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2016-10-31

Scatec Solar ASA: Scatec Solar to sign PPA for Mozambique's first large scale solar plant

October 31, 2016: Scatec Solar and Norfund will today sign a Power Purchase
Agreement securing the sale of solar power over a 25 year period to the
state owned utility Electricidade de Mozambique (EDM).

The agreement will be signed at a ceremony in Maputo today in the presence of
the Norwegian Minister of Foreign Affairs, Mr Børge Brende, the Mozambican
Minister of Mineral Resources and Energy, Mrs Letícia Klemens as well as Dr
Mateus Magala, Chairman&CEO of EDM. The project is the first large scale
solar plant to be built in the country and represents an important first step
in realizing Mozambique's ambition to increase renewable power generation in
its energy mix.

The 40 MW plant is located close to the city of Mocuba in the Zambézia
Province, and is expected to deliver 77,000 MWh per year of much needed
electricity to the northern regions of Mozambique. The plant will deliver
power to the national grid and produce enough energy to serve about 175,000
households.

A shareholder agreement will also be signed today between KLP Norfund
Investments AS, Scatec Solar and EDM. The required project investment is
estimated at USD 80 million. Scatec Solar (52.5%), KLP Norfund Investments
(22.5%) and EDM (25%) will provide equity, while IFC, the International
Finance Corporation, a member of the World Bank Group, and the Emerging
Africa Infrastructure Fund intend to provide project finance debt. The
parties are targeting financial close and solar plant construction start in
the first quarter of 2017.

"This is an excellent example of how private public partnerships can deliver
renewable energy and support further economic growth in Mozambique. EDM and
the government of Mozambique have demonstrated strong leadership in taking
this project forward and it paves the way for further investments in
renewable energy in the country," says Scatec Solar CEO, Raymond Carlsen.

"Access to reliable energy is a prerequisite for development. Only 3% of the
world's electricity is generated in Africa, although 15% of the world's
population lives here. Clean energy is a focus investment area for Norfund,
and we appreciate being a partner in this first independent solar power
producer project in Mozambique together with EDM and Scatec Solar, says
Norfund CEO, Kjell Roland."

The project is a result of strong partnership between the governments of
Norway and Mozambique. The Norwegian government has provided economic support
as well as technical expertise to the energy sector in Mozambique for several
years.

Scatec Solar is a leading developer and owner of large scale solar plants in
Africa. In addition to this new 40 MW plant in Mozambique, the company
operates 200 MW of solar power plants in South Africa and Rwanda and has new
projects under development across Africa, including Mali, Nigeria and Kenya.

For further information, please contact:

Scatec Solar:
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

Norfund:
Mr. Mark Davis, HoD, Clean Energy, tel: +47 901 47 034
mark.davis@norfund.no

Ms. Inger Nygaard, Communication, tel: +47 477 01 248
inger.nygaard@norfund.no

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'.

About Norfund

Norfund is a state-owned investment fund mandated to develop sustainable
enterprises in developing countries. Norfund invests in clean energy,
financial institutions and agribusinesses and is Norway's most important
instrument for private sector development in low- and middle-income
countries.

Norfund's main investment regions are Southern Africa and East Africa, with
offices in Nairobi, Johannesburg and Maputo. In addition, Norfund invests in
selected countries in Asia and Latin America, with a regional office in Costa
Rica. Norfund has 68 employees world-wide and USD 1.8 billion in committed
investments in 2015. For more information, seewww.norfund.no

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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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