Scatec ASA

Earnings Release • Apr 22, 2016

Scatec Solar ASA: First quarter 2016 results - Strong growth in power production

Scatec Solar ASA: First quarter 2016 results - Strong growth in power production

Oslo, April 22, 2016: Consolidated revenues reached NOK 228 million, in line

with the same period last year and down from NOK 267 million the previous

quarter. EBITDA reached NOK 165 million, down from NOK 178 million last year and

NOK 215 million in the previous quarter.

Power production in the first quarter increased 20 percent from the previous

quarter, to 182 GWh. The increase in production was a result of completion of

the new 104 MW Utah plant in the US. This increase in production was partly

offset by seasonally lower production in South Africa.

Revenues from existing plants South Africa were down quarter on quarter,

reflecting 9 percent depreciation of ZAR and 8 percent lower production, as

expected for the season. The new Utah plant is in full production, but earning

merchant market revenues. The significantly higher 20-year PPA price will be

effective from January 2017.

The financial results were affected by currency movements. ZAR/NOK depreciation

reduced revenues, but had limited impact on net profit and cash flow. USD/NOK

depreciation reduced the value of intercompany loans generating a non-cash

currency loss of NOK 34 million.

"Production volumes increased as new solar plants are being grid connected. In

the first quarter we continued to invest in plants under construction and in

further development of the project backlog and pipeline", says Scatec Solar's

CEO, Raymond Carlsen.

The 10 MW Oryx plant in Jordan reached mechanical completion with expected

Commercial Operation Date in May 2016.

Scatec Solar develops, builds, owns and operates solar power plants. Scatec

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

activities reached NOK 22 million in the first quarter 2016, compared to NOK 42

million in the same period last year and NOK 58 million in the previous quarter.

The current project backlog stands at 422 MW, project pipeline comprises several

projects with a combined capacity of 1,056 MW, while the project opportunities

now hold a combined capacity of 2,426 MW across Americas, Africa and MENA.

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 close to

600 MW.

The company is producing electricity from 383 MW of solar power plants in the

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

Construction of additional 43 MW solar power plants in Jordan is under way.

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

project backlog and pipeline of more than 1.5 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

[HUG#2005801]