Scatec ASA

Capital/Financing Update • Feb 17, 2025

Scatec JV reaches financial close for 56 MW BESS in the Philippines and prepares for construction start

Scatec JV reaches financial close for 56 MW BESS in the Philippines and prepares for construction start

Oslo, 17 February 2025: Scatec ASA's joint venture with Aboitiz Power in the

Philippines has reached financial close and prepares for construction start of

the 16 MW Magat (phase 2) and 40 MW Binga battery energy storage systems (BESS).

The battery systems will be connected to the Magat and Binga hydro power plants,

generating revenues from the highly attractive ancillary services reserves

market. The new capacity is building on the success of the existing 24 MW BESS

connected to the Magat power plant, which has been generating solid ancillary

services revenues since start of operation in 2024.

Batteries are optimal for ancillary services due to their fast response time to

tackle fluctuations in grid frequency, flexibility to perform multiple grid

services, and cost competitiveness. Ancillary services will be increasingly

important over time in the Philippines due to higher penetration of renewables

driven by the government's ambitious renewables targets.

"We are very excited to start construction of the new BESS projects in the

Philippines. With the new batteries we will more than triple our storage

capacity to 80 MW, increasing the value of our hydro power plants and

strengthening our position as a leading provider of ancillary services in the

country. Ancillary services in the Philippines is a highly attractive source of

revenues and we will continue to expand our storage capacity taking an even

larger share of the market over time," says CEO Terje Pilskog.

The projects are owned by Scatec's 50/50 joint venture with Aboitiz Power in the

Philippines and will be financed through project debt drawn under the existing

debt facilities related to the Magat and Binga hydro power plants.

For further information, please contact:

For analysts and investors:

Andreas Austrell, VP IR

andreas.austrell@scatec.com

(mailto:andreas.austrell@scatec.com)+47 974 38 686

For media:

Meera Bhatia, SVP External Affairs & Communications

meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)

+47 468 44 959

About Scatec

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy emerging markets. As a long-term player, we

develop, build, own, and operate renewable energy plants, with 5 GW in operation

and under construction across five continents today. We are committed to growing

our renewable energy capacity, delivered by our passionate employees and

partners who are driven by a common vision of 'Improving our Future'. Scatec is

headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the

ticker symbol 'SCATC'. To learn more, visit www.scatec.com

(https://scatec.com/) or connect with us on LinkedIn

(https://www.linkedin.com/company/scatec/).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act