Scatec ASA

Regulatory Filings • Jul 15, 2022

Yara, ACME and Scatec sign term sheet for sale of green ammonia from Oman

Yara, ACME and Scatec sign term sheet for sale of green ammonia from Oman

Geneva, Gurgaon and Oslo, 15 July 2022: ACME group ("ACME") a pioneer in

cleantech sector such as solar, green hydrogen and ammonia development, Scatec

ASA ("Scatec") a leading renewable power producer and Yara International ASA

("Yara") a leading global ammonia player, have signed a term sheet for offtake

from the first phase of green ammonia from Oman.

Oman has excellent conditions for renewable energy and a strategic location to

produce green ammonia for export to both Europe and Asia, which are the

pacesetters in reducing CO2-emissions.

ACME and Scatec are already evolving the green ammonia project in Oman. The

joint venture aims at building a state-of-the art facility. Yara is a front-

runner in global ammonia production, logistics and trade and are growing the

market for green ammonia that can be used for decarbonising other industries.

ACME and Scatec will begin developing the first phase of the project over 12 km2

of land to produce 100,000 metric tonnes of green ammonia per annum in the

Special Economic Zone at Duqm. Once fully developed, a second phase will be

added, and the project is expected to produce up to 1.1 million tonnes of green

ammonia annually.

The parties have agreed the principal terms for offtake of 100,000 tonnes

annually of green ammonia in a first phase, and potential further offtake from

the projects second phase as this develops. This agreement is groundbreaking for

enabling the partners' first green ammonia project in Oman. For Yara the green

ammonia supply will contribute to produce green fertiliser and for decarbonising

other industries like shipping, power, and steel industry.

There is a growing need to accelerate decarbonisation of hard-to-abate

industries through Power-to-X solutions such as production of green hydrogen,

ammonia and other critical feedstocks powered by renewable energy.

Quote from Mr. Magnus Krogh Ankarstrand, President Yara Clean Ammonia

"Yara Clean Ammonia is working on enabling the clean ammonia market. The green

ammonia from Oman will go into our scalable distribution system and contribute

to emission-free fuel for deep-sea shipping, power production and fertiliser

globally."

Quote from Mr. Rajat Seksaria, CEO ACME Group

"We are delighted to partner with YARA Clean Ammonia as an offtaker from our

under development project in Oman. We hope that this project will be an early

success story in the sector and play a vital role in accelerating large scale

adoption of green ammonia. We are also grateful to Oman Authorities for their

proactive support in enabling fast track development of this project."

Quote from Mr. Terje Pilskog, CEO Scatec

"This is a crucial milestone for Scatec with ACME and Yara in this exciting

project. The project is part of our strategy to capitalise on our experience in

large-scale renewables in attractive regions, and the agreement will further our

ambitions within green hydrogen and ammonia."

For further information, please contact:

For analysts and investors: Andreas Austrell, VP Investor Relations,

ir@scatec.com (mailto:ir@scatec.com)

For media: Stian Karlsen, Communications Manager, stian.karlsen@scatec.com

(mailto:stian.karlsen@scatec.com)

About Yara Clean Ammonia (YCA)

Yara grows knowledge to responsibly feed the world and protect the planet. Yara

Clean Ammonia is uniquely positioned to enable the hydrogen economy in a market

expected to grow substantially over the next decades. We aim at significantly

strengthening our leading global position as the world's largest ammonia

distributor, unlocking the green and blue value chains, and driving the

development of clean ammonia globally.

Building on Yara's leading experience within global ammonia production,

logistics and trade, Yara Clean Ammonia works towards capturing growth

opportunities in low-emission fuel for shipping and power, carbon-free food

production and ammonia for industrial applications.

Yara Clean Ammonia operates the largest global ammonia network with 12 ships and

has access to 18 ammonia terminals and multiple ammonia production and

consumption sites across the world, through Yara. Revenues and EBITDA for the

last 12 months were USD 3,037 million and USD 166 million respectively as per Q1

2022. Yara Clean Ammonia is headquartered in Oslo,

Norway. www.yaracleanammonia.com (http://www.yaracleanammonia.com/)

About ACME Group

ACME Group (www.acme.in (http://www.acme.in/)), set up in 2003, is a pioneer in

cleantech sectors such as solar, green hydrogen & ammonia and sustainable green

protein development. The Company is one of the leading Solar Power Developers in

India with project under development & operational portfolio of 8.5 GW. The

company is presently constructing 1.8 GW generation capacity which will be one

of the largest single location solar generation facilities in the world. In the

field of Green Hydrogen & Ammonia besides under development project in Oman, the

Company has al-ready set up the world's first single location integrated solar

power to green ammonia facility at Bikaner Rajasthan. The company employs more

than 1000 people in India and abroad.

About Scatec ASA

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

reliable and affordable clean energy in high growth markets. As a long-term

player, we develop, build, own and operate renewable energy plants, with 3.5 GW

of installed capacity across four continents today. We are targeting 15 GW of

renewable capacity to be in operation or under construction by the end of 2025,

delivered by our 600 passionate employees 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 (http://www.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