Scatec Solar ASA – Private placement completed

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Oslo, 21 October 2020 – Reference is made to the stock exchange announcement published by Scatec Solar ASA ("SSO" or the "Company", ticker code "SSO") on 20 October 2020, concerning the contemplated private placement of new shares in the Company (the "Private Placement").

The Company is pleased to announce that the Private Placement has been successfully completed, raising approximately NOK 4,750 million in gross proceeds through the allocation of 20,652,478 shares (the "Private Placement Shares") at a subscription price of NOK 230 per share, which represents a 6.08% discount to the 10-day volume weighted average price, and a 6.43% discount to the last closing price.

The application period for the Private Placement closed at 19:00 (CET) on 20 October 2020. The Private Placement and the issuance of 13,768,280 of the Private Placement Shares (the "New Shares") were resolved by the Company's board of directors (the "Board") at a board meeting held on 20 October 2020, based on the authorisation granted to the Board at the Company's annual general meeting held on 25 June 2020. 6,884,198 of the Private Placement Shares will be settled with existing and unencumbered shares in the Company that are already listed on the Oslo Stock Exchange pursuant to a share lending arrangement between the Company, the Joint Bookrunners and Scatec AS as share lender and 13,768,280 of the Private Placement Shares shall be settled with the New Shares pursuant to a pre-funding arrangement entered into between the Company and certain of the Joint Bookrunners. The Private Placement Shares delivered to the investors will be tradable from registration of the capital increase for the New Shares with the Norwegian Register of Business Enterprises, expected on or about 21 October 2020. The Board resolved to call for an extraordinary general meeting (the "EGM") to resolve to issue 6,884,198 new shares for the purpose of settling the share lending (the "EGM Issue"). The shares to be issued through the EGM Issue will be listed and tradable on the Oslo Stock Exchange upon the registration of the share capital increase pertaining to the EGM Issue with the Norwegian Register of Business Enterprises and the VPS, and following the publication of a prospectus which will be prepared by the Company and approved by the Financial Supervisory Authority of Norway prior to publication, which is expected to take place during 12 November 2020. The settlement of the Private Placement is not conditional upon or otherwise affected by the outcome of the EGM. If the EGM does not approve the EGM Issue, the redelivery of the borrowed shares will instead be settled in cash by way of transfer of the gross proceeds from the sale of the 6,884,198 borrowed shares in the Private Placement to Scatec AS. In such event, the Company's gross proceeds from the Private Placement shall comprise the gross proceeds from the New Shares, i.e. NOK 3,167 million. Notice for the EGM is expected to be distributed on 21 October 2020.