Scatec ASA

Regulatory Filings • Dec 8, 2022

Power Purchase Agreements signed under South Africa's REIPPPP Bid Window 5

Power Purchase Agreements signed under South Africa's REIPPPP Bid Window 5

Oslo / Cape Town, 8 December 2022: Today, Scatec ASA, a leading renewable energy

provider in emerging markets, signed power purchase and implementation

agreements (Legal Close) for the three solar Grootfontein projects in the

Western Cape Province of South Africa, under the Renewable Energy Independent

Power Producer Procurement Programme (REIPPPP), alongside the South African

government.

"We are proud to have reached this milestone in the procurement process - and

are excited to continue delivering clean and reliable energy in South Africa.

The South African government has shown strong commitment to deliver in

challenging times - and today's achievement is a testament to the hard work and

dedication of actors in the country's renewable energy transition. Scatec

continues to drive action and remains the leading solar IPP in the country and

continent. We look forward to completing the necessary deliverables in the new

year." says Scatec Executive Vice President for Sub-Saharan Africa, Jan Fourie.

Commercial and financial close is expected in the first half of 2023 and when

operational, the combined facilities will power approximately 33,000 households,

and lead to the abatement of 630,000 tonnes of CO2 emissions annually.

Project sites are located approximately 85 kilometres from both Ceres and

Touwsrivier - in the Karoo region - and mark the company's first projects in the

Western Cape. Totalling 273 MW of installed capacity, on a combined land area of

765 hectares, Scatec will sell power from the solar plants under a 20-year Power

Purchase Agreement (PPA) to Eskom.

Scatec will own 51% of the equity in the projects with H1 Holdings, our local

Black Economic Empowerment partner owning 46.5% and a Community Trust holding

2.5%. Scatec will be the Engineering, Procurement and Construction (EPC)

provider and provide Operation & Maintenance, as well as Asset Management

services to the facilities.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, tel:

+47 974 38 686, andreas.austrell@scatec.com

(mailto:andreas.austrell@scatec.com)

For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460,

stian.karlsen@scatec.com (mailto:stian.karlsen@scatec.com)

About Scatec?

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

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

we develop, build, own and operate renewable energy plants, with 4.6 GW in

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

to grow our renewable energy capacity, delivered by our 700 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