Scatec ASA

Investor Presentation • Oct 16, 2020

Third quarter 2020

16 October 2020

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 forwardlooking 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.

Agenda

• Highlights and project update

Raymond Carlsen, CEO

• Financial review

Mikkel Tørud, CFO

• Project pipeline update

Terje Pilskog, EVP Project Development

• Summary

Raymond Carlsen, CEO

The 47 MW Redsol project in Malaysia just started commercial operations.

Acquisition of SN Power

• Scatec Solar to acquire SN Power from Norfund for a total consideration of USD 1,166 million
• Press conference for Norwegian media at 09:00 am
• Investor presentation at 10:00 am
• More information on www.scatecsolar.com

• Power production of 430 GWh, up 46 % from last year
• EBITDA* of NOK 319 million, down from NOK 433 million last year
• Added 900 MW to project pipeline several large projects maturing
• COD reached for the 47 MW Redsol plant in Malaysia

Power production (GWh)

Diversified portfolio of 1.9 GW in operation and under construction

1,552 MW in operation

Ukraine, 101 MW

Czech Republic, 20 MW Rwanda, 9 MW

Jordan, 43 MW

Brazil, 162 MW

Mozambique, 40 MW

352 MW under construction:

Argentina, 117 MW

COD expected in Q1 2021

Financial review

Mikkel Tørud, CFO

Increased power production – strong growth in project pipeline

Proportionate financials

Third quarter 2020

• Year on year increase in Power Production revenues and EBITDA
• Continued strong focus on project development but limited D&C revenues in Q3
• Change in segment mix resulting in EBITDA margin of 57% compared to 28% last year
• Expensed transaction cost of NOK 35 million related to the acquisition of SN Power - impacting corporate segment

Power Production Steadily increasing power production

• Year on year increase in production mainly from South Africa, Egypt and Ukraine.

The 162 MW Apodi solar plant in Brazil.

Services Revenues growth while EBITDA is affected by O&M contract mix effects

Development & Construction Low construction activity – strong project pipeline development

The 117 MW Guanizuil project in Argentina.

• Stable D&C opex level

A solid financial position – NOK 3.5 billion of available liquidity

• Group free cash of NOK 1,885 million
• Undrawn credit facilities of NOK 1,600 million
• Group* book equity of NOK 7,158 million equity ratio 91%

NOK million	Consolidated	SSO prop. share	Group level*
Cash	4,002	3, 240	1,885
Interest bearing liabilities*	-13,748	-9,506	-747
Net debt	-9,746	-6,266	1,138

Consolidated financial position (NOK million)

Q3'20 movement of free cash

In addition: Undrawn credit facilities of NOK 1,600 million

Movement of cash in 'recourse group' as defined in the corporate bond and loan agreements.

Short term guidance

• D&C value of portfolio under construction: NOK 1.1 billion
  • Remaining NOK 45 million value to be recognised
  • Low D&C revenues expected in Q4 2020
• Power production from plants in operation end of Q3 2020:

GWh	Q3'20	Q4'20e	2020e
Proportionate	430	410-425	1,580-1,630
100% basis	793	770-800	2,900-3,000

• Services revenues is expected to reach NOK 240 million in 2020 with an EBITDA margin of around 35%. The 60 MW Agua Fria solar plant in Honduras.

Project pipeline update

Terje Pilskog, EVP Project Development

Project pipeline increased by 900 MW – several new large projects maturing

Project opportunities in key pipeline markets

South Africa (1,338 MW)

• Large ready to bid portfolio
• Permits to also include batteries
• Wind portfolios under negotiation

Development Status Market Opportunities

• RMIPPP* in 2020
• REIPPP* Round 5 and following
• Coporate PPAs

Vietnam (930 MW)

• Broad set of projects pursued across solar, floating solar, wind and near-shore wind

Development Status Market Opportunities

• Targets 20+ GW by 2025
• FiT for wind beyond 2021
• +5 GW solar tender expected

(*) RMIPP: Risk Mitigation IPP Procurement Program. REIPPP: Renewables IPP Procurement Program

Project opportunities in key pipeline markets

Brazil (1,100 MW)

Development Status Market Opportunities

• Large PV project in mature stage
• Partnerships with large energy companies
• Auctions
• Corporate PPAs
• Merchant market

India (900 MW)

• Negotiating participation in large projects
• Preparing for future tenders

Development Status Market Opportunities

• A large growth markets
• Acquisition of 'Ready To Build' projects
• State and regional tenders

Outlook and summary

Raymond Carlsen, CEO

Building a global leader in renewable energy

20

Stable production and strong growth in project pipeline

• Acquiring SN Power building a global leader in renewable energy
• Project pipeline increased to 6.5 GW new project additions in large growth markets
• Solid financial position
  • available liquidity of NOK 3.5 billion
• Targeting installed capacity* of 4.5 GW by end 2021

Acquisition of SN Power

• Scatec Solar to acquire SN Power from Norfund for a total consideration of USD 1,166 million
• Press conference for Norwegian media at 09:00 am
• Investor presentation at 10:00 am
• More information on www.scatecsolar.com