EAM: P31 partial transfer executed
16th of July 2014
Reference is made to the stock exchange notice issued the 26th of June 2014.
On the 15th of July EAM Solar ASA executed the transfer of the shares of 7 out of a total of 8 companies that comprises the P31 portfolio, effectively bringing the power plants owned by the SPV's under EAM's operational control.
The 7 companies represents 21 of the total 31 power plants in the P31 Portfolio equivalent to 20,5MW out of a total of 30,4MW.
A partial closing was decided and executed by EAM Solar and the seller due to matters remaining to be resolved concerning the last bank waiver affecting the last SPV to be purchased, which comprise 10 power plants.
Since these matters not is expected to be determined before September/October the parties decided to conduct a partial transfer of the companies not affected by this bank waiver.
The partial transfer has been executed on the premise that all the 31 purchased power plants are transferred as agreed.
The amended conditions for the purchase of the P31 portfolio as described in the stock exchange notice the 26th of June remains unchanged. However, any material changes to the lending conditions relating to the last bank waiver beyond the already assumed changes will result in further reduction in the purchase price.
Since the transfer of control of the 7 companies took place the 15th of July, the accounts of EAM Solar ASA will included the 21 power plants from this date. EAM will issue the 2nd quarter report shortly and the transaction and revised acquisition parameters will be presented in detail in the 2nd quarter report.
For information, please contact:
Viktor E Jakobsen, Executive Director, phone +47 9161 1006, viktor@eamsolar.no
Audun W. Iversen, CEO, phone +47 916 16 250, audun@eamsolar.no
About EAM Solar:
EAM Solar ASA is a utility company that acquires and operates solar power plants. Following the P31 acquisition, the Company owns 35 solar PV power plants in Italy with a capacity of 37MW. The plants are operating under long-term sales contracts. EAM Solar acquires power plants that are commissioned, connected to the grid and in power production at the time of financial close with the geographical focus on Europe.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.