Scatec ASA

Board/Management Information • Mar 28, 2022

Scatec ASA: Terje Pilskog takes over as CEO as Raymond Carlsen steps down

Scatec ASA: Terje Pilskog takes over as CEO as Raymond Carlsen steps down

Oslo, 28 March 2021: The Board of Directors of Scatec has appointed Terje

Pilskog (51) as the company's new Chief Executive Officer. Raymond Carlsen (67)

will step down after 13 years and the change will take place on 1 May. Terje

Pilskog comes from the position as EVP Project Development.

"Terje Pilskog has been instrumental in the strategic development of Scatec and

has first-hand experience with both the commercial and operational aspects of

the company. After close to 20 years in renewables he possesses deep industry

insight and is well respected by our many business partners. His appointment as

new CEO is the result of a thorough process, and his candidature has been

benchmarked against both internal and external candidates. We are confident he

is the right man to continue the development of Scatec as a leading provider of

renewable energy solutions globally," says John Andersen, Jr., Chairman of the

Board of Directors in Scatec.

"Raymond Carlsen has been a driving force behind the development of Scatec from

a small niche player in solar power into the well-recognized provider of

renewable energy solutions it is today. On behalf of the Board of Directors I

want to thank him sincerely for his commitment and leadership over the past 13

years," adds Andersen.

Mr. Pilskog joined Scatec as EVP Project Development in 2013. Previously, he

held various management positions with Renewable Energy Corporation, where he

joined from a position as Associate Principle with McKinsey & Co.

"I am very excited to assume the position as CEO of Scatec and look forward to

continue developing our strong position as a leader in renewable energy

solutions in high growth markets. We have a strong and competent organization, a

unique business model and a sound strategy for growth and value creation for the

years to come. The green energy transition offers attractive growth

opportunities for Scatec and my job will be to enable Scatec to deliver on the

opportunities these create," says Terje Pilskog.

Scatec currently has more than 3.5 GW of renewable energy in operation and has

set a target to reach 15 GW either in operation or under construction by the end

of 2025, equivalent to NOK 100 billion in gross capital expenditures.

"It has been both exciting and rewarding to transform Scatec together with a

great team into a leading renewable energy solutions provider with a broad

technological footprint. I would like to thank the Board and all my great

colleagues for this fantastic journey. Terje's expertise will ensure a solid

future for the company, and I wish him all the best in his new position. I will

remain one of the largest shareholders in Scatec and I look forward to following

the company's future development. I will now spend more time on other interests,

after leading companies as CEO for the past 37 years," says CEO Raymond Carlsen.

For more information:

Chairman of the Board John Andersen jr., +47 90 17 40 80

CEO Raymond Carlsen, +47 45 41 12 80

EVP Project development, Terje Pilskog, +47 91 60 66 72

About Scatec:

Scatec is a leading provider of renewable energy solutions, that is 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

which currently have 3.5 GW of installed capacity in four continents. We are

targeting 15 GW 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: 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

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This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kine Aaltvedt, Communication &

IR Coordinator at Scatec ASA, on 28 March 2022 at 08:00 CEST.