29 February 2024
Today EAM ASA received the Milan Chamber of Arbitration’s (CAM) final decision in the ongoing arbitration case concerning payment obligations between EAM Solar ASA and Aveleos SA under the share purchase agreement of 2013.
The arbitration court decided to award both parties the right to receive payments under the SPA, including calculated interest up until today, and allocated these as follows:
1) EAM Solar ASA/EAM Solar Italy Holding Srl. was granted the right to receive a payment from Aveleos of approximately EUR 4,024,418 in damages for breach of the representations and warranties up to a liability cap.
2) Aveleos SA was granted the right to receive a payment from EAM Solar ASA/EAM Solar Italy Holding Srl. of approximately EUR 1,084,605 representing the net set-off for the various contractual claims and obligations between the parties in accordance with the SPA.
The conclusion of CAM’s decision in the arbitration proceedings is a net amount in favour of EAM Solar ASA/EAM Solar Italy Holding Srl. of approximately of EUR 2,939,814.
Although immediately payable, we do not expect, based on previous experience, Aveleos SA, or its shareholders Enovos Luxembourg SA and the Renova Group, to honour any payment obligations without further legal proceedings. The CAM decision may be appealed by both parties to the civil Court of Milan.
The arbitration court decided not to consider any merits relating to the ongoing criminal proceedings against directors of Aveleos SA for fraud against the State of Italy nor EAM Solar ASA in their decision.
For further information, please contact:
Viktor E Jakobsen, Chair, 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.