EAM: Update of portfolio acquisition process
16th of December 2013
Reference is made to the Stock Exchange release issued the 26th of November 2013 where EAM Solar ASA announced that it had signed a binding term sheet to acquire a portfolio of solar power plants in Southern Italy.
The New Portfolio has a combined capacity of 30 MW and an average annual electricity production capacity of approximately 44 GWh. EAM currently owns four solar plants with a combined capacity of 6.6 MW and an annual production capacity of approximately 9 GWh.
The acquisition is subject to certain conditions, including a satisfactory confirmatory due diligence. The finalization of a satisfactory due diligence process is taking longer than initially anticipated due to the complexity of the transaction. The portfolio consists of eight companies that own 31 solar power plants in the Puglia region in Southern Italy.
EAM Solar anticipates the due diligence process to be concluded shortly. Based on a positive outcome of the due diligence EAM Solar plans to enter into a Sale and Purchase Agreement before year-end 2013.
Based on the positive investor feedback after the announcement of this transaction, EAM Solar expects to complete the financing and finalize the transaction during January 2014.
For further information, please contact:
Viktor E Jakobsen, Executive Director, phone +47 9161 1009, viktor@eamsolar.no
Audun W Iversen, CEO, phone +47 9161 6250, audun@eamsolar.no
About EAM Solar:
EAM Solar ASA is a power company that acquires and operates solar power plants. The Company currently owns four solar power plants in Italy that operate under long-term electricity sales contracts. EAM Solar acquires solar power plants that are commissioned, connected to the grid and in power production at the time of financial close.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
