Scatec ASA

Scatec awarded solar projects totaling 273 MW in the REIPPP Round 5 government tender in South Africa

Oslo, 28 October 2021: Scatec has been awarded Preferred Bidder status on three

solar projects totaling 273 MW, by the Department of Mineral Resources and

Energy in South Africa under the Renewable Energy IPP Procurement Programme

(REIPPP).

"This is another great milestone for Scatec in South Africa and for renewable

energy in the country. We are pleased with the South African government's

commitment to the REIPPP programme and their announcement within the set

timeframe. Today's award is a manifestation of our position in South Africa as

the leading solar IPP. ", says CEO Raymond Carlsen.

Under the programme Scatec will sell power from the solar plants under a 20-year

Power Purchase Agreement. Scatec will own 51% of the equity in the projects with

H1 Holdings, our local Black Economic Empowerment partner owning 46,5% and a

Community Trust holding 2.5%. Scatec will be the Engineering, Procurement and

Construction (EPC) provider and provide Operation & Maintenance as well as Asset

Management services to the power plants.

Financial close is expected in the first half of 2022 with grid connection and

commercial operation by the end of 2023.

For further information, please contact:

For analysts and investors: Andreas Austrell, VP IR, tel: +47 974 38 686,

For media: Stian Tvede Karlsen, Communications Manager, tel: +47 920 67 460,

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. Scatec has

more than 3.5 GW in operation and under construction on four continents and more

than 500 employees. The company is targeting 15 GW capacity in operation or

under construction by the end of 2025. 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

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This information is considered to be inside information pursuant to the EU

Market Abuse Regulation and is subject to the disclosure requirements pursuant

Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Kine Aaltvedt, Communication &

IR Coordinator at Scatec ASA, on 28 October 2021 at 20:55 CEST

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