Scatec ASA

Earnings Release • Oct 20, 2017

Third quarter: Strong financial results and 394 MW moved into construction

Third quarter: Strong financial results and 394 MW moved into construction

Oslo, October 20, 2017: Scatec Solar's third quarter consolidated revenues

reached NOK 655 million, up from 281 million in the same period last year.

Consolidated EBITDA reached NOK 595 million, up from NOK 222 million last year.

Power production reached 157 GWh in the third quarter, broadly in line with the

same quarter last year excluding divestments, and up 7% from previous quarter.

Scatec Solar has entered into a partnership agreement with Statoil ASA to

establish a 50/50 joint venture to build, own and operate large scale solar

plants in Brazil. The Joint Venture has an ambition to become a significant

player in the Brazilian solar market. Scatec Solar secured a net gain of NOK

375 million on this transaction in the third quarter.

On October 6, financial close was reached for three solar PV plants in Malaysia,

totalling 197 MW. Financing for the plants has been raised through a successful

issuance of the world's largest green SRI Sukuk (Islamic bond). Additional 400

MW in Egypt and 258 MW in South Africa are approaching financial close with

expected construction start in 2018.

Scatec Solar's proportionate share of revenues reached NOK 922 million, up from

209 million in the same period last year. The proportionate EBITDA reached NOK

500 million, up from 111 million in the same period last year. Cash flow to

equity across all business activities reached NOK 216 million in the third

quarter, compared to NOK 29 million in the same period last year.

"Our strong financial results reflect the value that has been created over the

last few quarters. The Statoil partnership in Brazil and the Malaysian

transaction clearly demonstrate the strength of our project portfolio and

business model. I am very proud of our organisation's ability to deliver high

value projects in new environments," says Scatec Solar's CEO, Raymond Carlsen.

For more details, please see attached the third quarter report and presentation.

A presentation of the results will be held today at 08.00 at Høyres Hus,

Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be

followed through a live webcast from our website www.scatecsolar.com/investor.

For further information, please contact:

Mr. Raymond Carlsen, CEO,          tel: +47 454 11 280

raymond.carlsen@scatecsolar.com

Mr. Mikkel Tørud, CFO,                  tel: +47 976 99 144

mikkel.torud@scatecsolar.com

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering

affordable, rapidly deployable and sustainable clean energy worldwide. A long-

term player, Scatec Solar develops, builds, owns, operates and maintains solar

power plants and has an installation track record of 600 MW.

The company is producing electricity from 322 MW of solar power plants in the

Czech Republic, South Africa, Rwanda, Honduras and Jordan and another 394 MW are

under construction.

With an established global presence, the company is growing briskly with a

project backlog and pipeline of 1.8 GW under development in the Americas,

Africa, Asia and the Middle East. Scatec Solar is headquartered in Oslo, Norway

and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'.

To learn more, visit www.scatecsolar.com