8 August 2023

On 6 October 2021, the Supreme Court of Italy decided to annul the 20th of
January 2021 judgment of acquittal by the Milan Criminal Court of Appeal in the
subsidy fraud case against the State of Italy and contractual fraud against EAM
Solar ASA. 

The Supreme Court sent the criminal case back to a different chamber of the
Milan Appeal Court for a new appeal consideration with the requirement that the
new court proceedings must proceed with a complete review of the evidence,
making correct application of the principles of law and the rules of logic as
formulated in the Supreme Court decision.  

EAM Solar ASA is informed that the Fifth Section of the Court of Appeal of Milan
has scheduled the appeal hearing in the criminal proceedings for 30 November
2023. A final decision in this criminal appeal proceeding is expected in 2024. 

EAM is currently also engaged in an arbitration proceeding against Aveleos SA
before the Milan Chamber of Arbitration. The final hearing for this arbitration
has been scheduled for 13 September 2023. A final decision in this arbitration
proceeding is expected in Q4 2023. 


For further information, please contact:

Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no
   

About EAM Solar ASA: EAM Solar ASA 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. In addition,
the Company's business is lawsuits in relation acquisition of solar power
plants.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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