Scatec ASA

Earnings Release • Oct 16, 2020

Third quarter 2020: Increased power production and growth in project pipeline

Third quarter 2020: Increased power production and growth in project pipeline

Oslo, 16 October 2020: In third quarter 2020, Scatec Solar's proportionate

revenues was NOK 556 million (1,522) with EBITDA of NOK 319 million (433) and

associated EBITDA margin of 57%. Power production reached 430 GWh, an increase

of 46% from the same quarter last year.

Power Production is steadily increasing, delivering an EBITDA of NOK 379

million, up from NOK 291 million in third quarter 2019. Following completion of

all main activities related to the current construction portfolio, third quarter

revenues decreased significantly compared with the same quarter last year. The

change in segment mix continues to result in a higher EBITDA margin for the

Group.

"All of our plants continue to deliver stable power production and we experience

high project development activity across most markets, despite COVID-19

restrictions. We are broadening our growth strategy with an ambition to become a

global large-scale player in solar, hydro, wind and storage solutions, and the

acquisition of SN Power announced today is an important part of this strategy",

says Raymond Carlsen, CEO of Scatec Solar.

Project pipeline increased by 900 MW to 6,520 MW in the third quarter, with new

project additions in large growth markets - Brazil, Vietnam and India.

Scatec Solar's third quarter consolidated revenues reached NOK 724 million

(512), with EBITDA at NOK 538 million (418). The consolidated net profit was

negative NOK 24 million. At the date of reporting, the Company had a total

backlog and pipeline of 7.0 GW.

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

presentation.

A presentation of the results followed by a Q&A session will be held through a

live webcast today at 08:00 am CEST. You can follow the webcast from our

website: www.scatecsolar.com, or this direct link:

https://sdk.companywebcast.com/sdk/player/?id=hegnarmedia_20201016_1&customBtnCo

lor=da7038,674429. You may ask questions through the webcast solution or email

your question in advance to ir@scatecsolar.com (mailto:ir@scatecsolar.com).

Investor presentation today at 10:00 am CEST - Acquisition of SN Power

A presentation for investors and analysts will be held at Felix konferansesenter

in Oslo and through a live webcast today at 10:00 am CEST. To attend the live

presentation, please email: ir@scatecsolar.com (mailto:ir@scatecsolar.com). You

can follow the webcast from our website: www.scatecsolar.com

(http://www.scatecsolar.com), or this direct link:

https://channel.royalcast.com/webcast/hegnarmedia/20201016_3.

EBITDA and other alternative performance measures (APMs) are defined and

reconciled as a part of the APM section of the attached quarterly report on

pages 36-40.

For further information, please contact:

Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatecsolar.com

(https://www.globenewswire.com/Tracker?data=_ktw5MrbO4W9IlNqiM-dhN-

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Ingrid Aarsnes, VP Communication & IR, tel: +47 950 38 364,

ingrid.aarsnes@scatecsolar.com (https://www.globenewswire.com/Tracker?data=3wM9-

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About Scatec Solar

Scatec Solar is an integrated independent renewable power producer, delivering

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

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

plants and has an installation track record of more than 1.6 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 4.5 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'. To learn more, visit

www.scatecsolar.com (http://www.scatecsolar.com).

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act