27th of September 2013
Reference is made to the stock exchange notice dated the 18th of July 2013; "Acquisition of solar power plant in Italy initiated".
EAM Solar ASA has today finalized the acquisition of two solar PV power plants through the acquisition of shares and shareholder loan in the Italian company M&T Solare Srl. The acquisition is conducted by EAM Solar ASA's 100% owned daughter company EAM Solar Italy 3 Srl.
The acquisition represents an enterprise value of EUR 3,6m and is 100% equity financed. Due to the positive difference between the book value of the assets and the acquisition price, the 3rd quarter financial result may include a gain on bargain purchase of approximately EUR 2m.
The two power plants, Momo and Caltignaga, have a combined capacity of 1,93MW and produces about 2.2GWh of electricity annually. Both plants are located in the North of Italy in the Piemonte region.
Both power plants commenced commercial operations in 2011 and have entered into a 20-year fixed-price electricity sales contract with the Itailan state company GSE.
In addition to the Solar power plants, M&T Solare Srl also owns the land on which the power plants are constructed, which is included in the acquisition price.
EAM acquires the power plants with financial ownership from the 1st of July 2013, but the operations will be included in the accounts from the 1st of October 2013.
Further detail of the acquisition and power plants will be provided in the forthcoming 3rd quarter report 2013 to be published the 24th of October 2013.
For further information, please contact:
Viktor E Jakobsen, Executive Director, phone +47 9161 1006, viktor@eamsolar.no
About EAM Solar:
EAM Solar ASA is a utility company that acquires and operates solar power plants. The Company currently owns solar PV power plants in Italy, acquired during in 2011/12. The plants are operating under long-term electricity 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.
