Scatec ASA

Earnings Release • Jan 24, 2020

Fourth quarter 2019 - Continued strong growth and new contract awards

Fourth quarter 2019 - Continued strong growth and new contract awards

Oslo, 24 January 2020: Scatec Solar delivered continued strong growth in fourth

quarter 2019 with proportionate revenues of NOK 1,642 million (1,666), and

EBITDA of NOK 434 million (329). Power production reached 298 GWh on

proportionate basis, up almost threefold from the same period last year, adding

to existing predictable and long-term cash flows.

The revenues were in line with the same quarter last year, while EBITDA

increased by 32% in the same period. The increase in EBITDA is mainly driven by

new solar plants starting commercial operations over the last few quarters,

resulting in significantly higher contributions from the Power Production

segment of NOK 309 million (139).

"In fourth quarter, the high activity continued, including winning our first

solar projects in Tunisia of 360 MW and completing our largest project ever, the

390 MW Benban project in Egypt. In 2019, we doubled installed capacity to 1.2 GW

and expanded the project pipeline and backlog to 5.8 GW. Our ability to delivery

consistently over time combined with a positive market outlook, further

strengthens Scatec Solar's position as a leading player in emerging markets",

says Raymond Carlsen, CEO of Scatec Solar

Scatec Solar's fourth quarter consolidated revenues reached NOK 568 million

(344), and EBITDA was NOK 436 million (257).

For the full year 2019, Scatec Solar's proportionate revenues and EBITDA reached

its highest ever at NOK 6.3 billion (4.7) and NOK 1,571 million (961)

respectively. Cash flow to Scatec Solar's equity across all business segments

increased to NOK 794 million in 2019, compared to NOK 481 million in 2018.

The Board of Directors has proposed 2019 dividends of NOK 1.05 per share - to be

approved by the Annual General Meeting to be held 28 April 2020.

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

presentation.

A presentation of the results will be held today at 08.00 CET at Scatec Solar's

headquarters, Skøyen Atrium III, Askekroken 11, Oslo. The presentation and Q&A

session can also be followed through a live webcast from our website

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

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

reconciled to the IFRS financial statements as a part of the APM section of the

attached quarterly report on pages 37-39.

For further information, please contact:

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

(mailto:ir@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 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 more than 1.3 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