Scatec ASA

Regulatory Filings • Mar 8, 2024

Scatec, Hydro Rein and Equinor start commercial operations at Mendubim solar plant in Brazil 

Scatec, Hydro Rein and Equinor start commercial operations at Mendubim solar plant in Brazil

Oslo, 8 March 2024 - Scatec ASA, a leading provider of renewable energy

solutions, together with its partners Hydro Rein (part of Norsk Hydro ASA) and

Equinor ASA is pleased to announce the supply and production of electricity from

the Mendubim solar plant in the state of Rio Grande do Norte, Brazil. This marks

a significant step in advancing sustainable energy initiatives in one of the

world's largest energy-producing countries.

The 531-megawatt (MW) solar plant represents Scatec's second venture in Brazil

and is a collaborative effort with Norwegian partners Equinor and Hydro Rein.

The companies have secured a 20-year USD-denominated power purchase agreement

(PPA) with Alunorte, a leading global supplier of alumina for the aluminium

industry majority owned by Hydro ASA, covering approximately 60 percent of the

anticipated power output. The remaining capacity will be marketed in the

Brazilian power market.

Scatec's CEO, Terje Pilskog, states, "The Mendubim solar power plant marks a

pivotal milestone in realising our strategic objectives and reinforces our

position in a prominent renewable energy growth market, bolstered by our

partners Equinor and Hydro Rein. The burgeoning solar energy market in Brazil

aligns with our commitment to sustainable progress, and we are excited to

advance this impactful project with approximately 3 million tonnes of carbon

dioxide equivalents avoided".

Scatec Brazil General Manager, Aleksander Skaare, says, "I would like to thank

our exceptional team for their unwavering dedication and skill in navigating the

complexities of constructing a solar power plant. Your hard work and resilience

have truly powered our success in Brazil, and we are excited to now deliver

energy to power the equivalent of approximately 600,000 households."

Hydro Rein's CEO Olivier Girardot, says, "We are thrilled to complete the first

of Hydro Rein's renewable energy projects in Brazil. Our mission is to develop

renewable energy solutions for more sustainable industries, and Mendubim does

just that. Most of the power output will go to Hydro's alumina refinery Alunorte

in Pará, supporting one of the largest decarbonization projects in the world. We

are very proud to take part in this development together with Equinor and

Scatec."

Olav Kolbeinstveit, senior vice president for onshore and markets within

Renewables at Equinor says, "Launching a major new solar plant in Brazil in

partnership with Scatec and Hydro Rein is an important achievement. Equinor has

conducted business in Brazil for over two decades, and we see the country as a

core area for long-term profitable growth. By investing in renewable energy, we

are supporting Brazil's ambitions towards a diverse energy mix and helping to

meet the expected power demand growth in the country."

Carlos Neves, vice president operations at Alunorte, says, "We have a very

robust roadmap to decarbonization to produce green Alumina in Alunorte refinery

which will bring us to be one of the lowest carbon emitting refineries in the

world by 2030 and reach zero emissions by 2040. With this project we reinforce

Hydro's commitment to deliver zero-carbon aluminium products to customers, and

Alunorte is an important enabler of the overall ambition of net-zero carbon

emissions by 2050."

All three partners have an equal economic interest of 30% in the project.  In

conjunction with the start of commercial operations, Alunorte has exercised its

call option and now holds the remaining 10%.

For further information, please contact:

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

andreas.austrell@scatec.com (mailto:andreas.austrell@scatec.com)

(mailto:andreas.austrell@scatec.com)For media: Meera Bhatia, SVP Communications

& Government Affairs, phone: +47 468 44 959, meera.bhatia@scatec.com

(mailto:meera.bhatia@scatec.com)

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).

Notes to the editor:

For more information on the project, please see: Mendubim solar project

contributing to Brazil's clean energy frontrunner position - Scatec

(https://scatec.com/2023/03/23/mendubim-solar-project-contributing-to-brazils-

clean-energy-frontrunner-position/)

This information is subject to the disclosure requirements pursuant to Section

5-12 the Norwegian Securities Trading Act