Scatec ASA

Capital/Financing Update • Mar 24, 2022

Scatec refinances power plants in South Africa and receives net proceeds of USD 36 million

Scatec refinances power plants in South Africa and receives net proceeds of USD 36 million

Oslo, 24 March 2022: Scatec has refinanced the non-recourse debt facilities for

the solar power plants Kalkbult, Dreunberg and Linde in South Africa with the

existing lenders.

Scatec's share of proceeds from the refinancing, based on its 45 per cent

ownership in the power plants, amounts to ZAR 540 million (USD 36 million).

Key amended terms include increased debt amounts, reduced margins, increased

tenors, and release of cash from debt reserve accounts, implying minor impacts

to expected future dividends from the power plants.

Pursuing refinancing opportunities is part of Scatec's strategy for continuous

operational and financial improvements to optimise project returns and cash

flows.

The refinancing will further benefit the South African authorities through a

50:50 profit split between the shareholders of the power plants and the

authorities, in accordance with the Refinancing Protocol issued by the

Department of Mineral Resources and Energy.

"The refinancing of our South African power plants demonstrates the funding and

value creating potential of our operating portfolio when local financial markets

become more mature. We are very pleased to have improved financing terms and net

present values for the projects, while contributing to society through profit-

sharing mechanisms," says CFO Mikkel Tørud.

For further information, please contact:

Andreas Austrell, VP IR

Tel: +47 974 38 686, andreas.austrell@scatec.com

(mailto:andreas.austrell@scatec.com)

About Scatec

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

reliable and affordable clean energy in high growth markets. As a long-term

player, we develop, build, own and operate renewable energy plants, with 3.5 GW

of installed capacity across four continents today. We are targeting 15 GW of

renewable capacity to be in operation or under construction by the end of 2025,

delivered by our 600 passionate employees 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://www.globenewswire.com/Tracker?data=Bby8GMzfyu5C-

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This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act