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1 Investor presentation October 2017 Our values Predictable Driving results Changemakers Working together

2 Disclaimer The following presentation is being made only to, and is only directed at, persons to whom such presentation may lawfully be communicated ( relevant persons ). Any person who is not a relevant person should not rely, act or make assessment on the basis of this presentation or anything included therein. The following presentation may include information related to investments made and key commercial terms thereof, including future returns. Such information cannot be relied upon as a guide to the future performance of such investments. The release, publication or distribution of this presentation in certain jurisdictions may be restricted by law, and therefore persons in such jurisdictions into which this presentation is released, published or distributed should inform themselves about, and observe, such restrictions. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire securities in Scatec Solar ASA or any company within the Scatec Solar Group. This presentation contains statements regarding the future in connection with the Scatec Solar Group s growth initiatives, profit figures, outlook, strategies and objectives as well as forward looking statements and any such information or forward-looking statements regarding the future and/or the Scatec Solar Group s expectations are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. 2

3 Introduction

4 Generating and capturing PV value in emerging markets 1 2 Fully integrated business model tailored for emerging markets Strong global demand for PV accelerates growth in opportunities NYTT BILDE 3 Excellent track record in capturing value from complex PV projects 4 Solid asset base and a significant self funding capacity 5 Strong project pipeline supporting further growth in attractive markets 4

5 Our focus: Large scale PV and 20+ year cash flows # POWER PLANTS 12 IN OPERATION 322 MW FY 2016 PRODUCTION 791 GWh UNDER CONSTRUCTION 394 MW BACKLOG 749 MW 5

6 A solid track record of developing and building PV 322 MW in operation: Czech Kalkbult Dreunberg Linde ASYV Agua Fria Jordan 20 MW 75 MW 75 MW 40 MW 9 MW 60 MW 43 MW Czech Republic South Africa South Africa South Africa Rwanda Honduras Jordan Installation track record (MW): 15 years of experience 60+ projects in 10 countries

7 A growing and diversified asset portfolio In operation Czech Republic 1 20 MW Kalkbult, RSA 2 75 MW Linde, RSA 3 40 MW Dreunberg, RSA 4 75 MW 1 ASYV, Rwanda 5 9 MW Agua Fria, Honduras 6 60 MW 14 7 Jordan Total 7 43 MW 322 MW Under construction Malaysia Honduras (phase I) MW 35 MW Brazil MW Total 394 MW Projects in backlog* Honduras (phase II) 9 18 MW 11 South Africa MW Mali Mozambique MW 40 MW Egypt MW Total 749 MW (*) Projects with secured tariff and/or off take agreements Pipeline and opportunities 1.5 GW 7

8 The integrated business model

9 Integrated Independent Power Producer Scatec Solar develops, builds, owns & operates solar plants for 20 years Phases Origination Development Structuring Delivery Opportunity Pipeline Backlog Construction Power Production O&M Operation Key activities Analysis & Intelligence Business opportunity Partnerships Commercial viability Site control PPA and support agreements Business case Regulatory approvals/permits Equity, debt structuring Engineering Procurement Construction Management Operation & Maintenance Asset management 9

10 The integrated model captures the full project value Project development & construction: Provides access to attractive project pipeline Generates D&C margins that can be reinvested as equity in projects Long term asset ownership: Generates steady long term cash flows Eliminates friction losses Active asset management to enhance value of portfolio Development margin Construction margin O&M margin NPV power production Optimize performance Cost of capital Residual value Total value 10

11 Norwegian and international partners key for our success Norfund partnership: Project development and investment partnership Norfund (with KLP) are equity co-investors in South Africa, Rwanda and Honduras IFC partnership: Project development and investment partner in West Africa, South Asia GIEK partnership Project finance Guarantees and bonds Project finance partners Multilateral development banks and commercial institutions Climate finance partners Key benefits: Access to lower cost of capital Expanded network for project origination Risk mitigation 11

12 Our business model and typical project structure Simplified illustration of company structure and main contracts in place Scatec Solar Equity coinvestors 100% 39%-100% Shareholders agreement Land owners Land lease agreements Scatec Solar O&M / EPC World Bank/others EPC contract O&M contract Asset Management contract Political risk insurance (when relevant) Single Purpose Vehicle PPA agreement State owned utility Loan agreements Sovereign guarantee Concession agreement Project financing State government 12

13 A business model enabling self funded growth 120 (100%) The D&C gross margin provides a large part of the Scatec Solar s equity contribution in the project USDm 90 (75%) Projects are financed by non-recourse debt, allowing Scatec Solar to operate with high financial leverage at the project level while maintaining limited risk exposure at the parent level 15 (12.5%) Annual self funded growth capacity of adding MW based on average ownership of 50-60% 15 (12.5%) 15 (12.5%) Total capex Debt Financing Partner s equity share D&C margin SSO equity Example based on a 75 MW project Copyright: Scatec Solar ASA 13

14 A truly sustainable business model Solar plants embedded in local communities in emerging economies for years Economic activity is of vital importance to both countries and communities Local suppliers, local employees and good relations with local communities impact performance, cost and risks Environmental and Social Impact Assessments are undertaken at the start of the project phase Community relations, social and environmental impacts are managed as an integrated part of the business Specialist advisors engaged to manage CSR and Economic Development programs 14

15 Markets and project backlog & pipeline

16 Impressive cost reductions and growth in demand Total system cost (USD / Watt) * Annual installed volume - GW Other Installation Balance of plant Inverter Module Rest of world India China USA Japan Europe % * Utility Scale. System cost will vary from market to market depending on system size, market maturity, bankability etc. Copyright: Scatec Solar ASA Source: Bloomberg New Energy Finance, Q PV Market Outlook 16

17 Project development 394 MW from backlog to construction 2,357 MW Regions Americas, Africa, MENA Pipeline Assessed as having more than 50% likelihood of being realized 745 MW >50% >90% Regions South Africa, Pakistan, Nigeria, Kenya and Burkina Faso Backlog Assessed as having more than 90% likelihood of being realized 749 MW Financial close/ Construction start Regions Egypt, South Africa, Mozambique, Mali and Honduras IN OPERATION & UNDER CONSTRUCTION 716 MW Copyright: Scatec Solar ASA 17

18 Partnership with Statoil in Brazil Apodi, 162 MW 20 year PPA with CCEE SSO 44%, Statoil 44%, Apodi 12% Capex: USD 215 million Project finance: USD 140 million Establishing a 50/50 Joint Venture with Statoil Develop, build, own and operate large scale solar plants Increased growth ambitions in Brazil Statoil brings local presence, project experience and balance sheet Statoil transaction Statoil paid USD 25 million for 40% of project a further USD 30 million injected by Statoil as project equity The JV has acquired another 8% equity stake from Apodi Debt financing secured from Banco Nordeste (BNB) Construction start in October grid connection in second half 2018 Copyright: Scatec Solar ASA 186

19 Projects under construction Malaysia & Honduras construction started Malaysia, 197 MW 25 year PPA with TNB SSO 100%* Capex: USD 293 million Project finance: USD 234 million Honduras, 35 MW, phase 1 25 year PPA with ENEE SSO 70%, Norfund 30% Capex: 80 MUSD** Project finance: USD 50 million Status Financial close on October 6 - issued world largest green sukuk bond - 18 year tenor Scatec Solar investment in convertible preference shares and preference shares Construction under way Status Construction start early July 2017 to comply with timeline in the PPA Approval of security package from lenders pending closing may be delayed until COD Project has experienced civil unrest situation improving but may impact cost and schedule Copyright: Scatec Solar ASA 197

20 Projects in backlog Egypt & South Africa approaching financial close Egypt, 400 MW 25 year PPA with EETC SSO 51%, Norfund 24%, Africa50 25% Capex: USD 445 million Project finance: USD 335 million Status Loan agreements were signed on October 19 with EBRD & partners Financial close expected by end of October 2017 Construction start sequentially in first half of 2018 South Africa, 258 MW 20 year PPA with ESKOM SSO 42%, Norfund 18%, BEEE Trust 40% Capex: USD 315 million Project finance: USD 260 million Status DoE moved forward with REIPPP in August with lowered tariff to 0.77 Rand/kWh Preparing with IPP Office and lenders for financial close Copyright: Scatec Solar ASA 208

21 Projects in backlog Mozambique & Mali approaching financial close Mozambique, 40 MW 25 year PPA with EDM SSO 52.5%, Norfund 22.5%, EDM 25% Capex: USD 76 million Project finance: USD 62 million Status Loan agreement signed by IFC and Emerging Africa Infrastructure Fund in June, 2017 Working to close out remaining conditions precedent of the loan to reach financial close Mali, 33 MW 25 year PPA with Energie du Mali SSO 51%, IFC 30%, Africa Power 19% Capex: USD 56 million Project finance: USD 42 million Status Final approval by African Development Bank of updated lending terms expected soon Currently finalizing project, loan and guarantee agreements Copyright: Scatec Solar ASA 219

22 Project pipeline Project pipeline status Project South Africa Pakistan Nigeria Kenya Burkina Faso Capacity 430 MW 150 MW 100 MW 48 MW 17 MW Status SSO bid the projects in November Award of preferred bidder status expected after closing of the round 4 Upington projects. All required development steps completed. Received grid study approval and have applied for a costs plus tariff that has been admitted to hearing. Signed Joint Development Agreement with Norfund and Africa50 in Nov Working with lenders and the World Bank to secure remaining project documents. Re-initialed PPA with local utility Kenya Power and Lighting Company in June Partners continue the work to complete the development of the project. Concession agreement to be signed with Ministry of Energy. Awaiting final sign-off from Ministry of Finance before PPA can be signed. Total 745 MW Copyright: Scatec Solar ASA 22

23 Financials

24 Consolidated & proportionate financials Consolidated financials (NOK million) SSO proportionate financials (NOK million) Revenues EBITDA EBIT Revenues EBITDA EBIT Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q Q4 16 Q1 17 Q2 17 Q3 17 Copyright: Scatec Solar ASA 24

25 Q3 17 Proportionate financials Solid Development & Construction margins NOK 385 million of construction revenues in Honduras and Malaysia NOK 375 million of project development margin on Statoil transaction in Brazil Third quarter 2017 (NOK million) Power Production 100% basis Power Production SSO share* Operation & Maintenance SSO share* Development & Construction SSO share* Corporate SSO share* Revenues and other income EBITDA Operating profit (EBIT) Total Third quarter 2016 (NOK million) Power Production 100% basis Power Production SSO share* Operation & Maintenance SSO share* Development & Construction SSO share* Corporate SSO share* Revenues and other income EBITDA Operating profit (EBIT) Total Copyright: Scatec Solar ASA (*) SSO share adjusted based on Scatec Solar s ownership in the subsidiaries 25

26 Scatec Solar s share of cash flow to equity SSO proportionate share of cash flow to equity* Last twelve months (NOKm) Development & Construction Corporate Operation & Maintenance Power production Q3 16 Q4 16 Q1 17 Q2 17 Q3 17 Q3 15 Q3 16 Q3 17 Total Interest paid on corporate bond Copyright: Scatec Solar ASA (*) Cash flow to equity is defined as EBITDA less normalised (i.e. average over each calendar year) loan and net interest repayments, less normalised income tax payments. The definition implies changes in net working capital and investing activities are excluded from the figure. 26

27 Solid financial position Cash position of NOK 1,119 million of which NOK 759 million in project companies Group* book equity strengthened to NOK 2,040 million equity ratio of 80% NOKm Consolidated SSO prop. Share Group level** Cash 1, Interest bearing liabilities* -4,771-2, Net debt -3,652-1, Financial position (NOKm) As of As of ,075 7,075 7,246 7, Assets Equity & Liabilities Assets Equity & Liabilities Non-current liabilities Current liabilities Equity Non-current assets Current assets Copyright: Scatec Solar ASA *) Total interest bearing liabilities does not include shareholder loans to project companies (**) As per definitions of Recourse Group, Recourse Equity and Equity to capitalisation ratio in senior bond agreement 27

28 Fully funded to realize project backlog Funding of investments in project backlog and further project development over the next 1-2 years Uses NOK million Sources NOK million ,400-1, ,000 1,600-1,750 Funding backlog NOKm Capex 11,800 Total equity 2,800 SSO share of equity 1,700 1, SSO cash equity 1,000 Annual cash flow to equity from PP and O&M is expected to increase to NOK million with backlog grid connected Copyright: Scatec Solar ASA (*) Including NOK 200 million received on Brazil transaction (**) After tax D&C cash flow 28

29 Outlook

30 More projects moving into construction New projects diversify our portfolio when operational Growth target (MWs) Sufficient financial capacity to cover our equity investments in the projects Progressing well with development of new utility scale PV projects return and margin targets remain ,300 1,500 Partnerships and new business models continue to be explored for additional growth opportunities In operation Under construction Backlog Pipeline In operation and under construction by end 2018 Copyright: Scatec Solar ASA 30

31 Thank you Our values Predictable Driving results Changemakers Working together

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