23rd of February 2016
Highlights in the fourth quarter 2015
- All 25 PV power plants produced electricity in the 4th quarter. Annual power production 2015 was 37.7 GWh, 99.8% of normal. Adjusted for the lightning strike in July, the production was 1.5% above normal for the year. 4th quarter production was 4.7% above normal production.
- GSE made in the 4th quarter a unilateral decision to terminate the FIT-contracts of the 17 power plants affected by the criminal proceedings in Milan. The correctness of the termination decision will be judged in the Administrative Court of Rome in April 2016.
- As a consequence of the GSE termination decision, EAM has conducted a write-down of assets and receivables and recognition of contingent liabilities of a total EUR 69.7 million
- The SPV Energetic Source Solar Production Srl received a formal notice of breach of the loan agreement from UniCredit.
- The Board of Directors has annulled the decision it made the 14th of December 2015 to distribute shares in EAM Solar Italy Holding Srl.
- Legal actions to secure damage claims of EUR 212 million against Enovos, Avelar and Aveleos have been initiated.
Annulment of dividend
On the 25th of November 2015, EAM held an extraordinary shareholders meeting in order to grant the Board of Directors the authority to conduct a split of the company by issuing shares in EAM Solar Italy Holding Srl as dividends to the Company's shareholders.
The purpose of the decision was to give the Board of Directors the sufficient authority to protect the financial integrity of EAM Solar ASA.
On the 14th of December 2015 the Board of Directors decided to split the Company by distribution of dividends. No date for distribution of dividends was set (ex. dividend date).
Subsequent events have made the split of the Company irrelevant in order to maintain the financial integrity. Consequently, the Board of Directors has decided to annul the issue of shares in EAM Solar Italy Holding Srl as dividends.
The Board of Directors has appointed a new CEO in EAM Solar ASA
The Board of EAM Solar ASA has today appointed Viktor Erik Jakobsen as CEO of EAM Solar ASA, simultaneously Mr Jakobsen has resigned as executive member of the board.
Mr Jakobsen, has been on the board of EAM Solar ASA since inception, in addition he is also CEO of the manager Energeia Asset Management AS. Mr Jakobsen has 20+ years experience in academia, investment banking and the PV industry. Previous positions have been as Director, SVP & CFO ScanWafer, Co-Head of Equities & Head of Equity Research DnB, Partner SEB Enskilda, Chairman Bellona Environmental Foundation. Mr Jakobsen holds an MSc Econ from NHH, Bergen.
Mr Jakobsen replaces Audun W. Iversen who has been CEO since 4th of July 2012. Mr Iversen has expressed wish to step down to give priority to his commitments as chair and board member of several companies.
The board of EAM Solar ASA thanks Mr Iversen for his great work and wishes him the best for the future.
Mr Iversen continues to be a part of the team in the manager Energeia Asset Management AS.
For information, please contact:
Ragnhild Wiborg, Chair, phone +47 958 45 645, raghnild@eam.no
Viktor E Jakobsen, CEO, 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.
