Scatec ASA

Scatec starts commercial operation of solar power plants in Pakistan

Oslo, 31 January 2024: Scatec ASA, a leader in renewable energy solutions, has

finalised construction and started producing clean energy from its 150 MW solar

power plants in Sukkur, Pakistan.

The power plants will generate approximately 300 GWh annually under 25-year USD-

indexed power purchase agreements with Central Power Purchasing Agency of

Pakistan (CPPA).

"I am proud to announce commercial operations of our solar project in Sukkur.

The power plants will generate much needed renewable energy to the people of

Pakistan, covering the electricity need of about 150,000 households while

contributing to sustainable local value creation. I would like to thank the

Scatec team and our partners for this extraordinary accomplishment," says Terje

Pilskog, CEO of Scatec.

Scatec holds an economic interest of 75 percent of the projects and will provide

Operation & Maintenance as well as Asset Management services to the power

plants. The remaining ownership share is held by Nizam Energy, Scatec's local

partner. The non-recourse project debt is provided by FMO, the Dutch development

bank, Faysal Bank, Bank of Punjab, Bank Islami, and Pak Kuwait Investment

Company.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, phone: +47 974 38 686,

For media: Meera Bhatia, SVP Communications & Government Affairs, phone:

About Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy emerging markets. As a long-term player, we

develop, build, own, and operate renewable energy plants, with 4.2 GW in

operation and under construction across four continents today. We are committed

to grow our renewable energy capacity, delivered by our passionate employees and

partners who are driven by a common vision of 'Improving our Future'. Scatec is

headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the

ticker symbol 'SCATC'. To learn more, visit www.scatec.com

(https://scatec.com/) or connect with us on LinkedIn

(https://www.linkedin.com/company/scatec).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act

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