Scatec Solar ASA: Private placement successfully completed

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN, OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

24 March, 2017

Reference is made to the stock exchange announcement release from Scatec Solar
ASA ("SSO" or the "Company") published yesterday regarding the contemplated
private placement of new shares in the Company.

The Company has raised approximately NOK 380 million in gross proceeds through a
private placement consisting of 9,380,000 new shares (the "New Shares") at a
price of NOK 40.50 per share (the "Private Placement").

The Private Placement took place through an accelerated bookbuilding process
after close of markets yesterday. The Private Placement attracted strong
interest from both existing shareholders as well as new high quality
institutional investors, and was significantly oversubscribed.

The net proceeds from the Private Placement will be used to fund the equity
portion of investments in backlog and pipeline projects on top of the Company's
current self-funded growth capacity, further supporting the Company's growth.

The share issue has been carried out as a Private Placement in order to take
advantage of the current market conditions. The Company believes it is well
positioned for further profitable growth, which forms the background for
carrying out the Private Placement and strengthening its equity capital. The
board of directors of the Company has considered different transaction
alternatives and concluded that the Private Placement structure would best
attend to the common interest of the Company and its shareholders. Taking into
consideration inter alia limited discount, size of placement, utilisation of
market conditions, pre-announced and broadly marketed placement, transaction
risk, costs, as well as dilution effects, the board of directors has, after
thorough assessments found that there are sufficient and objective grounds for
setting aside existing shareholders pre-emptive rights to subscribe for shares.

The New Shares will be issued based on a board authorisation given by the Annual
General Meeting held 4 May 2016. The New Shares will be settled through a
delivery versus payment transaction on a regular t+2 basis by delivery of
existing and unencumbered shares in the Company that are already listed on the
Oslo Stock Exchange pursuant to a share lending agreement between the Company,
the Managers and Scatec AS.

ABG Sundal Collier ASA, Carnegie AS and Nordea Bank AB (publ), filial i Norge
acted as Joint Bookrunners in the private placement. Advokatfirmaet Selmer DA is
acting as legal advisor for Scatec Solar ASA in connection with the Private
Placement.

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 600 MW.

The company is producing electricity from 322 MW of solar power plants in the
Czech Republic, South Africa, Rwanda, Honduras and Jordan. With an established
global presence, the company is growing briskly with a project backlog and
pipeline of 1.8 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.

Important Notice
The contents of this announcement have been prepared by, and are the sole
responsibility of, the Company. The Company's financial advisors are acting
exclusively for the Company and no one else, and will not be responsible to
anyone other than the Company for providing the protections afforded to their
respective clients, or for advice in relation to the Private Placement, the
contents of this announcement or any of the matters referred to herein. The
Private Placement and the distribution of this announcement and other
information in connection with the Private Placement may be restricted by law in
certain jurisdictions. The Company assumes no responsibility in the event there
is a violation by any person of such restrictions. Persons into whose possession
this announcement or such other information should come are required to inform
themselves about, and to observe, any such restrictions. This announcement may
not be used for, or in connection with, and does not constitute, any offer of
securities for sale in the United States or in any other jurisdiction.

The Private Placement has not been made in any jurisdiction or in any
circumstances in which such offer or solicitation would be unlawful. This
announcement is not for distribution, directly or indirectly in or into any
jurisdiction in which it is unlawful to make any such offer or solicitation to
such person or where prior registration or approval is required for that
purpose. No steps have been taken or will be taken relating to the Private
Placement in any jurisdiction in which such steps would be required. Neither the
publication and/or delivery of this announcement shall under any circumstances
imply that there has been no change in the affairs of the Company or that the
information contained herein is correct as of any date subsequent to the earlier
of the date hereof and any earlier specified date with respect to such
information.

This announcement is not for publication or distribution, directly or
indirectly, in the United States (including its territories and possessions, any
state of the United States and the District of Columbia). This announcement does
not constitute or form part of any offer or solicitation to purchase or
subscribe for securities in the United States. Securities may not be offered or
sold in the United States absent registration or an exemption from registration.
The shares to be issued in the Private Placement have not been and will not be
registered under the United States Securities Act of 1933, as amended (the "US
Securities Act") or with any securities regulatory authority of any state or
other jurisdiction of the United States, and may not be offered or sold in the
United States or to, or for the account of, U.S. persons (as such term is
defined in Regulation S under the US Securities Act), except pursuant to an
effective registration statement under, or an exemption from the registration
requirements of, the US Securities Act. All offers and sales outside the United
States will be made in reliance on Regulation S under the US Securities Act.
There will be no public offer of securities in the United States.

This announcement does not constitute an offering circular or prospectus in
connection with an offering of securities of the Company. Investors must neither
accept any offer for, nor acquire, any securities to which this document refers,
unless they do so on the basis of the information contained in the investor
material made available by the Company only to qualified persons in certain
jurisdictions where an offer may be made (if an offer is made). This
announcement does not constitute an offer to sell or the solicitation of an
offer to buy or subscribe for, any securities and cannot be relied on for any
investment contract or decision.

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.