Please find below a brief overview of developments in EAM Solar during November and December 2025, along with selected key dates during Q1 2026.
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1). Energetic Source Solar Production
In conjunction with the 2014 P31 acquisition, EAM purchased 8 Special Purpose Vehicle companies (SPVs) which in turn owned the 31 power plants. One such SPV, ESSP, went into bankruptcy in 2016 when the administrative court in Lazio ruled that GSE was in their right to terminate the FIT contracts on ESSP’s power plants.
The bankruptcy has continued since 2016 but will now soon close. EAM has been informed that the bankruptcy trustee reached agreement with the GSE in order to restore some lost FIT value. From this, the ESSP bankruptcy has now made its final payments to creditors and will soon close.
EAM is receiving NOK 1.95m from these final payments before the bankruptcy of ESSP is closed.
2). Intesa Sanpaolo
Reference is made to the Company communications from 22 October 2025. Since this date, EAM and Intesa have been working to finalize the terms of the envisioned agreement. As communicated, the new hearing date for appeal and stay is scheduled for 11 February 2026. Both parties wish to have the envisioned agreement finalized before this date. EAM will update the market once such agreement is finalized.
3). Igor Akhmerov
On 29 September 2025, EAM informed the market that Igor Akhmerov had, once again, brought a request for injunction against EAM in Oslo. Igor Akhmerov has now paid the NOK 100,000 sentence to EAM for dropping his 2024 case. Igor Akhmerov was instructed to put up an additional NOK 280,000 as security in order to pursue this new case. He unsuccessfully appealed the decision.
Igor Akhmerov has now put up the NOK 280,000 security and the court has scheduled the first hearing for oral arguments for 16 January 2026.
4). ENS 1 Refinancing
Over 2025, EAM has communicated efforts to improve the cashflow of the company. Part of these efforts includes a refinancing of the subsidiary ENS 1. In November and December 2025, EAM has submitted further requested documentation, and the application is now being treated.
5). 2026 Legal Calendar
16 January – Oral Arguments in case v Igor Akhmerov
11 February – Appeal and Stay hearing v Intesa Sanpaolo
11 March – Final Hearing in Appeal of 2nd Arbitration.
6). Other
It is also anticipated that at some point during 2026 the bankruptcies of the SPVs ESGI and ESGP can close, similar to the ESSP closure detailed above.
It is further anticipated that between February and March 2026 ENFO 25 will finish paying back GSE for the overpayment issued on 31 December 2024. This should result in a resumption of the monthly FIT payments to ENFO 25 which have been withheld during this payback period.
The company remains available for questions or clarifications. For further information, please contact:
Erik Brandon Reisenfeld, CEO, phone +479055 3658, erik@eam.no
Viktor E Jakobsen, Chair, phone +47 9161 1009, viktor@eam.no
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
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