Scatec ASA

M&A Activity • Jun 1, 2023

Scatec closes transaction to divest Upington solar plants in South Africa

Scatec closes transaction to divest Upington solar plants in South Africa

Oslo/Cape Town 1 June 2023: Scatec ASA, a renewable energy frontrunner in

emerging markets, today closed the previously announced transaction to divest

the Upington solar plants in South Africa.

The gross consideration for divestment of Scatec's 42% equity-share in the 258-

megawatt (MW) plants is ZAR 973 million (NOK 546 million). As previously

communicated the proceeds will be recycled into new investments within renewable

energy.

"We are very pleased to secure a value accretive transaction, in line with our

strategy to optimise our portfolio and recycle capital. South Africa remains a

focus market for us, and we will continue to build scale through new investments

in the country. I would like to thank all parties involved in the transaction,"

says Scatec CEO Terje Pilskog

The net accounting gain is estimated to be NOK 791 million on a consolidated

basis and NOK 348 million on a proportionate basis. The difference is primarily

explained by the D&C margin related to the projects which has been eliminated in

the consolidated statement of financial positions.

Scatec will continue to provide operations & maintenance (O&M) and asset

management services to the plants.

For further information, please contact:

Andreas Austrell, VP Investor Relations, tel: +47 974 38 686,

andreas.austrell@scatec.com

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About Scatec?

Scatec is a leading renewable energy solutions provider, accelerating access to

reliable and affordable clean energy emerging markets. As a long-term player, we

develop, build, own, and operate renewable energy plants, with 4.6 GW in

operation and under construction across four continents today. We are committed

to grow our renewable energy capacity, delivered by our passionate employees and

partners who are driven by a common vision of 'Improving our Future'. 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

(https://scatec.com/)?or connect with us on?LinkedIn

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

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act