Scatec ASA — Capital/Financing Update 2026

Mar 6, 2026

Scatec

PRESS RELEASE

06 March 2026 19:52:00 CET

LYRA ENERGY REACHES FINANCIAL CLOSE AND STARTS CONSTRUCTION OF 255 MW SOLAR POWER PLANT

Oslo/Cape Town, 6 March 2026: Scatec's joint venture in South Africa, Lyra Energy, has reached financial close and is starting construction of the 255 MW Thakadu solar power plant. The project will be built in two phases, construction of the first phase is now commencing, while the second phase is expected to start construction in the second half of 2026.

"This marks an important milestone for Lyra Energy and the Thakadu project. With contracted private sector offtake in place and financing secured, the project is well positioned for construction and delivery," says Scatec CEO Terje Pilskog.

The total capital expenditure (capex) for the project is approximately ZAR 4 billion (USD 240 million) and will be financed by a combination of non-recourse project debt and equity from the owners, with a target leverage of 80%. The senior lender is Standard Bank of South Africa.

Scatec will provide Engineering, Procurement and Construction (EPC), Asset Management (AM) and Operations & Maintenance (O&M) services for the project. Scatec's EPC-scope corresponds to approximately 80% of total capex. Commercial operations date for the first phase is expected in the first half of 2027.

For further information, please contact:

For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com

About Lyra Energy

Lyra is a renewable energy platform in partnership between Scatec, Standard Bank, and Stanlib, with Scatec owning 50% and the partners owning the remaining 50%. Lyra offers a low-risk, flexible power solution for medium and large commercial and industrial (C&I) users, through a flexible contracting structure. By pooling renewable energy resources and serving multiple commercial users, Lyra Energy makes large-scale clean power accessible to businesses that might not have the capacity to develop their own renewable projects. To learn more, visit www.lyraenergy.co.za.

Scatec • Askekroken.11 • 0277 Oslo

---

Scatec

PRESS RELEASE
06 March 2026 19:52:00 CET

This information has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 17. The information was submitted for publication, through the agency of the contact persons set out above, 06.03.2026 19:52 CET.

Scatec • Askekreken 11 • 0277 Oslo