Scatec ASA

Regulatory Filings • Apr 18, 2017

Scatec Solar and partners sign Power Purchase Agreements for 400 MW in Egypt

Scatec Solar and partners sign Power Purchase Agreements for 400 MW in Egypt

Oslo, April 18, 2017: Scatec Solar and partners have signed 25-year Power

Purchase Agreements for delivery of electricity from six solar plants totaling

400 MW (DC) with the Government of Egypt. The signing ceremony took place in

Cairo on April 13 in the presence of Egyptian Minister of Electricity and

Renewable Energy Dr. Mohamed Shaker El-Markabi and the Ambassador of Norway Mr.

Sten Arne Rosnes.

All located in Ben Ban area near Aswan in Upper Egypt, the solar plants are

expected to generate about 870 GWh of solar electricity per year. These projects

are part of the 2 GW solar FiT programme launched by the Egyptian Government in

2015. The electricity produced from the 400 MW is expected to replace about

350,000 tons of CO2 emissions per year, supporting Egypt's emission reduction

targets under the Paris Climate Agreement.

'With this programme the Government of Egypt is making important steps towards

accessing clean and low cost electricity to drive development and economic

prosperity. Scatec Solar and partners are making significant investments and

long term commitment to Egypt'' said Raymond Carlsen, CEO of Scatec Solar.

Total investments for the 400 MW of solar plants is estimated to USD 450 million

and the plants are expected to generate annual revenues of about USD 60 million

over the 25-year contract period. Scatec Solar will build, own and operate all

six projects and Scatec Solar's share of equity investments will be in the range

of USD 50-70 million. Scatec Solar is partnering with local developers and with

KLP Norfund Investments for equity investments in the projects and may add

additional partners to an equity consortium before financial close.

European Bank for Reconstruction and Development (EBRD) is leading a consortium

of banks that is expected to support the six projects with a total debt of up to

USD 350 million.

Scatec Solar is a leading developer and owner of large-scale solar plants in

Africa, Europe, Middle East and Americas. With the latest addition, Scatec

Solar's project backlog consists of 1,131 MW.

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 close to

600 MW.

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

Czech Republic, South Africa, Rwanda, Honduras, Jordan and the United States.

With an established global presence, the company is growing briskly with a

project backlog of more than 1.1 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'.