Scatec ASA

Scatec sells 8.5 MW solar power plant in Rwanda, in line with strategy

19 December 2023: Scatec ASA, a leading renewable energy company in emerging

economies, has today signed an agreement with Fortis Green Fund I Rwanda

Holdings Ltd and Axian Energy Green Ltd to sell its 54% equity share in the 8.5

MW solar power plant in Rwanda for USD 1.38 million (NOK 14.2 million), in line

with the company's strategy.

"This transaction is aligned with our strategy to consolidate our operating

portfolio through divestments of assets in non-prioritised markets," says Scatec

CEO Terje Pilskog.

The ASYV power plant in Rwanda commenced operations in 2014. The power was sold

under a 25-year Power Purchase Agreement with the state-owned utility EWSA,

guaranteed by the Government of Rwanda. The transaction is subject to the

customary regulatory consents and is expected to close in 2024. Scatec is also

exiting from the operations & maintenance and asset management agreements as

part of the sale.

For further information, please contact:

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

For media: Meera Bhatia, SVP Communications & Government Affairs, phone:

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 4.3 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

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