Scatec secures long-term project financing for Rio Urucuia in Brazil

06 Aug 2025 08:00 CEST

Oslo/Sao Paulo, 6 August 2025: Scatec ASA has reached financial close for its
142 megawatt (MW) solar PV plant currently under construction in Minas Gerais in
Brazil.

The non-recourse project financing comprises BRL 150 million (USD 27 million),
to be provided by Banco de Nordeste do Brasil ("BNB"). The financing amount
corresponds to 30% of the total estimated capital expenditure of BRL 506 million
(USD 91 million). The solar plant is expected to reach Commercial Operation Date
("COD") in the first half of 2026.

"Securing long-term financing for Rio Urucuia is an important step in delivering
this high-quality project and further strengthening our position in Brazil.
Construction of the project is progressing as planned and we look forward to
connecting our third solar project in Brazil in 2026," says Scatec CEO Terje
Pilskog.

Scatec has previously secured a debt facility of EUR 25 million from Impact Fund
Denmark to partially fund Scatec's equity share in the project, bringing
Scatec's expected equity injection by COD to BRL 201 million (USD 36 million).
Scatec has signed a 10-year power purchase agreement ("PPA") with Statkraft for
approximately 75% of the expected power produced. The remainder is expected to
be sold under short, medium, and long-term term PPAs.

Scatec holds a 100% ownership stake in the solar project, with the aim to bring
in equity partners once COD has been reached, to further enhance value creation.
Scatec will also be the EPC manager for the project, with a limited contract
scope. Scatec will further provide Operations & Maintenance and Asset Management
services to the solar power plant.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP IR
andreas.austrell@scatec.com
(mailto:andreas.austrell@scatec.com)+47 974 38 686

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com (mailto:meera.bhatia@scatec.com)
+47 468 44 959

About Scatec
Scatec is a leading renewable energy solutions provider, accelerating access to
reliable and affordable clean energy in emerging markets. As a long-term player,
we develop, build, own, and operate renewable energy plants, with 6.2 GW in
operation and under construction across five continents today. We are committed
to growing our renewable energy capacity, delivered by our passionate employees
and partners who are driven by a common vision of 'Improving our Future'. Scatec
is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the
ticker symbol 'SCATC'. To learn more, visit www.scatec.com
(http://www.scatec.com) or connect with us on LinkedIn
(https://www.linkedin.com/company/scatec/).

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

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