Scatec ASA

Regulatory Filings • Jun 3, 2021

Scatec enters the Indian market by signing agreement for a 900 MW solar power plant

Scatec enters the Indian market by signing agreement for a 900 MW solar power plant

Oslo, 3 June 2021: Scatec has today entered a partnership with ACME, a leading

solar developer in India, to realise a 900 MW solar power plant in the state of

Rajasthan, India. The project holds a 25-year PPA with Solar Energy Corporation

of India (SECI) secured in a tender in 2018.

"We are excited to partner with ACME, a leading solar power developer, on our

first project in India. The country is targeting a significant growth in

renewable energy capacity by 2030 and is a key growth market for renewables. We

have already established presence on the ground and are positioning for future

tenders within solar, wind and hybrids", says Raymond Carlsen, CEO of Scatec.

"We are very happy to have Scatec as our partner in India and look forward to

build a much larger portfolio of renewable energy projects with this

partnership. This partnership is a testimony of the robust growth potential

India offers with a plan to achieve 450 GW of renewable energy power by 2030,

enabling policies, ease of doing business and support by government of India to

investors and renewable companies globally. ACME brings value of local

expertise, indigenous and cutting-edge technology to execute large scale

projects at affordable prices", said Mr Manoj Kumar Upadhyay Founder and

Chairman of ACME group.

The project has an estimated total capex of USD 400 million, with 75% debt

financing from an Indian state-owned lender. Scatec will hold a 50% economic

interest in the project, while ACME will retain 50%. ACME will be the turn-key

EPC (Engineering, Procurement and Construction) provider for the project. Scatec

will ensure delivery according to international standards, HSSE and E&S, as well

as optimisation of engineering, procurement and operations of the plants. The

annual production from the plant is expected to be 1,600 GWh.

"Scatec targets 15 GW capacity by the end of 2025 and expects India to be a key

market in the years to come. This transaction is an important milestone to

position Scatec for future growth in the Indian market. We see opportunities to

offer various large-scale solutions across technologies in India, both based on

federal and state tenders, as well as through entering into direct PPAs with

corporate off-takers. Our proven track record from renewables in emerging

markets and solid partnerships will support our entry into the Indian market",

says Carlsen.

Construction is expected to start in 2021 with scheduled completion in 2022.

About Scatec

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

(https://www.globenewswire.com/Tracker?data=7SalG1FIFFW0TsGpvRbLy5oZR7B-EOxe2e-

j7JaD7RNgZyV04mKbbr51_ErJ-0x2vtredjzTVrCAmVVgws1kmQ==), or connect with us

on Linkedin (https://www.globenewswire.com/Tracker?data=j2ciQC8s4_30JnKltFsMJ-

cIDG0u7ccKzCVSR8TSJiEOemhcIG_8EvtIPPZd5vVz8pUzShjfABkLul6yG5FQEHtXArCU2OVkp8GlrO

JMa5g=).

About Acme

ACME is a leading integrated solar power producer in India and has a portfolio

of c.5.0 GW, out of which 2.3 GW in operating and 2.7GW in under construction.

The assets are well diversified with presence across 13 states and a central:

state mix of 65:35. The company has an asset base of c.USD 2Bn and employs more

than 1000 associates across various sites. The company's vision is to be in the

top 10 cleantech companies in the world and with an operating capacity of 25 GW

by 2030.

For further information, please contact:

Mikkel Tørud, CFO

Tel: +47 976 99 144, ir@scatec.com (mailto:ir@scatec.com)

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364, Ingrid.aarsnes@scatec.com

(mailto:Ingrid.aarsnes@scatec.com)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act