Scatec Solar ASA

Prospectus approved

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, 12 November 2020: Reference is made to the stock exchange announcement on 21 October 2020 where Scatec Solar ASA (the "Company") announced that the Company had carried out a successful private placement raising gross proceeds of approximately NOK 4,750 million (the "Private Placement") through the placement of 20,652,478 new shares in the Company, each with a nominal value of NOK 0.025 each at a subscription price of NOK 230.

The Financial Supervisory Authority of Norway has reviewed and approved the Company's prospectus regarding the listing of the shares in the Private Placement (the "Prospectus").

The Prospectus will be made available at:

• www.scatecsolar.com

• www.dnb.no/emisjoner
  
  
• www.nordeamarkets.com/sso

• www.sb1markets.no 

• www.swedbank.no

The Prospectus will also be available at the offices of the Company.

For further information, please contact:

Mikkel Tørud, CFO
Tel: [phone], [e-mail]    

Ingrid Aarsnes, VP Communication & IR
Tel: [phone], [e-mail]   

About Scatec Solar ASA
Scatec Solar is an integrated independent renewable power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains power plants and has an installation track record of more than 1.6 GW. The company has a total of 1.9 GW in operation and under Construction on four continents.

With an established global presence and a significant project pipeline, the company is targeting a capacity of 4.5 GW in operation and under construction by end of 2021. 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 (http://www.scatecsolar.com/).

IMPORTANT NOTICE

This announcement is not and does not form a part of any offer to sell, or a solicitation of an offer to purchase, any securities of the Company.

Copies of this announcement are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures.