In accordance with the corporate strategy, as described in the Investment Memorandum and supporting materials published in conjunction with the guaranteed equity rights issue conducted in June/July, EAM has now started the process to rebuild the Brundensini and Scardino solar power plants.
The equity issue identified use of proceeds as: a) 1st payment of the Intesa Settlement agreement, and b) financing of the rebuilding of power plants.
Both objectives are now implemented.
EAM has signed an EPC agreement with BFP Service Srl for the complete rebuilding of the two power plants. BFP knows the power plants well, having performed operation and maintenance services for these power pants since 2015. The construction costs are in accordance with the investment assessment identified in the Investment Memorandum.
The two power plants will be rebuilt with bifacial N-type solar modules and mounted on a single axis tracking systems. The groups expected annual power production will increase approximately 75% from the 2025 level of approximately 4 100 MWh to approximately 7 125 MWh.
Construction works are expected to commence in October 2026, whereby the power plants will be disconnected from the grid. The rebuilt power plants are expected to start delivery of electricity to the grid in January 2027.
The rebuilt power plants are designed to prepare for a future seamless installation of an intermediate battery energy storage system (BESS). An investment decision on a BESS will be taken at a later stage post finalized rebuilding of the power plants.
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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