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2016-11-23

EAM Solar ASA : Q3 2016 Financial Report

Highlights Q3 2016:

The power production in the quarter was 4.32 GWh. At the end of September 2016, accumulated power production for 9M was 20.5 GWh.

EBITDA in the quarter came in at a loss of EUR 7.7 million, adjusted for legal costs and write-downs associated to SPVs with terminated FIT contracts, EBITDA from the SPVs in normal operations was EUR 1.05 million in the quarter.

6 power plants produced electricity in the 3rd quarter, while 17 power plants continued to be permanently shut down as a direct consequence of the court ruling issued by the Administrative Court of Lazio (TAR) confirming the legal validity of the termination decisions made by Gestore dei Servizi Energetici (GSE) in 2015 and the factual evidences leading to the termination decisions.

The Criminal Court proceedings in Milan continued on 13 September 2016 where the Court confirmed the positions of the three companies, Enovos, Avelar and Aveleos, as financially liable parties for the economic damages arising from the criminal offence of contractual fraud charged against the defendants Marco Giorgi and Igor Akhmerov.

The 5 SPVs with ownership of the 17 power plants affected by the criminal proceedings that were admitted to commence financial restructuring by the Bankruptcy Court in Milan filed for voluntary liquidation and bankruptcy on 22 September 2016. The restructuring plan was not executable and voluntarily filing for bankruptcy was the only possible outcome.

For information, please contact:

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.

Q3 2016 Financial Report
http://hugin.info/157134/R/2058703/771594.pdf

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: EAM Solar ASA via Globenewswire

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