21st of June 2016
EAM Solar ASA has sold the company EAM Solar Italy 3 Srl. The company owns two PV power plants (Momo & Caltignaga) with a combined capacity of approximately 2MW, located in Piemonte.
The sale was conducted against a cash consideration received by EAM on 21st June 2016 of EUR 3,55 million based on the financial takeover date being the 1st of June 2016. The share purchase agreement contains normal terms and conditions for similar transactions.
EAM invested approximately EUR 3,8 million in September 2013. In the period from September 2013 to May 2016, including the sale proceeds, the EAM group has received approximately EUR 4,9 million in cash from this investment.
The sale will be booked in the accounts for the 2nd quarter and will result in an accounting loss due to difference between the book value of the company and the sales price. This should be seen in relation to the gain on bargain purchase received at the acquisition in the 3rd quarter 2013 of approximately EUR 2,4 million.
EAM is involved in several legal proceedings following the P31 fraud, and will revert to the market with a company update on activities shortly. The sale secures funding for extraordinary legal costs and general corporate purposes.
For information, please contact:
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.