Contemplated private placement


Oslo, 18 May 2020: Scatec Solar ASA (“SSO” or the “Company“, ticker code “SSO”) has retained BNP Paribas, Carnegie AS, J.P. Morgan Securities PLC, Nordea Bank Abp, filial i Norge, SpareBank 1 Markets AS and Swedbank Norge, branch of Swedbank AB (publ) (in cooperation with Kepler Cheuvreux S.A.) as joint bookrunners (the “Joint Bookrunners“) to advise on and effect a private placement of new shares directed towards Norwegian and international investors after the close of Oslo Stock Exchange today 18 May 2020 (the “Private Placement“).

In the Private Placement, the Company is offering up to 12 million new shares, representing approximately up to 9.5% of the outstanding capital of the Company.

The Company intends to use the net proceeds from the Private Placement to fund further investments in renewable power plants.

Raymond Carlsen, CEO of the Company, has undertaken to subscribe for shares in the Private Placement in the amount of NOK 5 million, through his company Argentos AS. Equinor ASA has on certain conditions undertaken to subscribe for shares in the Private Placement up to a number corresponding with its pro-rata ownership in the Company (i.e. up to 15.09% of the shares in the Private Placement).

The Private Placement will be directed towards existing shareholders as well as other Norwegian and international investors, in each case subject to an exemption from offer prospectus requirements and any other filing or registration requirements in the applicable jurisdictions and subject to other selling restrictions. The subscription price in the Private Placement will be determined by the board of directors of the Company (the “Board“) through an accelerated book building process. The minimum subscription and allocation in the Private Placement have been set to the number of new shares that equals an aggregate subscription price of at least the NOK equivalent of EUR 100,000. The Company may however, at its sole discretion, allocate an amount below EUR 100,000 to the extent applicable exemptions from the prospectus requirement pursuant the Norwegian Securities Trading Act and ancillary regulations, or similar legislation in other jurisdictions, are available.

The application period for the Private Placement commences today, 18 May 2020, at 16:30 (CET) and closes on 19 May 2020 at 08:00 (CET). The Company, together with the Joint Bookrunners, reserve the right to close or extend the application period at any time at their sole discretion, or to cancel the Private Placement in its entirety.

The completion of the Private Placement is subject to approval by the Board of the Company pursuant to an authorisation to increase the share capital given by the annual general meeting held on 28 April 2020.

The Company will announce the number of shares to be issued and allocated in the Private Placement through a stock exchange notice expected to be published before opening of the trading on Oslo Stock Exchange 19 May 2020.

The shares allocated in the Private Placement are expected to be settled by the Joint Bookrunners 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 Joint Bookrunners and Scatec AS. The Joint Bookrunners will settle the share loan with new shares in the Company to be issued by the Board pursuant to an authorisation granted by the annual general meeting held on 28 April 2020.

In connection with the Private Placement, the Company has entered into lock-up undertakings for a period of 60 days from the completion of the Private Placement, subject to certain exemptions.

The Board will observe its obligations under section 5-14 of the Norwegian Securities Trading Act and section 2.1 of the Continuing Obligations for Stock Exchange Listed Companies and considers the Private Placement to be in the best interests of the Company and its shareholders.

For further information, please contact:
Mikkel Tørud, CFO, Tel: +47 976 99 144,

Ingrid Aarsnes, VP Communication & IR, Tel: +47 950 38 364,

About Scatec Solar ASA
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 1.6 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 “SSO”. To learn more, visit

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.

The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act“), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned in this announcement will be made solely to “qualified institutional buyers” as defined in Rule 144A under the Securities Act.

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Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe”, “expect”, “anticipate”, “strategy”, “intends”, “estimate”, “will”, “may”, “continue”, “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Actual events may differ significantly from any anticipated development due to a number of factors, including without limitation, changes in public sector investment levels, changes in the general economic, political and market conditions in the markets in which the Company operates, the Company’s ability to attract, retain and motivate qualified personnel, changes in the Company’s ability to engage in commercially acceptable acquisitions and strategic investments, and changes in laws and regulation and the potential impact of legal proceedings and actions. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. You should not place undue reliance on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm, or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this announcement.

Neither the Joint Bookrunners nor any of their respective affiliates makes any representation as to the accuracy or completeness of this announcement and none of them accepts any responsibility for the contents of this announcement or any matters referred to herein.

This announcement is for information purposes only and is not to be relied upon in substitution for the exercise of independent judgment. It is not intended as investment advice and under no circumstances is it to be used or considered as an offer to sell, or a solicitation of an offer to buy any securities or a recommendation to buy or sell any securities of the Company. Neither the Joint Bookrunners nor any of their respective affiliates accepts any liability arising from the use of this announcement.

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