EAM Solar ASA : Q1 2016 Financial Report

Highlights in the first quarter 2016:



· All 25 power plants produced electricity in the 1st quarter. The power
production was 6,474 GWh, 12% below the seasonal average for the period. At the
end of April 2016 accumulated power production is 7% below budget.


· The 17 power plant with terminated contracts produced 5% below normal due to
lead-time on repair work.


· EBITDA in the quarter was a loss of EUR 581k, adjusted for legal costs and
SPVs with terminated FIT contracts, the EBITDA was positive with EUR 332k.


· The Criminal Court of Milan finalized the preliminary hearing on the 15th of
March. The Courts conclusion from the preliminary hearing was that EAM is a
victim of criminal contractual fraud, and that Enovos, Avelar and Aveleos are
regarded as financially liable for the damages suffered by EAM. The criminal
trial will commence the 7th of June 2016 in Milan.


· EAM appealed GSEs termination decision to the Administrative Court of Lazio. A
court hearing was conducted the 28th of April, and EAM expects a decision by the
Court during the 2nd quarter 2016 on the validity of GSEs termination decision.


· The 5 SPVs affected by the criminal proceedings was admitted to commence
financial restructuring by the Bankruptcy Court in Milan. The deadline for
reaching a financial restructuring plan for court approval is the 8th of July
2016.



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.




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