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2015-04-13

Scatec Solar ASA: Scatec Solar awarded 258 MW in latest bidding round in South Africa - asset base to increase by 60 percent

April 13, 2015: The Department of Energy has awarded Scatec Solar ('SSO') a
preferred bidder status for three solar power plant projects with a combined
nominal capacity of 258 MW in the fourth round of the "Renewable Energy IPP
Procurement Programme" in South Africa.

"We are very impressed by the great determination by the South African
government to use large scale renewables to strengthen power supply in the
country. With this award, the people of South Africa will access more clean,
reliable and cost competitive electricity in many years to come. The three
solar power plants will be built on directly adjacent sites, and will
combined represent one of the largest solar parks ever realized. The award
confirms our position as the leading solar IPP in Africa. We have the largest
asset base found in South Africa and we continue to develop a significant
project pipeline across the African continent" says CEO Raymond Carlsen in
Scatec Solar.

The plant will be located in Upington in the Northern Cape region, and project
financing is already arranged as part of the bid preparations. Financial
close is expected later in 2015, while construction start is expected in
early 2017 to align with the timeline of required grid construction
activities in the area. Scatec Solar will build, own and operate the solar
power plants with a 42 percent shareholding. Norfund - the Norwegian
Investment Fund for Developing Countries- will hold 18 percent of the equity,
while the balance will be held by a Trust channeling dividends from the
projects to economic development initiatives in the local communities.

Currently Scatec Solar holds gross 427 MW in operation and under construction.
With this project award, Scatec Solar will increases its asset base by 60%
through another 258 MW of projects with secured power purchase agreements in
'project backlog'. In addition, Scatec Solar has a solid project pipeline of
more than 400 MW across Africa, Middle East, Americas and Asia.

For more information

Mr. Raymond Carlsen, CEO, tel: +47 454 11 280
raymond.carlsen@scatecsolar.com

Mr. Mikkel Tørud, CFO, tel: +47 976 99 144
mikkel.torud@scatecsolar.com

About Scatec Solar

Scatec Solar is an integrated independent power producer, aiming to make solar
a sustainable and affordable source of energy worldwide. Scatec Solar
develops, builds, owns and operates solar power plants and delivers power
from 220 MW in the Czech Republic, South Africa and Rwanda. The company is in
strong growth and has 207 MW under construction in the US, Honduras and
Jordan as well as a solid pipeline of projects under development in Africa,
Middle East, Americas and Asia. Scatec Solar is headquartered in Oslo, Norway
and listed on the Oslo Stock Exchange under the ticker symbol 'SSO'

For more information on Scatec Solar, please visit our home
pagewww.scatecsolar.com

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Scatec Solar ASA via Globenewswire

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