Scatec ASA

Capital/Financing Update • Dec 13, 2021

Release by Scatec to provide reliable and affordable clean power in Central Africa - 36 MW solar and 19 MWh storage for ENEO in Cameroon and 7.7 MW solar in Chad

Release by Scatec to provide reliable and affordable clean power in Central Africa - 36 MW solar and 19 MWh storage for ENEO in Cameroon and 7.7 MW solar in Chad

13 December 2021: Release by Scatec has entered into a lease agreement with

electricity company ENEO in Cameroon to deliver two hybrid solar and storage

plants totalling 36 MW solar and 20 MW/19 MWh storage. The plants will supply

low cost, clean and reliable electricity in Maroua and Guider in the Grand-North

of Cameroon. IFC is partnering with Release to realise these redeployable

projects.

Release by Scatec will further install 7.7 MWp solar in Chad to supply clean,

renewable energy to five smaller grids owned by ZIZ Energie. FMO and Energy

Access Ventures back the Chad project.

Cameroon

"We are pleased to enter into this agreement with ENEO, which further fuels our

journey to make renewable energy more accessible and affordable across growth

markets. The deal marks our entry into the Cameroonian market, and we are proud

to contribute with a cost-efficient and immediate solution to a cleaner and more

stable electricity supply in a region suffering from power shortages caused by

droughts limiting the supply of hydropower," says Raymond Carlsen, CEO at

Scatec.

Release by Scatec is a pre-assembled, modular and redeployable solar power and

storage system, allowing for fast and easy power generation. ENEO and Release by

Scatec have entered into a flexible contract term that enables ENEO to

coordinate the generation capacity with their needs going forward.

IFC will contribute 10-20% of the project costs of the Cameroon project and will

further support the development of Release by Scatec through project development

activities and future financing.

"Access to sustainable, reliable and affordable power is essential to economic

recovery and growth. IFC is proud to partner with Scatec's Release to help

bridge the power gap in Cameroon through a unique solution that enables solar

power systems to be quickly deployed to help meet the electricity needs of today

while paving the way for more competitive, cleaner and long-term energy sector

sustainability in Cameroon. This partnership fits with the World Bank Group's

mandate to align its work with the Paris Agreement goals to help our private and

public sector partners meet global climate targets," says Sylvain Kakou, IFC's

Country Manager for Central Africa.

The first power is expected to be delivered around year end 2021, and the

remaining will be delivered in phases, where the full project is expected to be

completed by mid-2022.

The pay-back time for Scatec's investment in the project is in line with

previous guidance around the Release business concept.

"The structure of this project is unique as it ensures supply of clean and

reliable energy for governments and utilities, without sovereign guarantee

requirements or parliamentary approvals. We believe this model will be a sound

solution for many utilities in Africa struggling with power shortages and grid

instabilities," says Hans Olav Kvalvaag, SVP Release by Scatec.

Chad

In Chad, Release by Scatec is installing 7.7 MWp of solar plant capacity  across

the country, which will support clean energy access to 300,000 people across 5

provincial cities and their newly built decentralised "metro-grids" developed

and operated by local private utility ZIZ Energie. ZIZ Energie is backed by the

Dutch FMO and Energy Access Ventures and has recently received funding from the

Development Bank of Central African States (BDEAC), to build grid infrastructure

and connections to provide access to electricity for households and industries

in the proximity. Installation of the power plants is expected to be finished

during 2022.

The projects in Cameroon and Chad add to Release by Scatec's ambitions of

providing cost-competitive, high-quality and redeployable renewable energy

solutions with a unique financing model to countries and consumers that are hit

hardest by the impact of climate change.

For further information, please contact:

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

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

(https://www.globenewswire.com/Tracker?data=tVolFDZ6LAXfopqdUhXOBmG7a-

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utqsUA8hCTFA6mYeZjINln)

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

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

About Scatec ASA

Scatec is a leading renewable power producer, delivering affordable and clean

energy worldwide. As a long- term player, Scatec develops, builds, owns and

operates solar, wind and hydro power plants and storage solutions. In the first

half of 2021, Scatec will have a total of 3.3 GW in operation on four continents

and more than 500 employees. The company is targeting 15 GW capacity in

operation or under construction by the end of 2025. Scatec is headquartered in

Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol

'SCATC'. To learn more about Release by Scatec, visit www.releasesolar.com

(https://www.globenewswire.com/Tracker?data=luKeJWLTbvgtIOewU8IWtuKGsTdL0Z54jOCi

fTI1ADJ-SA4r3aeNR--OHVq5w-n0l5yR3w95Rf7m0HP4u7fVtEMFb6ojAr32INnh598WgoM=).

About IFC

IFC-a member of the World Bank Group-is the largest global development

institution focused on the private sector in emerging markets. We work in more

than 100 countries, using our capital, expertise, and influence to create

markets and opportunities in developing countries. In fiscal year 2021, IFC

committed a record $31.5 billion to private companies and financial institutions

in developing countries, leveraging the power of the private sector to end

extreme poverty and boost shared prosperity as economies grapple with the

impacts of the COVID-19 pandemic. For more information, visit www.ifc.org

(http://www.ifc.org)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act