Scatec ASA

M&A Activity • Nov 5, 2020

Scatec Solar ASA - SN Power to acquire its first wind farm in Vietnam

Scatec Solar ASA - SN Power to acquire its first wind farm in Vietnam

Oslo, 5 November 2020 - SN Power AS, has signed a binding agreement to acquire

100% of the shares in the 39.4 MW Dam Nai Wind Power Joint Stock Company in

Vietnam from Mekong Wind Pte Ltd which is fully owned by the Singapore based

Armstrong South East Asia Clean Energy Fund.

Dam Nai Wind, is located in the "renewable energy capital" of Vietnam in the

Ninh Thuan province approximately 350 km north of Ho Chi Minh City in the

southern part of the country. The wind farm was constructed in two phases -

Phase I (7.9 MW) reached commercial operations in October 2017 and Phase II

(31.5 MW) reached commercial operations in December 2018. The site encompasses

an area of approximately 133,000m2, at 10 metres above sea level, with flat

topology and is surrounded by and interspersed with rice fields.

The asset consists of 15 Siemens wind turbine generators, each with a rated

capacity of 2.625 MW. The  average annual generation is 123 GWh with expected

annual revenues of USD 10.5 million under the 20 year Feed In Tariff scheme for

wind in Vietnam. The wind farm is financed by non recourse debt from the Bank

for Investment and Development of Vietnam (BIDV).

Scatec Solar supports this investment and the project economics meets the return

thresholds of Scatec Solar.

Closing of the Dam Nai Wind transacton is expected to take place in first

quarter 2021.

On 16 October 2020, Scatec Solar signed a binding agreement to acquire 100% of

the shares in SN Power, a leading hydropower developer and IPP. The Dam Nai Wind

aqcusition was not included in the SN Power transaction scope and purchase price

announced on 16 October, and the Dam Nai Wind aqcusition will now be included in

the SN Power transaction scope and purchase price.

The SN Power transaction is conditional upon customary regulatory approvals and

local competition approvals and is likely to be completed in the first half of

2021. Until then the two companies will continue to operate as separate

entities.

For further information, please contact:

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

(mailto:mikkel.torud@scatecsolar.com)

(mailto:mikkel.torud@scatecsolar.com)

About SN Power

SN Power invests in clean, renewable energy on commercial basis in Africa, Asia

and Latin America. It has a multinational team of experts employed globally in

its operations and projects and is head-quartered in Oslo, Norway. SN Power's

current owner Norfund (the Norwegian Investment Fund for developing countries)

recently entered into a Share Purchase Agreement with Scatec Solar with regards

to a full acquisition of SN Power (with some exceptions in Africa and Latin

America).

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

(https://www.globenewswire.com/Tracker?data=ZnSi4IpUXjTALC9FPi-

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This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act