30th of November 2015
Highlights in the third quarter 2015
· The reported Q3 power production was 11.7 GWh, 4.0% below the seasonal average for the period, accumulated for the year the production was 31.0 GWh, 0.5% below the average for the period.
· Reported EBITDA in the quarter was EUR 1.1m, adjusted for acquisition and transaction costs, EBITDA was EUR 2.9m.
· The Company has received terminations from GSE of the FIT contract of all 17 power plants affected by the suspension measures. The termination letters were received in October and November.
· The Company has received to its SPV ESSP a formal notice of breach of the loan agreement following the termination of the FIT contracts by GSE.
· The general meeting held 25 November 2015 authorized the board of directors to carry out a split of the Company as described in the notice to the general meeting.
· In July the company received payments for RID revenue for the period June to September last year.
· The Company received 31 July 2015 the final tranche of the loan from Credit Agricole to ENS1 of EUR 676,000.
For information, please contact:
Audun W. Iversen, CEO, phone +47 916 16 250, audun@eam.no
Viktor E Jakobsen, Executive Director, 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.
