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2016-02-01

Scatec Solar ASA: Scatec Solar secures 78 MW solar projects in Brazil

Oslo, February 1, 2016: Scatec Solar has signed an agreement with the Spanish
Company, Grupo Gransolar, to acquire a majority stake in two solar projects
totalling 78 MW (DC) in the state of Piaui in Brazil.

The projects were bid and won by Gransolar in the auction process held by
ANEEL, the Brazilian Electricity Regulatory Agency, in August 2015. The
projects will enter into 20-year Power Purchase Agreements (PPAs) with ANEEL.
Located in the state of Piaui in North-Eastern Brazil, the solar power
plants are expected to provide about 164,000 MWh annually to the grid,
generating revenues of about BRL 55 million per year (USD 14 million).

"The solar market in Brazil has significant long term potential and we want to
take part in the development of this market. Norway and Brazil have strong
bilateral relations with deep alliances within several industries and with
these first projects we believe Scatec Solar is well positioned to
participate in this market going forward," said Raymond Carlsen, CEO of
Scatec Solar.

"These projects are an important milestone in Gransolar's journey. We are
proud of teaming up with Scatec Solar a strategic partner with whom we share
values and entrepreneur culture. Brazil is a target solar market for
Gransolar, having already deployed our subsidiaries Ingenia and PV Hardware
in the country. We aim to have start production of our tracking system by the
end of 2016" said Domingo Vegas, President of Grupo Gransolar.

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 two power plants in Piaui.
Scatec Solar will own 70 percent of the equity and Gran Solar 30 percent.
Total capital expenditure to realise the plants are estimated to BRL 418
million (USD 105 million) and construction is expected to start in the first
quarter 2017.

For further information, please contact
:

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 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.

Currently, the company is producing electricity from 383 MW of solar power
plants in the Czech Republic, South Africa, USA, Rwanda and Honduras.
Construction of additional 43 MW solar power plants in Jordan is under way.

With an established global presence, the company is growing strongly with a
project backlog and pipeline of more than 1.5 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'.

About Gransolar

Grupo Gransolar is a vertically integrated company operating in all links of
the solar value chain. As an EPC contractor, Gransolar excels by controlling
costs, harmonizing EPC processes and arbitrating on technology and systems to
deliver outperforming solar plants worldwide.

Besides its capabilities as a Developer and EPC contractor, Grupo Gransolar
counts on two subsidiaries, an engineering company called Ingenia Solar
Energy, and PV Hardware, for structure and tracking systems design and
manufacturing.

Headquartered in Madrid, Spain, Gransolar has a global presence with a track
record of over 400 MW installed in Spain, Italy, South Africa, Honduras,
Central America and United Stated. Today, Gransolar counts with additional
400 MW pipeline under development in Middle East, Africa and South America.

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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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