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2016-12-06

Scatec Solar ASA: Scatec Solar secures 150 MW in Brazil

Oslo, December 6, 2016: Scatec Solar has signed an agreement with the
Brazilian company Kroma Energia Ltda. and its partners ("Kroma"), securing
four PV plants totalling 150 MW (DC) co-located in the state of Ceará in
Brazil.

The projects were bid and won by Kroma in the auction process held by ANEEL,
the Brazilian Electricity Regulatory Agency, in November 2015. The project
companies have 20-year Power Purchase Agreements (PPAs) with ANEEL and are
expected to produce about 305,000 MWh annually, generating revenues of about
BRL 95 million per year (USD 28 million). The PPAs stipulate that the plants
shall be in commercial operation within the fourth quarter 2018.

"With these projects, we are securing a strong foothold in Brazil, a large and
growing solar market. We see positive developments in the Brazilian economy
and continued government support for renewables," said Raymond Carlsen, CEO
of Scatec Solar.

Brazil is targeting to further expand its Renewable Energy Program. PPAs have
already been awarded to wind power projects totalling nearly 12 GW. Over the
past one and a half years, approximately 3 GW of solar projects have been
awarded in three consecutive utility scale solar auctions. The government
plans to award another 7 GW by 2024.

Scatec Solar ASA will build, own and operate the power plants in Ceará. Total
capital expenditure to realise the plants are estimated at BRL 720 million
(USD 212 million) and construction is expected to start in 2017.

Scatec Solar has decided not to move forward with two backlog projects
totalling 78 MW in Brazil. This is due to the more attractive return
expectations and a more flexible timeline for executing the new projects.
For further information, please contact
:

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

About Scatec Solar

Scatec Solar is an integrated independent solar power producer, delivering
affordable, rapidly deployable and sustainable source of clean energy
worldwide. A long term player, Scatec Solar develops, builds, owns, operates
and maintains solar power plants, and already has an installation track
record of close to 600 MW.

The company is producing electricity from 426 MW of solar power plants in the
Czech Republic, South Africa, Rwanda, Honduras, Jordan and the United States.

With an established global presence, the company is growing briskly with a
project backlog and pipeline of close to 1.6 GW under development in the
Americas, Africa, Asia and the Middle East. Scatec Solar is headquartered in
Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol
'SSO'

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This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq 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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