Scatec ASA

Share Issue/Capital Change • Oct 20, 2020

Scatec Solar ASA - Key information regarding potential subsequent offering

Scatec Solar ASA - Key information regarding potential subsequent offering

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SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA, HONG

KONG, SOUTH AFRICA, NEW ZEALAND, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN

WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, Norway, 21 October 2020: Reference is made to the announcement by Scatec

Solar ASA ("SSO" or the "Company", ticker code "SSO") on 21 October 2020

concerning a private placement with gross proceeds in the amount of NOK 4,750

million and that the Company is considering to conduct a subsequent share

offering of up to 2,065,248 new shares (the "Subsequent Offering") with non-

tradeable subscription rights to eligible shareholders.

Date for announcement of terms: 21 October 2020

Last day including right to receive subscription rights: 20 October 2020

First day excluding right to receive subscription rights: 21 October 2020

Record Date: 22 October 2020

Maximum number of new shares: Up to 2,065,248

Subscription price: NOK 230

Shall the rights be listed: No

The Subsequent Offering is subject to (i) the general meeting making the

necessary resolution to grant the board with an authorisation to increase the

share capital in connection with the Repair Offering in an extraordinary general

meeting expected to be held on or about 12 November 2020, (ii) the board of

directors resolving to initiate the Subsequent Offering, and (iii) the

publication of a prospectus approved by the Norwegian Financial Supervisory

Authority.

Notwithstanding the foregoing, the board of directors may, in its sole

discretion, decide that the Company shall not carry out the Subsequent Offering,

inter alia if the prevailing market price of the Company's shares trade lower

than the Subscription Price and thereby making a repair offering redundant.

For further information, please contact:

Mikkel Tørud, CFO

Tel: +47 976 99 144, mikkel.torud@scatecsolar.com

(mailto:mikkel.torud@scatecsolar.com)

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364, ingrid.aarsnes@scatecsolar.com

(mailto:ingrid.aarsnes@scatecsolar.com)

About Scatec Solar ASA

Scatec Solar is an integrated independent renewable power producer, delivering

affordable, rapidly deployable and sustainable clean energy worldwide. A long-

term player, Scatec Solar develops, builds, owns, operates and maintains power

plants and has an installation track record of more than 1.6 GW. The company has

a total of 1.9 GW in operation and under construction on four continents.

With an established global presence and a significant project pipeline, the

company is targeting a capacity of 4.5 GW in operation and under construction by

end of 2021. Scatec Solar is headquartered in Oslo, Norway and listed on the

Oslo Stock Exchange under the ticker "SSO". To learn more, visit

www.scatecsolar.com (http://www.scatecsolar.com/).

Important Notice

This announcement is not and does not form a part of any offer to sell, or a

solicitation of an offer to purchase, any securities of the Company.

Copies of this announcement are not being made and may not be distributed or

sent into any jurisdiction in which such distribution would be unlawful or would

require registration or other measures.

The securities referred to in this announcement have not been and will not be

registered under the U.S. Securities Act of 1933, as amended (the "Securities

Act"), and accordingly may not be offered or sold in the United States absent

registration or an applicable exemption from the registration requirements of

the Securities Act and in accordance with applicable U.S. state securities laws.

The Company does not intend to register any part of the offering in the United

States or to conduct a public offering of securities in the United States. Any

sale in the United States of the securities mentioned in this announcement will

be made solely to "qualified institutional buyers" as defined in Rule 144A under

the Securities Act.

In any EEA Member State, this communication is only addressed to and is only

directed at qualified investors in that Member State within the meaning of the

Prospectus Regulation, i.e., only to investors who can receive the offer without

an approved prospectus in such EEA Member State. The expression "Prospectus

Regulation" means Regulation 2017/1129 as amended (together with any applicable

implementing measures in any Member State.

This communication is only being distributed to and is only directed at persons

in the United Kingdom that are (i) investment professionals falling within

Article 19(5) of the Financial Services and Markets Act 2000 (Financial

Promotion) Order 2005, as amended (the "Order") or (ii) high net worth entities,

and other persons to whom this announcement may lawfully be communicated,

falling within Article 49(2)(a) to (d) of the Order (all such persons together

being referred to as "relevant persons"). This communication must not be acted

on or relied on by persons who are not relevant persons. Any investment or

investment activity to which this communication relates is available only for

relevant persons and will be engaged in only with relevant persons. Persons

distributing this communication must satisfy themselves that it is lawful to do

so.

Matters discussed in this announcement may constitute forward-looking

statements. Forward-looking statements are statements that are not historical

facts and may be identified by words such as "believe", "expect", "anticipate",

"strategy", "intends", "estimate", "will", "may", "continue", "should" and

similar expressions. The forward-looking statements in this release are based

upon various assumptions, many of which are based, in turn, upon further

assumptions. Although the Company believes that these assumptions were

reasonable when made, these assumptions are inherently subject to significant

known and unknown risks, uncertainties, contingencies and other important

factors which are difficult or impossible to predict and are beyond its control.

Actual events may differ significantly from any anticipated development due to a

number of factors, including without limitation, changes in public sector

investment levels, changes in the general economic, political and market

conditions in the markets in which the Company operates, the Company's ability

to attract, retain and motivate qualified personnel, changes in the Company's

ability to engage in commercially acceptable acquisitions and strategic

investments, and changes in laws and regulation and the potential impact of

legal proceedings and actions. Such risks, uncertainties, contingencies and

other important factors could cause actual events to differ materially from the

expectations expressed or implied in this release by such forward-looking

statements. The Company does not guarantee that the assumptions underlying the

forward-looking statements in this presentation are free from errors nor does it

accept any responsibility for the future accuracy of the opinions expressed in

this presentation or any obligation to update or revise the statements in this

presentation to reflect subsequent events. You should not place undue reliance

on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this

announcement speak only as at its date and are subject to change without notice.

The Company does not undertake any obligation to review, update, confirm, or to

release publicly any revisions to any forward-looking statements to reflect

events that occur or circumstances that arise in relation to the content of this

announcement.

Neither the Joint Bookrunners nor any of their respective affiliates makes any

representation as to the accuracy or completeness of this announcement and none

of them accepts any responsibility for the contents of this announcement or any

matters referred to herein.

This announcement is for information purposes only and is not to be relied upon

in substitution for the exercise of independent judgment. It is not intended as

investment advice and under no circumstances is it to be used or considered as

an offer to sell, or a solicitation of an offer to buy any securities or a

recommendation to buy or sell any securities of the Company. Neither the Joint

Bookrunners nor any of their respective affiliates accepts any liability arising

from the use of this announcement.

The distribution of this announcement and other information may be restricted by

law in certain jurisdictions. Persons into whose possession this announcement or

such other information should come are required to inform themselves about and

to observe any such restrictions.

This information is subject to the disclosure requirements pursuant to Section

5-12 of the Norwegian Securities Trading Act.