Scatec ASA

Earnings Release • May 5, 2017

First quarter results - on track to reach 2018 growth targets

First quarter results - on track to reach 2018 growth targets

Oslo, May 5, 2017: Scatec Solar added 400 MW to the project backlog with the

signing of 25-year PPAs for six projects in Egypt. With these additions, the

total backlog reached 1,131 MW.

First quarter consolidated revenues reached NOK 276 million, up from 228 million

in the same period last year. Consolidated EBITDA reached NOK 222 million, up

from NOK 165 million last year. The year on year increase in revenues is mainly

explained by additional revenues from the new plants in Jordan and a

strengthening of ZAR/NOK of 17%.

To improve earnings visibility Scatec Solar will this quarter supplement

consolidated financials with reporting on based on SSO's proportionate method

without eliminations. SSO's proportionate revenues reached NOK 143 million, down

from 375 million in the same period last year. Proportionate EBITDA reached NOK

87 million, up from NOK 83 million last year. More details on the financials can

be found in the first quarter report and presentation.

Scatec Solar's proportionate share of cash flow to equity across all business

activities reached NOK 7 million in the first quarter, compared to NOK 22

million in the same period last year.

Power production reached 156 GWh in the first quarter, up 12% from same quarter

last year, excluding the sold Utah plant, and down 7% from previous quarter due

to seasonally lower production South Africa.

"In the first quarter we have made further development progress, and with a

project backlog of 1,131 MW we are on track to reach our growth targets for

2018. With NOK 380 million of equity and with a cash position of NOK 665 million

we have funding for planned equity investments in our project backlog" says

Scatec Solar's CEO, Raymond Carlsen.

For more details, please see attached the first quarter report and presentation.

A presentation of the results will be held today at 08.00 at Høyres Hus,

Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be

followed through a live webcast from our website www.scatecsolar.com/investor.

For further information, please contact:

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280

raymond.carlsen@scatecsolar.com

Mr. Mikkel Tørud, CFO,                  tel:

+47 976 99 144           mikkel.torud@scatecsolar.com

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering

affordable, rapidly deployable and sustainable source of clean energy worldwide.

A long term player, Scatec Solar develops, builds, owns, operates and maintains

solar power plants, and already has an installation track record of 600 MW.

The company is producing electricity from 322 MW of solar power plants in the

Czech Republic, South Africa, Rwanda, Honduras and Jordan. With an established

global presence, the company is growing briskly with a project backlog and

pipeline of 1.8 GW under development in the Americas, Africa, Asia and the

Middle East. 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