FIT contracts. The power plants with valid FIT contracts achieved an average electricity price in the quarter of EUR 306 per MWh, EUR 347 per MWh in north Italy and EUR 244 per MWh in South Italy.
Cost of operations in the 1st quarter was EUR 452k, of which EUR 237k was for plants in normal operations (non-affected plants).
SG&A costs in the 1st quarter were EUR 481k, of which EUR 202k was for the non-affected power plants.
The legal costs for EAM Solar ASA is posted under the heading "Acquisition and financing costs". In the 1st quarter 2016 all of these costs are related to the legal costs in stemming from the P31 Acquisition. Total legal costs in the quarter were EUR 545k.
EBITDA in the 1st quarter came in at a loss of EUR 580k. EBITDA from the non-affected SPVs came in at a profit of EUR 332k.
The net total cost of the affected SPVs in the 1st quarter was approximately EUR 1,1 million when revenues of EUR 135k is subtracted. This is a situation that will not prevail past the 8th of July 2016, which is the deadline for the financial restructuring plan to be approved by the bankruptcy court of Milan.
Depreciation in the 1st quarter was EUR 565k, of which EUR 495k is for the non-affected SPVs. Following the full year 2015 impairment and subsequent write-down of assets belonging to SPVs with terminated Fit contracts, the depreciation charges for the affected SPVs was EUR 70k in the 1st quarter.
Net financial costs in the 1st quarter was EUR 1,58 million, of which EUR 632k was the net financial costs of the affected SPV's.
Pre-tax loss in the 1st quarter was EUR 2,72 million, of which the affected SPVs represented a loss of EUR 1,75 million.
Taxes in the 1st quarter amounted to a net tax reversal of EUR 88k on a group level.
Reported net loss for the group was in the 1st quarter EUR 2,63 million, of which the affected SPVs represented a net loss of EUR 1,34 million.
Cash flow from operations for the quarter came in at EUR 0.1m. No investment activities took place in the 1st quarter, and cash flow from financing activities was in total EUR -0,1m.
Restricted and unrestricted cash by the end of the quarter was EUR 10,6m, of which EUR 9,3m remains seized by the Prosecutors Office in Milan.
Total assets at the end of the period are EUR 59m, with a negative equity ratio of 58% for the Group.
The mother company has a positive equity ratio of 78% at the end of the 1st quarter.
Net working capital (excluding non-serviced interest bearing debt) was EUR 5m at the end of March 2016.
Oslo, 23rd of May 2016
Pål Hvammen Non-executive director
Marthe Hoff Non-executive director
Ragnhild M Wiborg Chair
Viktor E Jakobsen CEO
| EUR | Note | Q1 2016 | Q1 2015 | 2015 |
|---|---|---|---|---|
| Revenues | 5,11 | 919 057 | 2 382 904 | 6 130 955 |
| Cost of operations | 4,12 | -452 228 | -378 507 | -1 605 821 |
| Sales, general and administration expenses | 4,12 | -481 137 | -676 369 | -3 113 255 |
| Acquisition and transaction costs | 4,12 | -566 657 | -311 007 | -20 360 928 |
| EBITDA | -580 965 | 1 017 021 | -18 949 049 | |
| Depreciation, amortizations and write downs | 9 | -565 678 | -1 312 993 | -49 573 204 |
| EBIT | -1 146 643 | -295 972 | -68 522 253 | |
| Finance income | 6 | 63 366 | 42 395 | 3 963 924 |
| Finance costs | 6 | -1 642 160 | -2 200 856 | -5 472 255 |
| Profit before tax | -2 725 437 | -2 454 433 | -70 030 584 | |
| Income tax gain/(expense) | 88 487 | -51 900 | 167 027 | |
| Profit after tax | -2 636 950 | -2 506 333 | -69 863 557 | |
| Other comprehensive income | ||||
| Translation differences | -5 661 222 | 1 842 549 | -4 563 500 | |
| Cash flow hedges | -40 120 | 162 911 | 53 808 | |
| Other comprehensive income net of tax | -5 701 342 | 2 005 460 | -4 509 692 | |
| Total comprehensive income | -8 338 292 | -500 873 | -74 373 249 | |
| Profit for the year attributable to: | ||||
| Equity holders of the parent company | -2 636 950 | -2 506 333 | -69 863 557 | |
| Equity holders of the parent company | -2 636 950 | -2 506 333 | -69 863 557 | |
| Total comprehensive income attributable to: | ||||
| Equity holders of the parent company | -8 338 292 | -500 873 | -74 373 249 | |
| Equity holders of the parent company | -8 338 292 | -500 873 | -74 373 249 | |
| Earnings per share: | ||||
| Continued operation | ||||
| - Basic | -0,52 | -0,49 | -13,78 | |
| - Diluted | -0,52 | -0,49 | -13,78 |
The interim financial statement information has not been subject to audit or review. Diluted number of shares at the end of the fourth quarter 2014 is 5,070,000.
| EUR | Note | Q1 2016 | 2015 | 2014 |
|---|---|---|---|---|
| ASSETS | ||||
| Property, plant and equipment | 9 | 33 871 011 | 34 436 689 | 83 379 490 |
| Deferred tax asset | 0 | 0 | 1 738 617 | |
| Intangible assets | 262 264 | 277 089 | 962 427 | |
| Other long term assets | 691 733 | 1 598 603 | 964 318 | |
| Non-current assets | 34 825 008 | 36 312 381 | 87 044 852 | |
| Receivables | 8 | 13 273 465 | 21 744 787 | 21 775 066 |
| Other current assets | 320 763 | 1 076 836 | 452 703 | |
| Cash and short term deposits | 7 | 10 653 934 | 10 718 169 | 10 944 938 |
| Current assets | 24 248 162 | 33 539 792 | 33 172 707 | |
| TOTAL ASSETS | 59 073 170 | 69 852 173 | 120 217 559 | |
| EQUITY AND LIABILITIES | ||||
| Issued capital | 6 214 380 | 6 214 380 | 6 214 380 | |
| Share premium | 24 606 370 | 24 606 370 | 24 606 370 | |
| Paid in capital | 30 820 750 | 30 820 750 | 30 820 750 | |
| Translation differences | -14 530 904 | -8 869 682 | -4 306 182 | |
| Other equity | -50 781 015 | -48 103 947 | 21 705 804 | |
| Other equity | -65 311 919 | -56 973 629 | 17 399 622 | |
| Total equity | -34 491 169 | -26 152 879 | 48 220 372 | |
| Leasing | 10 | 6 062 591 | 6 135 377 | 6 417 275 |
| Long term loan - interest bearing | 10 | 7 905 018 | 7 632 405 | 0 |
| Other non current liabilities | 10 | 488 748 | 1 079 505 | 639 495 |
| Total non-current liabilities | 14 456 357 | 14 847 287 | 7 056 770 | |
| Trade payables | 10 | 3 580 279 | 3 089 199 | 4 755 495 |
| Tax liabilities | 10 | 878 991 | 807 902 | 1 109 122 |
| Short term financing - interest bearing | 10 | 42 703 866 | 41 063 191 | 45 734 451 |
| Other current liabilities | 10 | 31 944 846 | 36 197 476 | 13 341 349 |
| Total current liabilities | 79 107 982 | 81 157 768 | 64 940 417 | |
| Total liabilities | 93 564 338 | 96 005 055 | 71 997 187 | |
| TOTAL EQUITY AND LIABILITIES | 59 073 170 | 69 852 176 | 120 217 559 |
Oslo, 23rd of May 2016
Pål Hvammen Non-executive director
Marthe Hoff Non-executive director
Ragnhild M Wiborg Chair
Viktor E Jakobsen CEO
| EUR | Note | Q1 2016 | Q1 2015 | Audited 2015 |
Audited 2014 |
|---|---|---|---|---|---|
| Cash flow from operating activities | |||||
| Ordinary profit before tax | -2 636 950 | -2 454 434 | -70 030 585 | -591 256 | |
| Paid income taxes | 0 | 0 | -1 007 617 | ||
| Depreciation | 9 | 565 678 | 1 312 993 | 4 181 074 | 3 365 187 |
| Write down of fixed assets | 9 | 0 | 45 392 130 | ||
| Changes in trade receivables and trade payable | 8 | 4 709 772 | -561 300 | 30 279 | -8 346 130 |
| Changes in other accruals | -2 548 764 | 109 692 | 20 474 559 | 2 923 511 | |
| Net cash flow from operating activities | 89 736 | -1 593 049 | 47 457 | -3 656 305 | |
| Cash flows from investing activities | |||||
| Acquisition of subsidiary net of cash acquired | 0 | 0 | -630 403 | -24 477 899 | |
| Acquisition of property, plant and equipement | 0 | 0 | |||
| Net cash flow used in investing activities | 0 | 0 | -630 403 | -24 477 899 | |
| Cash flows from financing activities | |||||
| Proceeds from issue of share capital | 0 | 0 | 0 | 25 204 368 | |
| Dividends or shareholder distributions | 0 | 0 | 0 | -1 868 665 | |
| Proceeds from new loans | 0 | 0 | 676 327 | 10 291 896 | |
| Repayment of loans | -153 975 | -69 111 | -320 147 | -2 028 732 | |
| Net cash flow from financing activities | -153 975 | -69 111 | 356 180 | 31 598 867 | |
| Cash and cash equivalents at beginning of period | 10 718 172 | 1 941 384 | 10 944 938 | 4 861 406 | |
| Net currency translation effect | 0 | 1 354 890 | 0 | 0 | |
| Seizure of cash | 7 | 0 | -116 336 | 0 | -6 384 685 |
| Net increase/(decrease) in cash and cash equivalents | -64 239 | -1 662 160 | -226 766 | 3 464 663 | |
| Cash and cash equivalents at end of period | 17 | 10 653 933 | 1 517 778 | 10 718 172 | 1 941 384 |
| Share premium |
Cash flow hedge |
Currency translation |
||||
|---|---|---|---|---|---|---|
| EUR | Share capital | fund | Other equity | reserve | reserve | Total equity |
| Equity as at 1 January 2014 | 2 932 561 | 2 683 821 | 25 797 776 | 0 | -2 089 997 | 29 324 161 |
| Capital increase 17 January 2014 | 3 281 819 | 22 972 731 | 26 254 550 | |||
| Costs related to capital increase | -1 050 182 | -1 050 182 | ||||
| Dividends or distribution to shareholders | -1 868 665 | -1 868 665 | ||||
| Profit (loss) After tax | -1 625 467 | -1 625 467 | ||||
| Other comprehensive income | -597 840 | -2 216 185 | -2 814 025 | |||
| Equity as at 31 December 2014 | 6 214 380 | 24 606 370 | 22 303 644 | -597 840 | -4 306 182 | 48 220 372 |
| Equity as at 1 January 2015 | 6 214 380 | 24 606 370 | 22 303 644 | -597 840 | -4 306 182 | 48 220 372 |
| Profit (loss) After tax | -69 863 557 | -69 863 557 | ||||
| Other | 0 | |||||
| Other comprehensive income | 53 808 | -4 563 500 | -4 509 692 | |||
| Equity as at 31 December 2015 | 6 214 380 | 24 606 370 | -47 559 913 | -544 032 | -8 869 682 | -26 152 877 |
| Equity as at 1 January 2016 | 6 214 380 | 24 606 370 | -47 559 913 | -544 032 | -8 869 682 | -26 152 877 |
| Profit (loss) After tax | -2 636 950 | -2 636 950 | ||||
| Other | 0 | |||||
| Other comprehensive income | -40 120 | -5 661 222 | -5 701 342 | |||
| Equity as at 31 December 2015 | 6 214 380 | 24 606 370 | -50 196 863 | -584 152 | -14 530 904 | -34 491 169 |
EAM Solar ASA is a public limited liability company, incorporated and domiciled in Norway, with registered office at Dronningen 1, NO-0287 Oslo, Norway. The Company was founded the 5 January 2011 and listed on the Oslo Stock Exchange under the ticker EAM in 2013.
The primary business activity of EAM Solar ASA is to own solar PV power plants and sell electricity produced under long-term contracts. EAM is structured to create a steady long-term dividend yield for its shareholders. Following the P31 Acquisition, the main value of EAM Solar ASA is dependant on the future outcome of litigations activities.
EAM Solar ASA currently owns 25 photovoltaic power plants and 12 subsidiaries in Italy. The company has no employees.
Energeia Asset Management AS manages the Company under a long-term management agreement. EAM Solar Park Management AS, a subsidiary of Energeia Asset Management AS, conducts most of the day-to-day operational tasks with own employees and through the use of subcontractors.
This interim condensed consolidated financial statement for the first quarter 2016 has been prepared in accordance with IAS 34 Interim Financial Reporting. The interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements. The 1st quarter report should therefore be read in conjunction with the Group's Annual Report 2015 that was published the 30th of April 2016.
The accounting policies adopted in the preparation of the interim condensed consolidated financial statements are consistent with those followed in the preparation of the Group's annual financial statements for the year ended the 31st of December 2015. Standards and interpretations as mentioned in the Group's Annual Report 2015 Note 1 and effective from the 1st of January 2015 did not have a significant impact on the Group's consolidated interim financial statements.
For some of the external financing contracts with floating interest there are interest rate swaps for the full duration of the contact period and for the full amount.
Under normal circumstances the risk for losses is considered to be low, since the main commercial counterparty is GSE, owned by the Ministry of Finance in Italy. The Group has not made any set-off or other derivate agreements to reduce the credit risk in EAM Solar ASA.
EAM Solar ASA group cash balance was EUR 10,6 million at the 31st of March 2016, of which EUR 9,3 million was seized. The seized cash has limited the Company from paying its obligations under the leasing and project financing agreements for the subsidiaries affected by the criminal proceedings in Italy. In the Group accounts the relevant financing has been reclassified as short-term debt since the lack of payment may be viewed as a breach of contact.
The subsidiaries affected by the criminal proceedings have received formal notice of breach of the respective loan agreement following the termination of the FIT contracts by GSE. However, due to the fact that the GSEs termination decision comes as a result of the criminal proceedings that has commenced against directors and individuals related to the sellers of the P31 portfolio, previously financially liable towards the banks, there is a de-facto standstill between the financing banks and EAM.
A complete impairment test was conducted of all power plants owned by EAM in conjunction with the full year 2015 accounts. A review of the asset impairment will be conducted in the 2nd quarter 2016 in conjunction with the finalization of the financial restructuring plan for the SPVs affected by the criminal proceedings.
The main risk of operations in Italy is related to regulatory risk, whereby the contractual counterparty, the Government of Italy, has shown willingness to conduct unilateral and retroactive changes to the commercial electricity sales contracts and also to the operational regulatory regime governing the power plants in Italy. During 2015 GSE has inspected 20 power plants, resulting in termination of 17 FIT contracts.
In the process of applying the Group's accounting policies in according to IFRS, management has made several judgements and estimates. All estimates are assessed to the most probable outcome based on the management's best knowledge. Changes in key assumptions may have significant effect and may cause material adjustments to the carrying amounts of assets and liabilities, equity and the profit for the period. The company's most important accounting estimates are the following items:
Given GSE's termination decision in the 4th quarter of 2015, and the subsequent write-down of assets and accrual of possible claims, the board and management considers continuously the Company's ability to operate as a going concern for the next 12 months. The going concern consideration is mainly related to the assessment of adequate liquidity to meet the Company's running operational financial obligations.
Given the legal corporate status, having been identified as a victim of criminal contractual fraud by the Prosecutors Office of Milan and Criminal Court of Milan, resulting in significant legal and operational challenges, the board and management is continuously reviewing operations.
It is the judgment by the board and management, all factors considered, that the Company has adequate liquidity for the next 12 months, consequently, that the foundation for "going concern" is present at the end of the 1st quarter 2016. See also the annual report 2015 published the 30th of April 2016 for further background information.
As a result of the termination decision by GSE, EAM has derecognized all receivables as of year-end 2015 for the SPVs affected by the criminal proceedings. In addition the financial claims for repayment from GSE against the SPVs have been recognized as other short-term debt. The repayment claim amounts have been recognized in full although the size of the amount is disputed and subject to revision in 2016.
Most of EAM's economic activity (revenues and costs) is in EUR. Some of the cost base and financing are in NOK. The functional currency for the parent company is NOK.
Energeia Asset Management AS is the manager of EAM Solar ASA. Energeia Asset management owns EAM Solar Park Management AS 100%. EAM Solar Park management AS in Norway and Italy employs most of the personnel conducting the technical and administrative services for EAM Solar ASA.
Sundt AS, Canica AS and Bjørgvin AS are large shareholders in EAM Solar ASA. They are also shareholders in Energeia Asset Management, but not involved in the day-to-day operations of Energeia Asset management. They are represented with one director each in the board of directors of Energeia Asset Management AS.
All the transactions have been carried out as part of the ordinary operations and at arms -length prices.
According to a management agreement between the parties, EAM Solar Park Management AS charges the Group for direct costs without any profit margin related to the services provided. In addition to reimbursement of direct cost, EAM Solar Park Management AS shall receive 12.5% of the Groups pre-tax profit as a royalty. The royalty is based on the fact that EAM Solar ASA is developed, created and managed by Energeia Asset Management AS. The royalty structure aligns the interests between the Group and the manager.
In the first quarter 2016 EAM SPM's direct costs of the management of EAM Solar ASA was EUR 352k, of which EUR 60k is related to cost of operations, EUR 181k is related to SG&A and EUR 110k is cost related to legal and litigation work in conjunction with the P31 Acquisition fraud. No royalty was calculated. The royalty payment has been waived until the legal situation of EAM Solar ASA has found its solution.
Invoices from EAM Solar Park Management AS to some Group subsidiaries has for a period remained unpaid, simultaneously EAM Solar ASA has funded EAM Solar Park Management AS with necessary liquidity on behalf of the subsidiaries creating a receivable. In order to settle outstanding amounts between the parties has EAM Solar Park Management AS in 2015 assigned its position as creditor towards the subsidiaries of EAM Solar ASA to EAM Solar ASA and thereby settling between EAM Solar ASA and EAM Solar Park Management AS, and EAM Solar Park Management and the subsidiaries of EAM Solar ASA.
EAM Solar ASA entered on the 20th of June 2014 into a shortterm acquisition credit facility agreement of NOK 65 million with the largest shareholder in EAM Solar ASA, Sundt AS. The credit facility originally expired on the 10th of December 2014, but has been extended twice thereafter. In March 2015 the parties agreed to convert the short-term facility to a long-term facility with 15 years duration, carrying an all-inclusive interest of 10%. The lending facility is secured against EAM Solar Norway Holding AS, EAM Solar Italy Holding II Srl and the subsidiaries EAM Solar Italy 1 Srl, EAM Solar Italy 2 Srl and EAM Solar Italy 3 Srl since 2014.
EAM Solar Group owns and operates twenty-five solar PV power plants at the end of the 1st quarter 2016, which include all of the group's revenue for 2015. Due to the criminal proceedings affecting 17 of the "P31 portfolio" power plants, EAM has separated the affected power plants and SPVs in a separate segment.
| EAM Solar Italy 1 s.r.l. | Q1 2016 | Q1 2015 |
|---|---|---|
| Revenues from external customers | 135 769 | 171 850 |
| EBITDA | 55 779 | 106 098 |
| EBIT | -40 737 | 9 582 |
| Non-current assets | 5 211 516 | 5 721 627 |
| EAM Solar Italy 2 s.r.l. | Q1 2016 | Q1 2015 |
| Revenues from external customers | 286 718 | 348 739 |
| EBITDA | 144 871 | 219 070 |
| EBIT | -51 821 | 22 379 |
| Non-current assets | 10 885 577 | 11 825 475 |
| EAM Solar Italy 3 s.r.l. | Q1 2016 | Q1 2015 |
| Revenues from external customers | 114 093 | 123 471 |
| EBITDA | 28 476 | 61 784 |
| EBIT | -39 893 | -6 467 |
| Non-current assets | 4 877 163 | 5 136 570 |
| ENS1 & ENFO 25 | Q1 2016 | Q1 2015 |
| Revenues from external customers | 248 109 | 255 149 |
| EBITDA | 103 747 | 128 338 |
| EBIT | -29 682 | -11 589 |
| Non-current assets | 10 130 885 | 10 657 286 |
| SPV's in criminal proceedings | Q1 2016 | Q1 2015 |
| Revenues from external customers | 134 369 | 1 483 695 |
| EBITDA | -720 161 | 885 835 |
| EBIT | -789 768 | 214 790 |
| Non-current assets | 4 870 133 | 46 372 836 |
| Other & eliminations | Q1 2016 | Q1 2015 |
| Revenues from external customers | 0 | 0 |
| EBITDA | -193 677 | -384 104 |
| EBIT | -194 742 | -524 667 |
| Non-current assets | -1 150 266 | 7 379 795 |
| Total | Q1 2016 | Q1 2015 |
| Revenues from external customers | 919 057 | 2 382 904 |
| EBITDA | -580 965 | 1 017 021 |
| EBIT | -1 146 643 | -295 972 |
| Non-current assets | 34 825 008 | 87 093 589 |
The average exchange rate used for the first quarter 2016 was EUR/NOK 9.5258 whereas the exchange rate used at 31.3.2016 was EUR/NOK 9.4145.
| Financial income | Q1 2016 | Q1 2015 |
|---|---|---|
| Interest income | 5 496 | 6 601 |
| Foreign exchange gain | 0 | 34 902 |
| Other financial income | 57 870 | 3 |
| Total financial income | 63 366 | 41 506 |
| Financial expenses | Q1 2016 | Q1 2015 |
| Interest expense | -933 356 | -691 401 |
| Foreign exchange losses | -662 308 | -1 356 318 |
| Other financial expenses | -46 496 | -113 064 |
| Total financial expenses | -1 642 160 | -2 160 783 |
| Net financial income (expenses) | -1 578 794 | -2 119 276 |
The group had no credit facilities at the 31st of March 2016.
| EUR | Q1 2016 | YE 2015 |
|---|---|---|
| Free cash Norway | 3 041 | 29 803 |
| Free cash Italy | 362 238 | 398 014 |
| Restricted cash Italy | 938 148 | 940 787 |
| Seized cash Italy | 9 350 507 | 9 350 507 |
| Unused credit facility | 0 | 0 |
| Cash and cash equivalents | 10 653 934 | 10 719 112 |
Of the restricted cash, EUR 678.591 is the debt service reserve account of ENS Solar One Srl. EUR 463.757 of the seized cash is taken from companies not included in the criminal proceedings. In addition EAM Solar ASA transferred EUR 3,256 million to the accounts of ESGP, ESGI and ESSP on the 15th of July 2014 from Norway that were seized by the Prosecutors office on the 23rd of July 2014.
| Receivables | Q1 2016 | YE 2015 |
|---|---|---|
| Accounts receivables | 566 961 | 2 768 743 |
| Unbilled revenue towards GSE | 705 346 | 0 |
| Recievable from Aveleos | 11 005 324 | 10 936 877 |
| Other receivables | 995 834 | 8 039 167 |
| Accounts receivables | 13 273 465 | 21 744 787 |
The substantial amount of the receivable outstanding is towards GSE and the sellers of P31. GSE normally has 60 days payment terms from receiving an invoice. In 2015, GSE introduced a 12 month delayed payment on 10% of expected annual revenues, which increases receivables against GSE.
| 2016 | Solar power plants |
|---|---|
| Carrying value 1 January 2016 | 34 436 689 |
| Additions | 0 |
| Write down | 0 |
| Depreciation | -565 678 |
| Carrying value 31 March 2016 | 33 871 011 |
| 2015 | Solar power plants |
|---|---|
| Carrying value 1 January 2015 | 83 379 490 |
| Additions | 630 403 |
| Write down | -45 392 130 |
| Depreciation | -4 181 074 |
| Carrying value 31 December 2015 | 34 436 689 |
Economic life of 20- 25 years and straight-line depreciation.
| EUR | Q1 2016 | YE 2015 |
|---|---|---|
| Interest bearing debt | 7 905 018 | 7 632 405 |
| Other non current liabilities | 488 748 | 1 079 505 |
| Obligations under finance leases | 6 062 591 | 6 135 377 |
| Total non-current liabilities | 14 456 357 | 14 847 287 |
| Trade and other payables | 3 580 279 | 3 089 199 |
| Current interest bearing loans | 0 | 0 |
| Current project finance | 15 861 426 | 15 861 426 |
| Current leasing | 26 842 440 | 25 201 765 |
| Other current debt | 234 208 | 3 855 682 |
| Deferred tax | 191 756 | 420 365 |
| Tax payable | 687 235 | 807 902 |
| Related to ordinary operations | 47 397 344 | 49 236 338 |
| AION Renewables | 0 | 6 192 604 |
| Aveleos S.A. | 8 992 770 | 5 628 611 |
| GSE repayment claim | 22 717 868 | 20 100 214 |
| Related to criminal proceedings | 31 710 638 | 31 921 429 |
| Total current liabilities | 79 107 982 | 81 157 767 |
| Total liabilities | 93 564 339 | 96 005 054 |
The leasing and project finance for the SPVs ESGP, ESGI and ESSP of EUR 41 million is classified as current debt due to the fact that interest payments and instalments has not been paid in full by the SPVs since GSE suspended payment of the FIT contract in August 2014. Consequently the SPVs are now in breach of the lending and leasing agreements.
The identified debt is a gross amount before adjustment of the EUR 2.6 million that not has been released under the financing agreements by the banks.
The SPVs are currently in formal debt restructuring governed by the Court of Milan and under creditor protection until the 8th of July 2016. EAM is working together with 5 Commissioners appointed by the Judge in the Bankruptcy Court of Milano to make a corporate restructuring plan to be approved by the court.
EAM Solar Italy Holding Srl and EAM Solar ASA entered into an equity contribution agreement and patronage letter with UBI Leasing and UniCredit in conjunction with the acquisition of ESGP, ESGI and ESSP.
In the outset, the agreements require EAM Solar Italy Holding Srl to inject equity into the SPVs under certain circumstances of breach of the lending agreement.
In the current situation, whereby the transfer of the companies came about as a deliberate fraud conducted by the previous owners, Enovos Luxembourg SA and Avelar Energy Ltd, the transfer also released Enovos and Avelar from their equity contribution obligations against UBI Leasing and UniCredit.
EAM is of the opinion that the main motive behind the contractual fraud conducted was in order for Enovos and Avelar to achieve to be formally released by the financing banks from their debt guarantee obligations, thus avoiding the losses that would come as a consequence of a FIT contract termination decision by GSE.
Consequently, the equity contribution commitments of EAM companies are considered void since this was brought about as a result of a criminal contractual fraud.
The financing banks, UBI Leasing and UniCredit, are also best served by having the debt guarantee obligation waivers given to Enovos and Avelar in conjunction with the transfer of the SPV's in July 2014 considered void as well, thereby being able to direct their rightful repayment claims against the parties that built the power plants and obtained the lending in the first place.
The account of the "P31" SPVs recognizes payables to Aveleos S.A. and the bankruptcy estates of the EPC contractor AION Renewables Spa of EUR 11 million.
Although recognized in the accounts, these payable claims are considered void due to the fact that they stems from criminal breach of the EPC contract obligations of AION renewables in conjunction with the contractual obligation to achieve that the power plant achieved the so–called "completion of works" before the end of 2010.
The investigation conducted by the Prosecutors Office in Milan and the criminal proceedings in Milano specifically identifies that the power plants did not achieve to be constructed in time to achieve completion of works before the end of 2010 in accordance with the Conto Energia II Salva Alcoa regulations. Furthermore, the investigation has identified that the director responsible for issuing the declaration of achievement of completion of works has admitted in the criminal proceedings that he issued the declaration even though the power plants probably not were completed in time in accordance with the regulations.
Based on this breach of the EPC contract, the SPVs under Conto Energia II and III (ESGP, ESGI, ESSP and AGI) will file a criminal complaint with civil damages action against AION Renewables for the deliberate breach of the EPC contract. Consequently, the payables to AION Renewables are considered void, but the effectuation of this fact is subject to an adequate court decision.
The payables against Aveleos S.A. is considered invalid due to the fact that the directors of Aveleos S.A. were the responsible party for filing the application to the GSE for the FIT contracts under Conto Energia II, III and IV based on deliberately falsified documentation. The SPVs will file a separate criminal complaint with civil actions against the responsible directors and their representative companies in order to have the payable claims annulled and also to seek compensation on behalf of the injured creditors in the SPVs.
In conjunction with the termination decision of GSE, GSE has issued a claim for repayment of previously paid FIT contract revenues. This claim has been recognized in the annual accounts. However, the gross claim amount recognized in the accounts is disputed.
The basis for the claim is the gross amount of FIT contract payment given to the affected SPVs since they started to receive FIT revenues in 2011 until May 2014. GSE has in addition also directed the same repayment claim directly against the financing banks, UBI Leasing and UniCredit under the argument that they have received revenues directly from GSE under the financing repayment structure, i.e. GSE payment conducted directly to the banks on behalf of the SPVs.
EAM is of the opinion that the repayment claim of payment from GSE, if accepted by the courts, must be adjusted with other revenues received by the State of Italy in conjunction with the construction and operation of the Solar PV power plants. These revenues includes but are not limited to the VAT received by the State of Italy in conjunction with the construction of the power plants, VAT and other tax revenues received in conjunction with the operation of the power plants, revenues received by GSE for the Renewable Energy Certificates achieved form the production of renewable energy in the period from 2011 until year-end 2015.
In addition, the Prosecutors Office in Milan has seized EUR 9,35 million that either must be subtracted from the claim of GSE or returned to the SPVs.
A final point that must be considered by the court in the assessment of the repayment claim from GSE is the fact that GSE received revenues directly from the end-consumers of electricity in Italy in the period 2010 to 2014 for the delivery if renewable energy. In 2015 these revenues has been received directly to the Ministry of Finance after the restructuring of the ownership and payment streams for renewable energy in Italy from the end-consumers. The question to consider is whether GSE already have received revenues for the electricity they purchased from the SPVs in the period 2011 to May 2014 and whether this revenue must be subtracted from their claim.
In conjunction with the financial restructuring of the SPVs under the "Concordato Preventivo" institute, these issues will be presented in front of the Bankruptcy Court of Milan for a ruling. The table below is a preliminary assessment of the net claim attributable to GSE.
Net GSE claim * 6 123 596
* In addition comes revenues from green certificates
In conjunction with the termination decision by GSE, EAM has filed for and gotten approved an operational and financial restructuring of the affected SPVs.
The restructuring plan is to be approved by the Bankruptcy Court of Milan, based on the proposal made by EAM and approved by the Commissioners appointed by the court in Milan.
The restructuring plan shall be presented to the Court in Milan no later than the 8th of July 2016, and shall be verified by an appropriate "Independent Certifier". EAM is in the process of appointing one of the leading law firms in the World to assume the responsibility as the Independent Certifier of the restructuring plan.
EAM will issue details of the restructuring plan in conjunction with the 2nd quarter report 2016.
The following subsidiaries are included in the interim consolidated financial statements.
| Shareholder | ||||||||
|---|---|---|---|---|---|---|---|---|
| Company | Country | Main operation | Ownership | Vote | EBITDA | EBIT | Equity | loans |
| EAM Solar Norway Holding AS | Norway | Holding company | 100% | 100% | 0 | 0 | 16 182 676 | 155 892 |
| EAM Solar Italy Holding II Srl | Italy | Holding company | 100% | 100% | -566 | -566 | 6 442 505 | 10 311 706 |
| EAM Solar Italy 1 Srl | Italy | Solar power plant | 100% | 100% | 55 779 | -40 737 | -207 718 | 5 824 717 |
| EAM Solar Italy 2 Srl | Italy | Solar power plant | 100% | 100% | 144 871 | -51 821 | 2 055 755 | 9 303 398 |
| EAM Solar Italy 3 Srl | Italy | Solar power plant | 100% | 100% | 28 476 | -39 893 | 1 883 262 | 3 236 364 |
| Ens Solar One s.r.l. | Italy | Solar power plant | 100% | 100% | 74 142 | -30 195 | 2 010 670 | 708 133 |
| Energia Fotovoltaica 25 Soc. Agr. A r.l. | Italy | Solar power plant | 100% | 100% | 29 605 | 513 | 320 444 | 2 419 841 |
| EAM Solar Italy Holding Srl | Italy | Holding company | 100% | 100% | 2 154 | 1 089 | 14 043 106 | 22 903 755 |
| Energetic Source Green Power s.r.l. | Italy | Solar power plant | 100% | 100% | -281 088 | -308 922 | -25 296 481 | 4 567 568 |
| Energetic Source Green Investment s.r.l. | Italy | Solar power plant | 100% | 100% | -127 437 | -139 650 | -12 879 222 | 1 787 577 |
| Energetic Source Solar Production s.r.l. | Italy | Solar power plant | 100% | 100% | -202 262 | -224 435 | -20 051 917 | 2 096 406 |
| Aveleos Green Investment s.r.l. | Italy | Solar power plant | 100% | 100% | -61 091 | -63 077 | -3 032 056 | 1 973 476 |
| Energia Fotovoltaica 14 Soc. Agr. A r.l. | Italy | Solar power plant | 100% | 100% | -48 283 | -53 684 | -3 081 225 | 2 883 610 |
| EUR | EAM Solar Group |
EAM Solar Italy 1 |
EAM Solar Italy 2 |
EAM Solar Italy 3 |
ENS1 & ENFO25 |
Criminal proceedings |
Other & Eliminations |
|---|---|---|---|---|---|---|---|
| Revenues | 919 057 | 135 769 | 286 718 | 114 093 | 248 109 | 134 369 | 0 |
| Cost of operations | -452 228 | -50 008 | -81 871 | -40 079 | -65 809 | -211 257 | -3 204 |
| Land rent | -90 895 | -8 816 | -18 422 | 0 | -1 923 | -61 734 | 0 |
| Insurance | -79 004 | -4 375 | -16 024 | -2 767 | -23 358 | -29 276 | -3 204 |
| Operation & Maintenance | -211 387 | -34 953 | -44 901 | -33 650 | -22 645 | -75 238 | 0 |
| Other operations costs | -70 942 | -1 864 | -2 524 | -3 662 | -17 883 | -45 009 | 0 |
| Sales, General & Administration | -481 137 | -29 981 | -49 078 | -45 538 | -77 628 | -523 000 | 244 088 |
| Accounting, audit & legal fees | -106 768 | -5 566 | -7 058 | -11 250 | -15 989 | -19 693 | -47 212 |
| IMU tax | -120 864 | -1 788 | -3 218 | -2 705 | -4 387 | -108 766 | 0 |
| EAM SPM adm costs | -181 942 | -21 783 | -37 739 | -30 272 | -22 542 | -59 606 | -10 000 |
| Other administrative costs | -71 563 | -844 | -1 063 | -1 311 | -34 710 | -334 935 | 301 300 |
| Acquisition & financing cost | -566 657 | 0 | -10 898 | 0 | -925 | -120 273 | -434 561 |
| Legal costs | -544 246 | 0 | 0 | 0 | 0 | -109 685 | -434 561 |
| Other non-recurring items | -22 411 | 0 | -10 898 | 0 | -925 | -10 588 | 0 |
| EBITDA | -580 965 | 55 779 | 144 871 | 28 476 | 103 747 | -720 161 | -193 677 |
In the period 2014 to the 1st quarter 2016 EAM has incurred approximately EUR 5,5 million in legal and equivalent costs in relation to the "P31 acquisition". In addition EAM has funded and subsidized the SPVs affected by the criminal proceedings with 5,8 million directly in 2014, 2015 and the 1st quarter 2016.
In March 2016 the preliminary stage of the criminal proceedings in Milano has come to an end. The Judge in the Criminal Court of Milan has ruled that all indicted will be committed to trial on all charges.
The Board of Directors has annulled the decision it made the 14th 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.
The Board of Directors appointed Viktor E Jakobsen as CEO in April, and he resigned from the board at the same time.
| Reported production (MWh) | 2012 | 2013 | 2014 | 2015 YTD'16 | Q1'14 | Q2'14 | Q3'14 | Q4'14 | Q1'15 | Q2'15 | Q3'15 | Q4'15 | Q1'16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| EAM Solar Italy 1 Srl | 2 571 | 2 315 | 2 219 | 2 488 | 376 | 374 | 801 | 710 | 334 | 460 | 841 | 832 | 355 | 376 |
| EAM Solar Italy 2 Srl | 5 237 | 4 806 | 4 565 | 4 138 | 742 | 754 | 1 616 | 1 502 | 693 | 933 | 1 275 | 1 195 | 735 | 742 |
| EAM Solar Italy 3 Srl | 326 | 2 160 | 2 482 | 431 | 404 | 881 | 603 | 271 | 438 | 858 | 816 | 370 | 431 | |
| Ens Solar One srl | 1 882 | 4 305 | 749 | 1 115 | 767 | 797 | 1 377 | 1 349 | 781 | 749 | ||||
| Energia Fotovaltaica 25 | 611 | 1 395 | 268 | 357 | 254 | 251 | 443 | 417 | 284 | 268 | ||||
| MWh | 7 808 | 7 447 | 11 436 | 14 808 | 2 566 | 1 533 | 3 298 | 4 287 | 2 318 | 2 879 | 4 794 | 4 610 | 2 526 | 2 566 |
| Companies affected by criminal proceedings | ||||||||||||||
| Energetic Source Green Power | 4 236 | 9 692 | 1 782 | 2 505 | 1 732 | 1 679 | 3 175 | 2 967 | 1 870 | 1 782 | ||||
| Energetic Source Green Investments | 1 824 | 3 892 | 761 | 1 072 | 752 | 731 | 1 253 | 1 184 | 725 | 761 | ||||
| Energetic Source Solar Production | 2 930 | 6 584 | 980 | 1 750 | 1 180 | 1 220 | 2 191 | 2 021 | 1 151 | 980 | ||||
| Aveleos Green Investment | 597 | 1 380 | 142 | 351 | 246 | 255 | 457 | 443 | 225 | 142 | ||||
| Energia Fotovaltaica 14 | 609 | 1 417 | 243 | 344 | 265 | 262 | 456 | 430 | 269 | 243 | ||||
| MWh | 0 | 0 | 10 196 | 22 964 | 3 908 | 0 | 0 | 6 022 | 4 174 | 4 147 | 7 531 | 7 045 | 4 241 | 3 908 |
| Total reported MWh | 7 808 | 7 447 | 21 632 | 37 772 | 6 474 | 1 533 | 3 298 | 10 309 | 6 493 | 7 026 | 12 325 11 655 | 6 766 | 6 474 | |
| Actual production | 2012 | 2013 | 2014 | 2015 YTD'16 | Q1'14 | Q2'14 | Q3'14 | Q4'14 | Q1'15 | Q2'15 | Q3'15 | Q4'15 | Q1'16 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Varmo | 2 571 | 2 315 | 2 219 | 2 488 | 376 | 374 | 801 | 710 | 334 | 460 | 841 | 832 | 355 | 376 |
| Codroipo | 5 237 | 4 806 | 4 565 | 4 138 | 742 | 754 | 1 616 | 1 502 | 693 | 933 | 1 275 | 1 195 | 735 | 742 |
| Momo | 1 219 | 990 | 1 234 | 226 | 198 | 451 | 214 | 127 | 213 | 425 | 410 | 186 | 226 | |
| Caltignaga | 1 160 | 1 170 | 1 248 | 205 | 207 | 430 | 389 | 144 | 225 | 433 | 406 | 184 | 205 | |
| Lorusso | 1 407 | 1 378 | 1 420 | 234 | 274 | 421 | 444 | 238 | 250 | 470 | 443 | 258 | 234 | |
| Brundesini | 1 393 | 1 427 | 1 461 | 255 | 286 | 419 | 455 | 267 | 277 | 472 | 456 | 256 | 255 | |
| Scardino | 1 352 | 1 424 | 1 424 | 259 | 286 | 426 | 451 | 261 | 270 | 436 | 450 | 268 | 259 | |
| Enfo 25 | 1 339 | 1 367 | 1 395 | 268 | 267 | 413 | 432 | 254 | 251 | 443 | 417 | 284 | 268 | |
| MWh | 7 808 | 14 992 | 14 537 | 14 808 | 2 566 | 2 646 | 4 977 | 4 597 | 2 318 | 2 879 | 4 794 | 4 610 | 2 526 | 2 566 |
| Power plants affected by criminal proceedings | ||||||||||||||
| Selvaggi | 1 347 | 1 384 | 1 303 | 261 | 277 | 420 | 438 | 249 | 174 | 444 | 417 | 269 | 261 | |
| Di Mauro | 1 322 | 1 382 | 1 417 | 255 | 274 | 413 | 440 | 254 | 260 | 464 | 423 | 270 | 255 | |
| Ninivaggi | 1 312 | 1 384 | 1 400 | 256 | 274 | 423 | 434 | 253 | 243 | 444 | 440 | 273 | 256 | |
| Lomurno | 1 356 | 1 348 | 1 382 | 259 | 270 | 410 | 426 | 242 | 250 | 453 | 421 | 258 | 259 | |
| Giordano D. | 1 330 | 1 387 | 1 412 | 242 | 280 | 419 | 441 | 247 | 239 | 472 | 436 | 265 | 242 | |
| Gagnazzi | 1 374 | 1 364 | 1 416 | 244 | 276 | 412 | 430 | 246 | 259 | 459 | 430 | 267 | 244 | |
| Gentile | 1 258 | 1 334 | 1 361 | 265 | 260 | 411 | 423 | 240 | 254 | 438 | 400 | 269 | 265 | |
| Lorusso | 1 278 | 1 300 | 1 264 | 241 | 267 | 403 | 401 | 229 | 198 | 434 | 427 | 204 | 241 | |
| Cirasole | 1 367 | 1 461 | 1 217 | 253 | 292 | 441 | 462 | 267 | 271 | 369 | 320 | 258 | 253 | |
| Scaltrito | 1 335 | 1 373 | 1 411 | 267 | 278 | 405 | 435 | 256 | 262 | 449 | 436 | 263 | 267 | |
| Pasculli | 1 395 | 1 398 | 1 375 | 244 | 283 | 412 | 448 | 255 | 252 | 459 | 415 | 249 | 244 | |
| Pisicoli N. | 1 469 | 1 396 | 1 427 | 266 | 275 | 424 | 449 | 248 | 257 | 467 | 437 | 266 | 266 | |
| Pisicoli T. | 1 327 | 1 369 | 1 318 | 143 | 272 | 414 | 439 | 244 | 248 | 446 | 433 | 191 | 143 | |
| Marulli | 934 | 1 022 | 1 045 | 203 | 197 | 312 | 330 | 183 | 194 | 348 | 326 | 177 | 203 | |
| Antonacci | 1 310 | 1 418 | 1 419 | 124 | 285 | 430 | 454 | 249 | 269 | 471 | 410 | 269 | 124 | |
| Piangevino | 1 183 | 1 358 | 1 380 | 142 | 273 | 415 | 425 | 246 | 255 | 457 | 443 | 225 | 142 | |
| Enfo 14 | 1 313 | 1 377 | 1 417 | 243 | 280 | 415 | 417 | 265 | 262 | 456 | 430 | 269 | 243 | |
| MWh | 0 | 22 207 | 23 055 | 22 964 | 3 908 | 4 613 | 6 978 | 7 290 | 4 174 | 4 147 | 7 531 | 7 045 | 4 241 | 3 908 |
| Total produced MWh | 7 808 | 37 199 | 37 593 | 37 772 | 6 474 | 7 258 | 11 955 11 886 | 6 493 | 7 026 | 12 325 11 655 | 6 766 | 6 474 |
(Some power plants have the historical production adjusted based on revised data)
| Power plant | Capacity | Annual production | Location | Power plant | Ownership |
|---|---|---|---|---|---|
| kW | MWh (*) | Province | design | company | |
| Varmo | 1 521 | 2 298 | Udine | Dual axis tracker | EAM Solar Italy 1 Srl |
| Codroipo | 3 128 | 4 623 | Udine | Dual axis tracker | EAM Solar Italy 2 Srl |
| Momo | 994 | 1 133 | Piemonte | Fixed tilt | EAM Solar Italy 3 Srl |
| Caltignaga | 992 | 1 120 | Piemonte | Fixed tilt | EAM Solar Italy 3 Srl |
| Lorusso | 984 | 1 403 | Puglia | Fixed tilt | Ens Solar One srl |
| Brundesini | 994 | 1 477 | Puglia | Fixed tilt | Ens Solar One srl |
| Scardino | 993 | 1 483 | Puglia | Fixed tilt | Ens Solar One srl |
| Enfo 25 | 983 | 1 430 | Puglia | Fixed tilt | Energia Fotovaltaica 25 |
| MWh | 10 589 | 14 965 | |||
| Power plants affected by criminal proceedings | |||||
| Selvaggi | 989 | 1 383 | Puglia | Fixed tilt | Energetic Source Green Power |
| Di Mauro | 989 | 1 383 | Puglia | Fixed tilt | Energetic Source Green Power |
| Ninivaggi | 984 | 1 377 | Puglia | Fixed tilt | Energetic Source Green Power |
| Lomurno | 987 | 1 403 | Puglia | Fixed tilt | Energetic Source Green Power |
| Giordano D. | 989 | 1 406 | Puglia | Fixed tilt | Energetic Source Green Power |
| Gagnazzi | 989 | 1 406 | Puglia | Fixed tilt | Energetic Source Green Power |
| Gentile | 987 | 1 381 | Puglia | Fixed tilt | Energetic Source Green Power |
| Lorusso | 989 | 1 353 | Puglia | Fixed tilt | Energetic Source Green Investments |
| Cirasole | 986 | 1 376 | Puglia | Fixed tilt | Energetic Source Green Investments |
| Scaltrito | 989 | 1 376 | Puglia | Fixed tilt | Energetic Source Green Investments |
| Pasculli | 987 | 1 433 | Puglia | Fixed tilt | Energetic Source Solar Production |
| Pisicoli N. | 987 | 1 386 | Puglia | Fixed tilt | Energetic Source Solar Production |
| Pisicoli T. | 987 | 1 386 | Puglia | Fixed tilt | Energetic Source Solar Production |
| Marulli | 742 | 1 038 | Puglia | Fixed tilt | Energetic Source Solar Production |
| Antonacci | 986 | 1 378 | Puglia | Fixed tilt | Energetic Source Solar Production |
| Piangevino | 989 | 1 428 | Puglia | Fixed tilt | Aveleos Green Investment |
| Enfo 14 | 977 | 1 415 | Basilicata | Fixed tilt | Energia Fotovaltaica 14 |
| Total | 16 533 | 23 308 | |||
| Total | 27 122 | 38 273 |
EAM Solar ASA Dronningen 1 NO-0287 Oslo NORWAY
Phone: +47 2411 5716 E-mail: [email protected] www.eamsolar.no
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