Scatec ASA

Earnings Release • Feb 2, 2021

Scatec ASA fourth quarter 2020: Building a global renewable company

Scatec ASA fourth quarter 2020: Building a global renewable company

Oslo, 2 February 2021: In fourth quarter 2020, Scatec Solar's proportionate

revenues was NOK 497 million (1,643) with EBITDA of NOK 223 million (434) and

associated EBITDA margin of 45%. Power production reached 407 GWh, an increase

of 37% from the same quarter last year.

Power Production delivers an EBITDA growth of 44% for the full year 2020

compared to 2019 as the portfolio of power plants in operations continue to grow

with two new plants grid connected during fourth quarter. All main activities

related to the current construction portfolio was completed earlier in 2020,

resulting in limited Development & Construction revenues in the fourth quarter.

A consequence of this changed segment mix, is an EBITDA margin of 46% for the

Group compared to 25% in 2019.

"We continue to deliver stable power production and are further growing our

pipeline of interesting projects. In 2020, we made the greatest expansion since

our establishment by broadening our growth strategy and acquiring SN Power. With

SN Power, we are adding solid hydropower assets, our first wind farm and an

attractive project pipeline as well as significantly increasing scale and cash

flow from operating plants", says Raymond Carlsen, CEO of Scatec.

The project pipeline increased by another 800 MW, with new project additions in

large growth markets such as South Africa and Vietnam. In addition, 2.5 GW of

pipeline was added from SN Power after transaction close.  A new project was

also included in the backlog, the 150 MW Sukkur project in Pakistan. Total

project backlog and pipeline reached a record high 10.5 GW, reflecting increased

efforts in pursuing project opportunities across several markets and renewable

technologies.

Scatec's fourth quarter consolidated revenues was NOK 679 million (568), with

EBITDA at NOK 448 million (436). The consolidated net profit was negative NOK

561 million.

For the full year 2020, Scatec's proportionate revenues and EBITDA reached NOK

2,844 million (6,341) and NOK 1,306 million (1,571) respectively. Cash flow to

Scatec's equity across all business segments was NOK 324 million in 2020,

compared to NOK 794 million in 2019.

The Board of Directors has proposed 2020 dividends of NOK 1.09 per share - to be

approved by the Annual General Meeting to be held 20 April 2021.

Further relevant information about the hydropower assets and an updated guidance

reflecting Scatec's broadened growth strategy will be published at the Capital

Markets Update 23 March 2021.

For further details, please see the attached fourth 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 CET. You can follow the webcast from our website:

www.scatec.com (http://www.scatec.com), or this direct link: sdk 2.0 player

(companywebcast.com)

(https://sdk.companywebcast.com/sdk/player/?id=hegnarmedia_20210202_1&customBtnC

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

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

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 35-38.

For further information, please contact:

Mikkel Tørud, CFO, tel: +47 976 99 144, ir@scatec.com (mailto:ir@scatec.com)

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

ingrid.aarsnes@scatec.com (mailto:ingrid.aarsnes@scatec.com)

About Scatec ASA:

Scatec is a leading renewable power producer, delivering affordable and clean

energy worldwide. As a long- term player, Scatec develops, builds, owns and

operates solar, wind and hydro power plants and storage solutions. The company

recently acquired SN Power, a leading hydro power developer and IPP. In first

half of 2021, Scatec will have a total of 3.3 GW in operation on four continents

and 485 employees. Scatec is headquartered in Oslo, Norway and listed on the

Oslo Stock Exchange under the ticker symbol 'SCATC'. To learn more,

visit www.scatec.com (http://www.scatec.com), or connect with us on Linkedin

(https://www.linkedin.com/company/scatec/).

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[TA1]Update

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act