Scatec ASA

Transaction in Own Shares • May 16, 2022

Initiation of a share buyback for Employee Share Purchase Programme

Initiation of a share buyback for Employee Share Purchase Programme

Oslo, 16 May 2022: Scatec ASA ("Scatec" or the "Company") has decided to

initiate a buyback of up to 89,200 of its own shares for a total maximum amount

of NOK 13,380,000. The buyback programme may be carried out in the period from

this announcement and until 24 May 2022.

The purpose of the programme is to acquire shares that can be sold to employees

as part of the Company's Employee Share Purchase Programme as announced in the

stock exchange announcement published 9 May 2022 at 08.00 (CEST) in compliance

with the EU Market Abuse Regulation article 5, and as approved by the General

Meeting of the Company.

The Company has engaged DNB Bank ASA to carry out the buyback. The buybacks will

be made in accordance with the authorisation granted to the Board of Directors

by the Company's Annual General Meeting held on 29 April 2022. According to the

authorisation, up to 1,131,004 shares may be purchased at a minimum of NOK 1 and

a maximum of NOK 1,000 per share. The authorisation is valid until the Annual

General Meeting in 2023, however no later than 30 June 2023.

All acquisitions under the buyback programme will be executed on Euronext Oslo

Børs. The execution of any repurchases will depend on market conditions, the

buyback programme may be discontinued at any time and the Company may resolve to

terminate the buyback programme before the threshold set out above is reached.

Scatec does not hold any own shares as of the date of this announcement.

For further information, please contact:

Andreas Austrell, VP Investor Relations, ir@scatec.com (mailto:ir@scatec.com)

(mailto:ir@scatec.com)About Scatec

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 (https://www.globenewswire.com/Tracker?data=vr-

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NRsEg==) 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