Negative decision for EAM in the Brescia Case v UBI Bank

08 Jan 2025 15:43 CET

On 3 December 2024, the final hearing took place in the matter between UBI Banca
(now Intesa Sanpaolo) and EAM.

EAM was informed today, 8 January 2025, that a judgement had been entered in
this case. The Judge found in favor of UBI and has ordered EAM to pay an amount
of approximately EUR 5,8 million. The court’s decision may be appealed.

The judge found that even though UBI was the legal owner of the plants at the
time the fraudulent applications for accessing the Feed-in tariffs were made, it
was the SPVs, not UBI, who had the responsibility to confirm the plants’
completion. Further, the termination, by GSE, of the Feed-in Tariff contracts
and the SPVs’ subsequent insolvencies were not deemed to be sufficient to
relieve EAM of its duty to keep the SPVs financially alive and to prevent them
from going into bankruptcy.

UBI leasing was acknowledged by the appeal court of Milan in the criminal
proceedings decision published the 4th of July 2024, where EAM is a party, as
victim of fraud.

EAM’s legal counsel has provided a list of possible grounds for appealing this
judgement and EAM intends to appeal within the next 30 days. EAM will publish
more information as soon as possible.



For further information, please contact:

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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