Scatec ASA

Major Shareholding Notification • Nov 17, 2015

Contemplated sale of shares in Scatec Solar ASA

Contemplated sale of shares in Scatec Solar ASA

17 November, 2015

Scatec AS ("Scatec") and Itochu Corporation ("Itochu")

(together with Scatec, the "Selling Shareholders")

have retained ABG Sundal Collier, Carnegie and

Swedbank as joint bookrunners to explore the

opportunity to sell up to 16 million shares, up to 8

million shares each, in Scatec Solar ASA ("Scatec

Solar" or the "Company") through an accelerated

bookbuilding process (the "Placing").

The Placing represents up to approx. 17 percent of the

outstanding shares in in the Company. After the

completion of the Placing, Scatec is expected to hold

no less than 19,482,339 shares in Scatec Solar

(equivalent to no less than approx. 20.8 percent of

the outstanding shares in the Company), while Itochu

is expected to hold no less than 9,768,657 shares in

the Company (equivalent to no less than approx. 10.4

percent of the outstanding shares in the Company).

The bookbuilding will commence today at 16.30 CET. Any

sale of shares in Scatec Solar pursuant to the Placing

is subject to approval by the Selling Shareholders.

The Selling Shareholders have undertaken a customary

lock-up agreement with the joint bookrunners for the

remainder of their shares in the Company with a lock-

up period lasting 90 days from the completion of the

Placing.

Scatec is represented on the Board of Directors in the

Company (the "Board") by John Andersen (Chairman) and

Alf Bjørseth, while Itochu is represented on the Board

by Yuji Tachikawa. The Selling Shareholders are

therefore both subject to the disclosure requirements

of the Norwegian Securities Trading Act section 4-2.

Contacts:

ABG Sundal Collier: +47 22 01 60 04

Carnegie: +47 22 00 93 40

Swedbank: +47 23 23 82 08