Scatec ASA

Earnings Release • Jul 17, 2020

Scatec Solar ASA: Power production doubled - progressing large project opportunities

Scatec Solar ASA: Power production doubled - progressing large project opportunities

Oslo, 17 July 2020: Scatec Solar's second quarter 2020 proportionate revenues

reached NOK 925 million (1,648) with an EBITDA of NOK 417 million (388) and

associated EBITDA margin of 45%. Power production reached 406 GWh on

proportionate basis, a doubling of electricity production from the same quarter

last year.

As the current portfolio of projects under construction is almost complete,

second quarter revenues decreased compared with the same quarter last year,

partly offset by higher power production revenues. With a larger portfolio of

power plants in operation, the Power Production segment delivered strong growth

in both revenues and EBITDA, resulting in a 73 % increase in EBITDA to NOK 374

million compared to the same quarter last year. The change in segment mix

results in a higher EBITDA margin for the Group also this quarter.

"I'm proud of our people who have maintained stable operations and ensured

continued power deliveries to our customers during challenging times, and we are

completing our construction projects in the second half of this year. Even

though COVID-19 continues to impact some solar markets, we are growing our

pipeline. With available liquidity of NOK 3.6 billion we are progressing several

large project opportunities across emerging markets", says Raymond Carlsen, CEO

of Scatec Solar.

Scatec Solar's second quarter consolidated revenues reached NOK 725 million

(376), with EBITDA at NOK 580 million (290). The consolidated net profit was

negative NOK 81 million, impacted by an unrealised currency loss of NOK 169

million. The corresponding figures for the previous quarter were consolidated

net profit of NOK 299 million, impacted by a NOK 320 million currency gain. At

the date of reporting, the Company had a total backlog and pipeline of 6.1 GW.

For the first six months of 2020, Scatec Solar's proportionate revenues reached

NOK 1,791 million (3,177) with an EBITDA of NOK 763 million (703) and associated

EBITDA margin of 43%.

For further details, please see the attached second quarter report and

presentation.

EBITDA and other alternative performance measures (APMs) are defined and

reconciled to the IFRS financial statements as a part of the APM section of the

attached quarterly report on pages 34-37.

A presentation of the results followed by a Q&A session will be held through a

live webcast today at 08:30 am CEST. You can follow the webcast from our

website: www.scatecsolar.com (http://www.scatecsolar.com), or this direct

link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20200717_2. You

may ask questions through the webcast solution or email your question in advance

to ir@scatecsolar.com (mailto:ir@scatecsolar.com).

For further information, please contact:

Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatecsolar.com

(https://www.globenewswire.com/Tracker?data=_ktw5MrbO4W9IlNqiM-dhN-

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

ingrid.aarsnes@scatecsolar.com (https://www.globenewswire.com/Tracker?data=3wM9-

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About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering

affordable, rapidly deployable and sustainable clean energy worldwide. A long-

term player, Scatec Solar develops, builds, owns, operates and maintains solar

power plants and has an installation track record of more than 1.6 GW. The

company has a total of 1.9 GW in operation and under construction on four

continents.

With an established global presence and a significant project pipeline, the

company is targeting a capacity of 4.5 GW in operation and under construction by

end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the

Oslo Stock Exchange under the ticker symbol 'SSO'. To learn more,

visit www.scatecsolar.com (http://www.scatecsolar.com).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act