Scatec reaches financial close and starts construction of 130 MW solar power plant in Colombia

24 Feb 2026 21:14 CET

Oslo/Bogotá, 24 February 2026: Scatec ASA, a leading renewable energy
solutions provider, has reached financial close for the 130 MW "Barzalosa"
solar plant in Colombia, and is starting construction.

The project has previously signed a 15-year Power Purchase Agreement (PPA)
with BTG Pactual Comercializadora de Energía (BTG), a Colombian energy trading
subsidiary of Banco BTG Pactual S.A. Brazil. The PPA will cover approximately
85% of the estimated production, with the remaining production to be sold in
the Colombian electricity market. The PPA will be denominated in Colombian
Pesos and inflation adjusted based on Colombia's Producer Price Index.

"Financial close marks a key step in advancing the Barzalosa project in
Colombia. With a robust financing structure and a long-term PPA in place with
a strong offtaker, the project is well positioned for construction and
delivery. We are pleased to support Colombia's transition towards clean
energy," says Terje Pilskog, CEO of Scatec.

Scatec holds 65% of the equity in the project, which has been developed in
partnership with Norfund who will provide the remaining equity. The total
capital expenditure (capex) for the project is estimated at USD 121 million
and will be financed by a combination of non-recourse debt and equity, with
leverage of approximately 70%. The senior Lenders for the project are
Bancolombia and Financiera de Desarrollo Nacional (FDN).

Scatec is the lead developer of the project and will be the designated
Engineering, Procurement and Construction (EPC) provider with an EPC scope of
approximately 70% of capex. Scatec will also provide Operations & Maintenance
(O&M) and Asset Management (AM) services for the plant. The project is
expected to reach Commercial Operation Date (COD) in the first half of 2027.

For further information, please contact:
For analysts and investors:
Andreas Austrell, SVP Investor Relations
andreas.austrell@scatec.com

For media:
Meera Bhatia, SVP External Affairs & Communications
meera.bhatia@scatec.com

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 6.3
GW in operation and under construction across five continents today. We are
committed to grow 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
or connect with us on LinkedIn.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication,
through the agency of the contact persons set out above, 24.02.2026 21:14 CET.

More information:
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