Scatec Solar starts construction of a 148 MW solar power plant in Ukraine

Oslo, 3 June 2019: Scatec Solar starts construction of the 148 MW Progressovka solar project in Ukraine.

The project will be realised in collaboration with PowerChina Guizhou Engineering Co. Ltd. that will provide construction financing and Engineering Procurement and Construction (EPC) services to the project, while Scatec Solar will be the equity investor and provide EPC management, Operation & Maintenance as well as Asset Management services.

“The Progressovka project is another confirmation of our strong position in Ukraine where we currently have a project portfolio of 500 MW. The collaboration with Power China on this project gives us access to cost competitive financing as part of a turn key EPC solution. The remaining part of our project portfolio in Ukraine will be realised with Scatec Solar as EPC provider and with financing from the multilateral development banks”, says Raymond Carlsen, CEO of Scatec Solar.

The two-year construction financing facility from Power China covers 65% of the EUR 124 million capex for the project. Scatec Solar is in advanced stages of securing long-term debt financing as well as an equity partner for the project. Both is expected to be closed upon Commercial Operations of the plant in the first half of 2020.

The project will be realised under Ukraine’s 10-year Feed-in-Tariff scheme and is expected to deliver about 187 GWh per year. The plant located in the southern Ukraine will be providing clean energy for about 76,000 households and contribute to avoid about 150,000 tonnes of carbon emissions per year.  Public land will be leased for an extended time-period and the solar power plant is expected to deliver power also beyond the Feed-in-tariff period.

With this project Scatec Solar has 229 MW under construction and project backlog and pipeline of 274 MW in Ukraine. Globally Scatec Solar now has 779 MW in operation and 1,026 MW under construction, and a project backlog and pipeline of 4.7 GW.

For further information, please contact:
Mikkel Tørud, CFO
tel: +47 976 99 144     
mikkel.torud@scatecsolar.com

About PowerChina Guizhou Engineering Co. Ltd.
PowerChina Guizhou Engineering Co., Ltd is a Global Provider of Integrated Energy Solutions, with strong worldwide presence in Europe, the Middle East, Africa, North America, South America, and Asia. With total assets of RMB 6.458 billion, PowerChina Guizhou Engineering Co. Ltd, is a wholly-owned subsidiary of Power Construction Corporation of China, a fortune 500 company ranked 182nd in 2018 and one of the world´s biggest EPC contractors for Solar and Wind Projects. Over the past years, PowerChina Guizhou Engineering Co., Ltd has become a Global leader in the field of Renewable Energy Projects with a total global installed capacity of 11 GW. Between 2018 and year end 2019, the company will build worldwide over 50 PV Power Plants with a total capacity of 2,100 MW and 48 Wind Farms, with a total installed capacity of 2,500 MW. To learn more about PowerChina Guizhou Engineering Co., Ltd, please visit http://www.gepcc.com.

About Scatec Solar
Scatec Solar is an integrated independent solar power producer, delivering affordable, rapidly deployable and sustainable clean energy worldwide. A long- term player, Scatec Solar develops, builds, owns, operates and maintains solar power plants and has an installation track record of more than 1 GW. The company has a total of 1.8 GW in operation and under construction in Argentina, Brazil, the Czech Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, Rwanda, South Africa and Ukraine.

With an established global presence and a significant project pipeline, the company is targeting a capacity of 3.5 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.

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