EAM Solar was incorporated in 2011 with an equity issue of EUR 15 million.
During 2011, Energeia AS (EAM SPM) on behalf of EAM Solar ASA, conducted screening and initial discussions on more than 100 potential solar power plant acquisition targets, mainly in Italy and Germany, but also in other European countries.
In Q2 2011, EAM Solar started negotiations on three acquisitions targets. During the winter of 2011 and 2012 the Company acquired its first SPPs, Varmo and Codroipo, in a joint transaction. The financial close of the Varmo acquisition was completed the 27 September 2011, while the Codroipo acquisition was finalized on the 29 February 2012. Both plants are located in the north of Italy. The total acquisition represented an investment of EUR 22 million including transaction costs.
During the period Q2 2012 to Q4 2012, Energeia AS (EAM SPM) has screened and negotiated additional projects on behalf of EAM Solar. By the end of 2012, EAM Solar decided to pursue new acquisitions and applied for listing at the Oslo Stock Exchange in conjunction with the issue of new equity to fund the acquisitions under negotiations.
The Company completed a successful initial public offering in March 2013, and was listed at Oslo Axess under the symbol EAM. A total of 1,120,000 shares were issued at NOK 100 per share.