Scatec ASA

Scatec Solar secures 150 MW in Brazil

Oslo, December 6, 2016: Scatec Solar has signed an agreement with the Brazilian

company Kroma Energia Ltda. and its partners ("Kroma"), securing four PV plants

totalling 150 MW (DC) co-located in the state of Ceará in Brazil.

The projects were bid and won by Kroma in the auction process held by ANEEL, the

Brazilian Electricity Regulatory Agency, in November 2015. The project companies

have 20-year Power Purchase Agreements (PPAs) with ANEEL and are expected to

produce about 305,000 MWh annually, generating revenues of about BRL 95 million

per year (USD 28 million). The PPAs stipulate that the plants shall be in

commercial operation within the fourth quarter 2018.

"With these projects, we are securing a strong foothold in Brazil, a large and

growing solar market. We see positive developments in the Brazilian economy and

continued government support for renewables," said Raymond Carlsen, CEO of

Scatec Solar.

Brazil is targeting to further expand its Renewable Energy Program. PPAs have

already been awarded to wind power projects totalling nearly 12 GW. Over the

past one and a half years, approximately 3 GW of solar projects have been

awarded in three consecutive utility scale solar auctions. The government plans

to award another 7 GW by 2024.

Scatec Solar ASA will build, own and operate the power plants in Ceará. Total

capital expenditure to realise the plants are estimated at BRL 720 million (USD

212 million) and construction is expected to start in 2017.

Scatec Solar has decided not to move forward with two backlog projects totalling

78 MW in Brazil. This is due to the more attractive return expectations and a

more flexible timeline for executing the new projects.

For further information, please contact:

Mr. Mikkel Tørud, CFO, tel +47 976 99 144, [email protected]

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 426 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 and pipeline of close to 1.6 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'

AI Terminal