Scatec ASA

Capital/Financing Update • Jul 8, 2019

Scatec Solar reaches financial close for another 54 MW in Ukraine

Scatec Solar reaches financial close for another 54 MW in Ukraine

Oslo, 8 July 2019: Scatec Solar and partners have closed financing for the 54 MW

Boguslav project with a total investment of EUR 54 million.

FMO, the Dutch development bank, Green for Growth Fund (under FMO's B Facility)

and GIEK (providing an unfunded credit guarantee) have signed credit agreements

for the non-recourse debt financing of the Boguslav project. The credit

facilities amount to EUR 38 million and covers up to 70% of the total project

costs. The financing has been coordinated by FMO.

"We are proud to complete financing for our fifth solar power project in

Ukraine. This is another confirmation of Scatec Solar's strong foothold in the

country where we together with our partners continue to support the growth of

renewable energy. We are very appreciative of our relationship with this group

of international financiers, who provide long term debt funding for the Boguslav

project, says Raymond Carlsen, CEO of Scatec Solar.

Scatec Solar will be the lead equity investor and is in the process of securing

additional equity partners. The company will also be the Engineering,

Procurement and Construction (EPC) provider and provide Operation & Maintenance

as well as Asset Management services to the power plants. Construction has

started with expected commercial operation in first half of 2020.

The project will be realised under Ukraine's 10-year Feed-in-Tariff scheme and

is expected to deliver about 61 GWh per year. The Boguslav plant located in the

Kyiv region will be providing clean energy for up to 27,000 households and

contribute to avoid about 36,600 tonnes of carbon emissions per annum. Public

land will be leased for an extended time-period and the solar power plants are

expected to deliver power also beyond the Feed-in-tariff period.

With this project Scatec Solar has 336 MW under construction and 69 MW of

project backlog in Ukraine.Globally, Scatec Solar has 844 MW in operation and

1,070 MW under construction, and a project backlog and pipeline of 4.6 GW.

Scatec Solar's portfolio of 336 MW under construction in Ukraine

+------------+-------------+-------------+-------------------+-----------------+

|Project | | Capex|Project financing |Equity partners |

| |Capacity (MW)|(EUR million)|partners | |

+------------+-------------+-------------+-------------------+-----------------+

|Rengy | | |EBRD, Black Sea |49% - Rengy |

| | | |Trade and |Development Group|

| | 47| 52|Development Bank | |

+------------+-------------+-------------+-------------------+-----------------+

|Kamianka | 32| 35|EBRD, FMO |40% - FMO |

+------------+-------------+-------------+-------------------+-----------------+

|Progressovka| | |POWER CHINA GUIZHOU|To be determined |

| | | |ENGINEERING | |

| | | |(construction | |

| | 148| 124|financing) | |

+------------+-------------+-------------+-------------------+-----------------+

|Chigirin | | |EBRD, NEFCO, |To be determined |

| | 55| 53|Swedfund | |

+------------+-------------+-------------+-------------------+-----------------+

|Boguslav | | |FMO, Green for |To be determined |

| | | |Growth Fund (GGF), | |

| | 54| 54|GIEK | |

+------------+-------------+-------------+-------------------+-----------------+

|Total | 336| 318|  |  |

+------------+-------------+-------------+-------------------+-----------------+

For further information, please contact:

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364

Ingrid.aarsnes@scatecsolar.com (mailto:Ingrid.aarsnes@scatecsolar.com)

Mikkel Tørud, CFO

Tel: +47 976 99 144

mikkel.torud@scatecsolar.com (mailto:mikkel.torud@scatecsolar.com)

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 GW. The company

has a total of 1.9 GW in operation and under construction in Argentina, Brazil,

the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South

Africa and Ukraine.

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

company is targeting a capacity of 3.5 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