Scatec ASA

Regulatory Filings • Jun 3, 2019

Scatec Solar starts construction of a 148 MW solar power plant in Ukraine

Scatec Solar starts construction of a 148 MW solar power plant in Ukraine

Oslo, 3 June 2019: Scatec Solar starts construction of the 148 MW Progressovka

solar project in Ukraine.

The project will be realised in collaboration with PowerChina Guizhou

Engineering Co. Ltd. that will provide construction financing and Engineering

Procurement and Construction (EPC) services to the project, while Scatec Solar

will be the equity investor and provide EPC management, Operation & Maintenance

as well as Asset Management services.

"The Progressovka project is another confirmation of our strong position in

Ukraine where we currently have a project portfolio of 500 MW. The collaboration

with Power China on this project gives us access to cost competitive financing

as part of a turn key EPC solution. The remaining part of our project portfolio

in Ukraine will be realised with Scatec Solar as EPC provider and with financing

from the multilateral development banks", says Raymond Carlsen, CEO of Scatec

Solar.

The two-year construction financing facility from Power China covers 65% of the

EUR 124 million capex for the project. Scatec Solar is in advanced stages of

securing long-term debt financing as well as an equity partner for the project.

Both is expected to be closed upon Commercial Operations of the plant in the

first half of 2020.

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

is expected to deliver about 187 GWh per year. The plant located in the southern

Ukraine will be providing clean energy for about 76,000 households and

contribute to avoid about 150,000 tonnes of carbon emissions per year.  Public

land will be leased for an extended time-period and the solar power plant is

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

With this project Scatec Solar has 229 MW under construction and project backlog

and pipeline of 274 MW in Ukraine. Globally Scatec Solar now has 779 MW in

operation and 1,026 MW under construction, and a project backlog and pipeline of

4.7 GW.

For further information, please contact:

Mikkel Tørud, CFO

tel: +47 976 99 144

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

About PowerChina Guizhou Engineering Co. Ltd.

PowerChina Guizhou Engineering Co., Ltd is a Global Provider of Integrated

Energy Solutions, with strong worldwide presence in Europe, the Middle East,

Africa, North America, South America, and Asia. With total assets of RMB 6.458

billion, PowerChina Guizhou Engineering Co. Ltd, is a wholly-owned subsidiary of

Power Construction Corporation of China, a fortune 500 company ranked

182(nd) in 2018 and one of the world´s biggest EPC contractors for Solar and

Wind Projects. Over the past years, PowerChina Guizhou Engineering Co., Ltd has

become a Global leader in the field of Renewable Energy Projects with a total

global installed capacity of 11 GW. Between 2018 and year end 2019, the company

will build worldwide over 50 PV Power Plants with a total capacity of 2,100 MW

and 48 Wind Farms, with a total installed capacity of 2,500 MW. To learn more

about PowerChina Guizhou Engineering Co., Ltd, please visit http://www.gepcc.com

(http://www.gepcc.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 1.8 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