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2016-07-22

Scatec Solar ASA: Second quarter results - power production doubled from last year

Oslo, July 22, 2016: Consolidated revenues reached NOK 213 million, up from
205 million in the same period last year and down from NOK 228 million in the
previous quarter. EBITDA reached NOK 153 million, up from NOK 146 million
last year and down from NOK 165 million in the previous quarter.

Power production reached 183 GWh, broadly in line with the previous quarter
and up 104% year on year. The 10 MW Oryx plant in Jordan reached COD in June,
while the 11 MW GLAE plant in Jordan reached COD in July 2016. Seasonally
lower production in South Africa in the quarter was offset by higher
production in the US and the Czech Republic.

The new Utah plant continues to earn merchant market revenues and the
significantly higher 20-year PPA price will be effective from January 2017.

Net income reached NOK 6 million down from 21 million last year and up from a
loss of NOK 23 million in the previous quarter.

"In the second quarter we are delivering another set of solid financial
results, and we are placing new solar plants in commercial operation. The
market outlook is positive and we continue to invest in our project backlog
and pipeline. While we see some shifts in short term timelines on realization
of new capacity our long term growth targets remain intact." says Scatec
Solar's CEO, Raymond Carlsen.

Scatec Solar develops, builds, owns and operates solar power plants. Scatec
Solar's proportionate share of cash flow to equity across these business
activities reached NOK 31 million in the second quarter 2016, compared to NOK
71 million in the same period last year and NOK 22 million in the previous
quarter.

The current project backlog stands at 422 MW, project pipeline comprises
several projects with a combined capacity of 1,156 MW, while the project
opportunities now hold a combined capacity of 2,352 MW across Americas,
Africa, Asia and Middle East.

For more details, please see attached the second quarter report and
presentation.

A presentation of the results will be held today at 08.00 at Høyres Hus,
Stortingsgata 20, 0161 Oslo. The presentation and Q&A session can also be
followed through a live webcast from our websitewww.scatecsolar.com/investor.
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.

The company is producing electricity from 404 MW of solar power plants in the
Czech Republic, South Africa, Rwanda, Honduras and the United States.
Construction of additional 22 MW in Jordan is under completion.

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'

To learn more, visit www.scatecsolar.com

Q2 2016 Report
http://hugin.info/162249/R/2030042/755014.pdf
Q2 2016 Presentation
http://hugin.info/162249/R/2030042/755015.pdf

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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

HUG#2030042

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