Scatec ASA

Earnings Release • Jul 19, 2019

Second quarter 2019: Record results - project backlog and pipeline exceeding 5 GW

Second quarter 2019: Record results - project backlog and pipeline exceeding 5 GW

Oslo, 19 July 2019: Scatec Solar delivered record results in second quarter

2019 with proportionate revenues of NOK 1,648 million (1,229) and EBITDA of NOK

388 million (266), an increase of 46% year on year. Power Production reached

198 GWh on proportionate basis, almost tripling production compared to the same

period last year.

Second quarter revenues and EBITDA continued to grow compared to the same

quarter last year. This reflects continued high activity in the Development &

Construction segment with revenues of NOK 1,339 million (1,045), EBITDA of NOK

165 million (140) and a gross margin of 14%. In the Power Production segment,

installed capacity was 911 MW at the end of second quarter, delivering EBITDA of

NOK 221 million.

"We deliver our best quarter ever with growth across all business segments. The

high activity continued in all regions with grid connection of 326 MW in Egypt

and Malaysia and construction start for 247 MW in Ukraine. Our project backlog

and pipeline exceed 5 GW, reflecting that we are strengthening our market

position and expanding partnerships in key regions", says Raymond Carlsen, CEO

of Scatec Solar.

Scatec Solar's second quarter consolidated revenues were NOK 376 million (286),

and EBITDA (earnings before interest, tax, depreciation, amortisation and

impairments) reached NOK 290 million (212).

For further details, please see the attached second quarter report and

presentation.

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

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

from a live webcast: https://webtv.hegnar.no/presentation.php?webcastId=98041388

Scatec Solar will host a Capital Markets Update in Oslo 18 September; further

details will be published in August.

For further information, please contact:

Mikkel Tørud, CFO

Tel: +47 976 99 144

mikkel.torud@scatecsolar.com (mailto:mikkel.torud@scatecsolar.com)

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364

Ingrid.aarsnes@scatecsolar.com (mailto:Ingrid.aarsnes@scatecsolar.com)

About Scatec Solar

Scatec Solar is a leading integrated independent solar power producer,

delivering affordable, rapidly deployable and sustainable clean energy

worldwide. A long- term player, Scatec Solar develops, builds, owns and operates

solar power plants and has an installation track record of more than 1 GW. The

company has a total of 1.9 GW in operation and under construction on four

continents.

With an established global presence and a significant project pipeline, the

company is targeting a capacity of 3.5 GW in operation and under construction by

end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the

Oslo Stock Exchange under the ticker symbol 'SSO'.

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act