Scatec Solar closes financing for 197 MW in Malaysia

Oslo, October 6, 2017: Scatec Solar ASA (SSO) and partners have achieved
financial close for three solar PV power plants in Malaysia totaling 197 MW.

Financing for the plants has been raised through a successful issuance of the
world's largest Green SRI Sukuk (Islamic bond) of MYR 1,000 million in nominal
value (USD 237 million).

In December 2016, Scatec Solar entered the Malaysian large-scale solar energy
market by joining forces with a local ITRAMAS-led consortium that had signed
three 21-year Power Purchase Agreements (PPAs) with the country's largest
electricity utility, Tenaga Nasional Berhad (TNB).

The partnership covers realization of the three solar plants totaling 197 MW
with a total investment of about MYR 1,235 million (USD 293 million). Located in
Merchang in the north-east, Jasin in the south and Gurun in the north-west of
Peninsular Malaysia, the three power plants cover more than 180 acres each.

Scatec Solar invests MYR 251 million (USD 59 million) through preference shares
partly convertible to 49% equity ownership in the projects as well as ordinary
preference shares. Once the plants are in full operation they will provide long
term stable cash flows. Scatec Solar will be the turn-key EPC provider for the
projects and provide Operation & Maintenance as well as Asset Management
services to the power plants.

"We are very satisfied to reach this important milestone. Together with our
partners, we have again demonstrated our wide-ranging expertise and we are now
ready to build the largest solar energy portfolio in South East Asia", says
Raymond Carlsen, CEO of Scatec Solar.

Construction of the plants have already started and is expected to be completed
within the next few months.

Headquartered in Kuala Lumpur, ITRAMAS Corporation Sdn Bhd, a Malaysian
engineering company with 17 years experience in green technology, is the lead
sponsor of the three solar projects and signed the PPAs on behalf of the local
consortium that includes two other Malaysian companies, MalTechPro and Cam Lite.

"This milestone marks a new beginning for Malaysia's renewable energy sector.
The projects are envisaged to generate up to 3,000 local jobs and will generate
electricity for up to 93,000 households per year", says Lee Choo Boo, Group
Managing Director of ITRAMAS Corporation Sdn.

Mr. Lee further adds: "We appreciate the efforts made by Bank Negara Malaysia,
the Securities Commission Malaysia and the World Bank Group in introducing the
concept of the Green SRI Sukuk, as this made it possible to finance our project
in a climate-friendly manner".

The solar projects are expected to generate 282,000 MWh of electricity per year
and avoid about 210,000 tons of carbon emissions per year, taking Malaysia
closer to achieving its promised emission cuts under the Paris Climate
Agreement.

The MYR 1,000 million Green SRI Sukuk was given an AA-rating by the Malaysian
Rating Corporation Berhad (MARC) and a 'dark green' rating from CICERO - The
Center for International Climate and Environmental Research in Oslo. CIMB
Investment Bank Berhad (CIMB) is the sole principal adviser and both CIMB and
Maybank are the joint lead arrangers and joint lead managers for the Green SRI
Sukuk. CIMB Islamic Bank Berhad is the Shariah adviser for the Green SRI Sukuk.

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