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Scatec ASA

Investor Presentation • Jan 29, 2016

3737_rns_2016-01-29_f6499b79-57e6-4a32-aa91-c92246aad893.pdf

Investor Presentation

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Fourth quarter and full lyear 2015

Raymond Carlsen CEO Carlsen, Mikkel Tørud, CFO Oslo, January 29, 2016

Our valuesPredictableDriving results Changemakers Working together

Disclaimer

The following presentation is being made only to, and is only lawfully be communicated ('relevant persons'). Any person w assessment on the basis of this presentation or anything inc y directed at, persons to whom such presentation may who is not a relevant person should not rely, act or make cluded therein.

The following presentation may include information related t including future returns. Such information cannot be relied u investments. The release, publication or distribution of this p and therefore persons in such jurisdictions into which this pr i f th l b t d b h inform themselves about, and observe, such rest i ti trictions. Th or otherwise constitute an invitation or inducement to any pe securities in Scatec Solar ASA or any company within the S regarding the future in connection with the Scatec Solar Gro objectives as well as forward looking statements and any su future and/or the Scatec Solar Group's expectations are sub can lead to actual profits and developments deviating subst statements.to investments made and key commercial terms thereof, upon as a guide to the future performance of such presentation in certain jurisdictions may be restricted by law, resentation is released, published or distributed should hi t ti d t tit t ff i f iti his presentation does not constitute an offering of securities erson to underwrite, subscribe for or otherwise acquire catec Solar Group. This presentation contains statements oup's growth initiatives, profit figures, outlook, strategies and uch information or forward-looking statements regarding the bject to inherent risks and uncertainties, and many factors antially from what has been expressed or implied in such

Operational review

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Operational highlights

Executing the growth strategy g g gy

  • • Revenues of NOK 267 million * (194) EBITDA (194), of N 215 million (133) and net profit of NOK 59 million (5 OK 5)
  • • Scatec Solar's share of cash flow to equity of NOK million – continued growth in cash flow K 58
  • • Executing the growth strategy – Q4 power producti of 151 GWh up 33 percent year on year ion
  • • 104 MW Utah Red Hills plant grid connected at the end of 2015
  • • Issued a three year NOK 500 million senior unsecu green bond eured

The 104 MW Utah Red Hills plant in the US

Steady growth in cash flow from P y g PP and O&M

44.2Q4 170.741.736.62 58.5 14Q1 15 Q2 15 Q3 15 Q4 15

Cas o to SSO equ ty h flow equity

Power Production and O&M:

  • • Q4'15: NOK 42 million (27) Q ()
  • • FY2015: NOK 155 million (97) D&C:
  • •Q4'15 NOK 20 illi (31) Q4'15: million
  • •FY2015: NOK 76 million (179)

SSOproportionate share of cash flow to equity*

elopment & Contruction Operations & Maintenance Corporate Power production

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Ttl1 174 MW

Positive market outlook

  • • The global market for PV is expected to grow from 57 GW to 68 GW in 2016*
  • • Emerging economies take advantage of lower electricity prices coming from installation of re e ab esnewables
  • • Financing and contract periods are becoming standardized
  • • Lower oil and gas prices have limited impact on the appetite for renewables
  • • Market transformation opens up for new business offerings
  • • Scatec Solar is strengthening its position as a leading emerging market player

MW in production and under construction

Financial review

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

Consolidated financials

Continued strong growth g g

Consolidated financials, NOK million

Consolidated financials

Strong growth in net profit gg p

  • • Revenues and production volumes increase due to sum of the Agua Fria plant. mmer season in South Africa and a full quarter production
  • • Net profit impacted by non-cash currency gains on inte nonercompany balances.

Power Production

Summer in South Africa and Agua Fria in full production

EBITDA %

  • • Revenues growth with the summer season in South Africa and a full quarter of production of the 60 MW Agua Fria plant
  • • Until receiving final confirmation from th H d tilit li ibilit f the Honduranutility on eligibility of additional incentive tariff, Agua Fria revenues recognised on base tariff
  • • EBITDA margin up from last quarter after normalised irradiation levels

Consolidated revenues & EBITDA (NOKm)

Lower revenues due to reduced pe p erformance bonus

  • • Lower revenues and EBITDA reflecting seasonally lower plant perf ormance bonus
  • • The O&M agreement on the 60 MW Agua Fria plant in Honduras commenced 1 January 2016

Consolidated revenues & EBITDA (NOKm)

Construction in Jordan moving fo rrward

G

  • • D&C revenues and margins reflect project development and plant construction
  • • Construction progresses in Jordan – grid connection during 1H 2016
  • • A positive contribution of NOK 11 5 million 11.5 from the sale of the 8 MW Waihonu project

Consolidated revenues & EBITDA (NOKm)

Stable long term cash flow genera g g tion

Q
N
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  • • Distributions of NOK 124 million received from project co ompanies for the full year 2015
  • • Scatec Solar s' dividend policy: 50% of received distribut tions from project companies

A solid financial position

  • • Cash position of NOK 1,639 million of which NOK 651 million free cash available outside project companies
  • • Total interest bearing liabilities* of NOK 5.7 billion of which NOK 5.2 billion nonrecourse project financing pj g
  • • Successfully issued NOK 500 million senior unsecured green bond with maturity in November 2018.
  • • Increasing overdraft facility and guarantee facility with Nordea Bank and GIEK to add growth capacity

Financial

Outlook

Copyright: Scatec Solar ASA www.scatecsolar.com • [email protected]

426383

MW in production and under construction

In operation

  • • Targeting 1,400 – 1,600 MW in operation and und t ti b d 2018der construction by year end
  • • 15% gross margin from Development and Construction
  • • T t it IRR f 15% i l ft Target average equity of nominal after tax on power plant investments
  • • 2016 cash flow to SSO equity of NOK 180-200 million (PP and O&M)*
  • •2016 production target of 815,000 MWh
  • •Q1'16 production target of 170,000 MWh

Thank you

Our valuesPredictableDriving results Change makers Working together

Consolidated profit & loss

(
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N
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Consolidated cash flow statement

(
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O
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1

Segment results – Q4'15

)
(
N
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8

Segment results – Full year 2015

)
(
N
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2.
8

SSO's profit normally impacted by y y growth investments

  • • Scatec Solar is investing early phase project development Fourth quarter and construction as well as corporate functions that impacts SSO's share of net profit
  • • These investments pays off through access to attractive projects and significant cash generation Net financials & t
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* Cash flow to equity: is EBITDA less normalised (i.e. average over the calendar year) loan and in nterest repayments, less normalised income tax payments.

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* Cash flow to equity: is EBITDA less normalised (i.e. average over the calendar year) loan and in nterest repayments, less normalised income tax payments.

Project companies' financials – F uull year 2015

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* The amount of NOK 935 million includes capitalised development spending on projects that ha ave not yet reached construction phase of NOK 141 million.

** Cash in project companies includes cash in proceeds accounts, debt service reserve accounts Cash in D&C, O&M and Corporate include NOK 174 million of restricted cash related to depos collateralised shareholders financing. s and cash available for redistribution to project company shareholders. sits for withholding tax, guarantees, VAT and rent as well as

*** Net working capital includes trade and other receivables, other current assets, trade and other intercompany receivables and payables. p y py r payables, income tax payable, other current liabilities and

D&C margins reduces consolidate ed PP&E

  • • Margins created through D&C of power plants are eliminated in consolidated financial statement
  • • Elimination booked against PP&E in consolidated financial statements

Leads to:

  • • A negative effect on consolidated equity short term as corresponding non-recourse finance is included at full value
  • • Improves consolidated net profit PP&over time through reduced depreciation

Increased production in South Afr ica and Honduras

•Plant availability remained high.

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* At year-end

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