Scatec Solar ASA – Share capital increase registered with the Norwegian Register of Business Enterprises

Oslo, 21 October 2020 – Reference is made to the stock exchange announcement published by Scatec Solar ASA (“SSO” or the “Company“, ticker code “SSO”) on 21 October 2020, where the Company announced that the board of directors of the Company had resolved to increase the Company’s share capital through a private placement following an accelerated a book building process.

On 21 October 2020 the Company issued 13,768,280 new shares (the “Private Placement Shares“), which were allocated in the private placement. The Private Placement Shares have been issued on the Company’s existing ISIN NO0010809684 and admitted to trading on Oslo Stock Exchange as of today. The share capital increase has also been registered with the Norwegian Register of Business Enterprises (Nw. Foretaksregisteret). As a result of the share capital increase, the Company has 151,451,469 shares in issue, each with a par value of NOK 0.025.

For further information, please contact:

Ingrid Aarsnes, VP Communication & IR

Tel: +47 950 38 364

ingrid.aarsnes@scatecsolar.com

About Scatec Solar ASA:

Scatec Solar is an integrated independent renwable 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.

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