Scatec ASA

Share Issue/Capital Change • Feb 3, 2021

Scatec ASA - Exercise of employee share options and share capital increase

Scatec ASA - Exercise of employee share options and share capital increase

Oslo, 3 February 2021: The board of directors of Scatec ASA ("Scatec") has

resolved to issue 528,351 shares to key employees following exercise of employee

share options, pursuant to the company's share option program established in

2016 and prolonged in 2019.

Through the share option exercise, Scatec is increasing the number of shares by

0.334% to 158,864,018.

As part of exercising the share options, all primary insiders are realising the

relevant shares after subscription, as is customary when exercising share

options.

Exercise of options by primary insiders:

Raymond Carlsen, Chief Executive Officer, has exercised options for 58,951

shares.

Mikkel Tørud, Chief Financial Officer, has exercised options for 43,309 shares.

Terje Pilskog, EVP Project Development & Project Finance, has exercised options

for 38,165 shares.

Torstein Berntsen, EVP Power Production & Asset Management, har exercised

options for 35,751 shares.

Roar Haugland, EVP Sustainable Business & HSSE, has exercised options for

33,710 shares.

Snorre Valdimarsson, EVP General Counsel, has exercised options for 34,395

shares.

Pål Helsing, EVP Solutions, has exercised options for 20,625 shares.

Toril Haaland, EVP People & Organisation, has exercised options for 17,516

shares.

Ingrid Aarsnes, VP Communications & IR, has exercised options for 3,524 shares.

The primary insiders mentioned above have transferred their rights to receive

shares resulting from the exercise of options to a third party. The sales amount

will be finally determined on the basis of the price subsequently obtained by

the third party in the market. The results of the sales process will be

announced in a separate stock exchange notice when known.

An overview of shares and options held by these primary insiders after the share

subscription, but before the sale of the shares, is attached hereto, together

with an overview of the strike prices for the shares subscribed by the primary

insiders.

All options granted to primary insiders as mentioned above are granted in

accordance with the company's share option program established in 2016 and

prolonged in 2019, as described in the company's annual financial statements for

2019. Please also refer to the announcements made by the company on 3 January

2018, 3 January 2019, 2 January 2020 and 4 January 2021 for additional details

regarding options held by primary insiders.

Share capital after the option exercise:

Scatec's share capital will be increased with NOK 13,208.775 by issuing 164,907

new shares at a subscription price of NOK 46.70, 165,321 new shares at a

subscription price of NOK 71.08 and 198,123 new shares at a subscription price

of NOK 113.88. Following completion of the share capital increase, the company's

share capital will be NOK 3,971,600.45 divided on 158,864,018 shares, each with

a nominal value of NOK 0.025.

For further information, please contact:

Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364, email:

ingrid.aarsnes@scatec.com (mailto:ingrid.aarsnes@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. 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 485 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 (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