Scatec ASA

Scatec reaches financial close for its first project in Pakistan

Oslo, 19 February 2021: Scatec and its local partner Nizam Energy have closed

financing for the 150 MW Sukkur solar power project with a total investment of

about USD 100 million.

FMO, the Dutch development bank, Faysal Bank, Bank of Punjab and PAK Kuwait

Investment have signed credit agreements for the non-recourse debt financing of

the Sukkur project. Half of the debt quantum is provided by FMO under a credit

facility of USD 39 million and the other half by the three local commercial

lenders under PKR denominated credit facilities of an aggregated PKR 2.2

billion. The credit facilities cover up to 75% of the total project cost.

"We are proud to complete financing of our first project in Pakistan together

with our partners. The Government plans to increase the share of renewable

energy to 30% by 2030 and we look forward to supporting this growth by

delivering 305 GWh of clean power annually. This is enough to cover the

electricity needs of about 150,000 households and will contribute to avoid more

than 106,000 tonnes of GHG emissions per annum", says Raymond Carlsen, CEO of

Scatec.

The Sukkur project portfolio located in the province Sindh, southeast in

Pakistan, was awarded a "costs plus tariff" by the National Energy Power

Regulatory Authority (NEPRA) early in 2020. Scatec and its local partner, Nizam

Energy are now working to start construction within first half 2021. Scatec will

provide engineering, procurement and construction (EPC), and provide Operation &

Maintenance, as well as Asset Management Services to the power plants. Scatec

will hold 75% of the equity, with Nizam Energy holding the remaining 25%.

For further information, please contact:

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364, [email protected]

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

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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. The company

recently acquired SN Power, a leading hydro power developer and IPP. In first

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

and almost 500 employees. 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

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