Scatec Solar ASA

Contemplated private placement

NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTO THE UNITED STATES, AUSTRALIA, HONG KONG, SOUTH AFRICA, NEW ZEALAND, CANADA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Oslo, 18 May 2020: Scatec Solar ASA ("SSO" or the "Company", ticker code "SSO") has retained BNP Paribas, Carnegie AS, J.P. Morgan Securities PLC, Nordea Bank Abp, filial i Norge, SpareBank 1 Markets AS and Swedbank Norge, branch of Swedbank AB (publ) (in cooperation with Kepler Cheuvreux S.A.) as joint bookrunners (the "Joint Bookrunners") to advise on and effect a private placement of new shares directed towards Norwegian and international investors after the close of Oslo Stock Exchange today 18 May 2020 (the "Private Placement").

In the Private Placement, the Company is offering up to 12 million new shares, representing approximately up to 9.5% of the outstanding capital of the Company.

The Company intends to use the net proceeds from the Private Placement to fund further investments in renewable power plants.

Raymond Carlsen, CEO of the Company, has undertaken to subscribe for shares in the Private Placement in the amount of NOK 5 million, through his company Argentos AS. Equinor ASA has on certain conditions undertaken to subscribe for shares in the Private Placement up to a number corresponding with its pro-rata ownership in the Company (i.e. up to 15.09% of the shares in the Private Placement).

The Private Placement will be directed towards existing shareholders as well as other Norwegian and international investors, in each case subject to an exemption from offer prospectus requirements and any other filing or registration requirements in the applicable jurisdictions and subject to other selling restrictions. The subscription price in the Private Placement will be determined by the board of directors of the Company (the "Board") through an accelerated book building process. The minimum subscription and allocation in the Private Placement have been set to the number of new shares that equals an aggregate subscription price of at least the NOK equivalent of EUR 100,000. The Company may however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant the Norwegian Securities Trading Act and ancillary regulations, or similar legislation in other jurisdictions, are available.