Scatec ASA

Major Shareholding Notification • Feb 11, 2015

SSO - Contemplated sale of shares in Scatec Solar ASA

SSO - Contemplated sale of shares in Scatec Solar ASA

11 February, 2015

Itochu Corporation ("Itochu") has retained ABG Sundal

Collier Norge ASA and Carnegie AS as joint

bookrunners (the "Joint Bookrunners") to explore the

opportunity to sell between 1.6m and 2.5m shares in

Scatec Solar ASA ("Scatec Solar" or the "Company")

through an accelerated bookbuilding process

(the "Placing").

The Placing represents up to approx. 2.7 percent of

the outstanding shares in Scatec Solar, and assuming

all shares offered in the Placing are sold, Itochu

will hold 17,768,657 shares in the Company,

equivalent to approx. 18.9 percent of the outstanding

shares. The percentage has been calculated based on

93,816,230 issued shares in Scatec Solar.

Due to, inter alia, the favourable development in the

Scatec Solar share price since the initial public

offering in October 2014 (the "IPO") and Itochu's

stated objective of having a shareholding in the

Company below 20 percent (as further described in the

prospectus for the IPO), the Joint Bookrunners has in

connection the Placing agreed to lift the lock-up

agreement brought onto the shares in Scatec Solar

owned by Itochu subsequent to the IPO. For all shares

owned by Itochu not sold in connection with the

Placing, the nine month lock-up undertaking from the

IPO, expiring on 1 July 2015, will remain in place.

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 Itochu.

Itochu is represented on the Board of Directors in

the Company by Akihiko Nakazono and is subject to the

disclosure requirements of the Norwegian Securities

Trading Act section 4-2.