Scatec ASA

Investor Presentation • Jan 11, 2018

Company Presentation

Pareto Power and Renewables Conference CEO Raymond Carlsen January 11, 2018

Our values

• Predictable
• Driving results
• Changemakers
• Working together

Disclaimer

The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ('relevant persons'). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein.

The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec Solar ASA or any company within the Scatec Solar Group. This presentation contains statements regarding the future in connection with the Scatec Solar Group's growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Solar Group's expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements.

Independent Power Producer (IPP)

Develops, builds, owns and operates utility-scale solar power plants

A solid PV track record on a growth trajectory

996

716 MW in operation and under construction:

Czech	South Africa	ASYV	Agua Fria	Jordan	Malaysia	Apodi
20 MW	190 MW	9 MW	60 MW	43 MW	197 MW	162 MW
Czech Republic	South Africa	Rwanda	Honduras	Jordan	Malaysia	Brazil

Installation track record (MW):

• 15 years of experience
• 60+ projects in 10 countries

4

PV market: Solar and wind dominate the future of electricity

PV market: Solar technology is getting cheaper, faster

PV market: Tipping point: new vs new

…but 2 degree is an additional \$5.3 trillion

Global power sector CO2 emissions Total investment in zero-carbon capacity

(\$ trillion – 2016 real)

A growing and diversified asset portfolio

Projects under construction

Malaysia, Honduras & Brazil – construction started

Malaysia, 197 MW

• 21 year PPA with TNB
• Capex: USD 293 million

Honduras, 35 MW, phase 1

• 20 year PPA with ENEE
• Capex: USD 80 million

Apodi, 162 MW

• 20 year PPA with CCEE
• Capex: USD 215 million

Status

• Financial close on October 6 - issued world largest green sukuk bond - 18 year tenor

Status

• Construction started early July 2017 to comply with timeline in the PPA

Status

• Construction start in October 2017 – grid connection expected second half of 2018

Egypt, South Africa, Mozambique and Mali Project backlog

Developing more than 2 GW of opportunities globally

Typical market characteristics:

• Strong demand for new and clean power and solid solar irradiation
• Renewables programme under establishment / early phase
• Active support from development banks / DFIs

Partnering with Governments and Development banks

• As cost of solar continues to decline governments are looking to solar to cover their power needs and grow the economy
• Governments in emerging economies find private/public partnerships very attractive implementation model (IPPs)
• Converts capex to opex
• Development banks and private players provide funding
• Kick-starting the market with built up of solar know-how / employment
• Multilateral development banks typically with a long standing presence and experience in the country
• Important lender to infrastructure projects for the governments
• Non-recourse project finance lending
• High standards on Environment, Social, Governance
• Project structures and contracts designed to mitigate risk (political financial, compliance etc)

• Reduces risks of Scatec Solar's investments significantly

Strong focus on project execution

• Engineering & Design
• Early phase assessments
• Execution planning
• Procurement & Logistics
• Local supplier development
• Global framework agreements on key components
• Fulfilling local content requirements
• Logistics and customs clearance
• Project management & execution
• Construction sequence and contingencies
• Feedback and learning to increase efficiency
• Testing & Commissioning
• Close cooperation with grid operator
• Ensure optimal feeding of power to grid
• Advising grid operator on PV specifics

Always with sustainability integrated

• Solar plants embedded in local communities in emerging economies for 20-25 years
• Economic activity is of vital importance to both countries and communities
• Local suppliers, local employees and good relations with local communities impact performance, cost and risks
• Environmental and Social Impact Assessments are undertaken at the start of the project phase
• Community relations, social and environmental impacts are managed as an integrated part of the business

• Specialist advisors engaged to manage CSR and Economic Development programs

• The global market will continue to expand

• Emerging markets take advantage of reduced electricity prices to support growth
• Scatec Solar is expanding geographic reach in emerging markets applying our integrated business model

Thank you

Our values

• Predictable
• Driving results
• Changemakers
• Working together