Scatec Annual Report 2022

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Report 
from 
the 
Board 
of 
Directors 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
39
 
-
 
1,000
 
2,000
 
3,000
 
4,000
 
5,000
 
6,000
 
7,000
2019
2020
2021
2022
Revenues
EBITDA
Highlights 
2022
●
Proportionate revenues of NOK 5,957 million 
(4,329) and EBITDA of NOK 2,550 million (2,686) ¹⁾ 
●
Stable operational performance across the 
portfolio, while financials were impacted by the 
Russian invasion of Ukraine 
●
Started construction of new power plants totalling 
1.2 GW in South Africa, Brazil, and Pakistan, 
representing 25% of Scatec’s NOK 10 billion 2027 
equity investment target 
●
Announced sharpened strategy and revised growth 
targets 
●
Received ‘A’ score in ESG reporting by Position Green, 
and 
recognised with ‘A’ score by CDP 
●
The Board proposes dividends of NOK 1.94 per 
share and adjusted dividend policy for 2023 and 
onwards 
Proportionate 
revenues 
and EBITDA 
by year 
Key figures 
NOK million 
FY 2022 
FY 2021 
Proportionate Financials
²⁾
Total revenues and other income 
5,957 
4,329 
 
Power Production⁴⁾ 
4,521 
3,890 
 
Services 
312 
260 
 
Development & Construction 
1,069 
137 
 
Corporate 
56 
42 
EBITDA 
2,550 
2,686 
 
Power Production 
2,835 
2,949 
 
Services 
74 
75 
 
Development & Construction 
-221 
-223 
 
Corporate 
-138 
-114 
Operating profit (EBIT) 
460 
1,606 
 
Power Production 
917 
1,977 
 
Services 
68 
70 
 
Development & Construction 
-358 
-301 
 
Corporate 
-167 
-140 
Profit/loss 
-1,213 
285 
Net interest- bearing debt ²⁾ 
18,215 
15,175 
Power production (GWh) ³⁾ 
3,898 
3,823 
Scatec share of distribution from operation companies 
1,231 
1,603 
Consolidated Financials 
Revenues and other income 
3,751 
3,803 
EBITDA ²⁾ 
2,555 
2,903 
Operating profit (EBIT) 
723 
2,012 
Profit/(loss) 
-1,228 
456 
Net interest- bearing debt ²⁾ 
19,578 
14,949 
Basic earnings per share (NOK) 
-8.40 
2.45 
Power Production (GWh) 
9,381 
9,729 
1) Amounts from same period last year in brackets 
2) See Alternative Performance Measures appendix for definition 
3) Production volume on a 100% basis from all entities, including JV companies 
4) Revenue from power production for 2021 has been adjusted due to change in accounting policy as disclosed in Note 29 

40
Introduction 
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 4.6 GW in operation and under 
construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our close to 800 
passionate employees and partners who are driven by a common vision of ‘Improving our Future’.
2022 Summary 
Business strategy and growth 
●
Sharpened strategy centred around growing 
renewables in our focus markets, advancing green 
hydrogen and optimising our portfolio 
●
Started construction of new power plants in South 
Africa, Brazil and Pakistan, totalling 1.2 GW, and 
finalised 10 percent of the construction work during 
2022 
●
The green hydrogen project in Egypt with an 
electrolyser capacity of 100 MW was further progressed 
and moved into backlog 
●
Project pipeline and backlog of 16.7 GW was further 
matured during the year, with 85% held in our focus 
markets 
Operational
●
Stable operations and production in line with guidance 
across the asset portfolio 
●
Total proportionate power production of 3,898 GWh 
generating an EBITDA of NOK 2,835 million 
●
Financial performance in Ukraine impacted by the 
Russian invasion 
Organisation and people 
●
Terje Pilskog started as new CEO on 1 May 2022 
●
Executive Management Team expanded to strengthen 
regional set-up 
●
Expanded the full-time workforce with 156 employees 
to 778 employees during 2022 
●
50 different nationalities, a truly global company 
●
29% female employees in management positions at the 
end 2022, compared to the 2022 target of 32%. 
●
DEIB programme launched to enhance attributes that 
are already embedded in our culture 
●
2022 
Statement on Equality and Non-discrimination
 
is 
available on the 
corporate website
Climate 
●
Annual GHG emissions avoided from our power plants 
reached 4.7 million tonnes (100%) 
●
On the ‘A’ List for tackling climate change by the 
Carbon Disclosure Project (CDP) 
●
Climate targets approved by SBTi in January 2023 – 
minimise direct emissions by 2030 and net zero across 
the value chain by 2040 
EU Taxonomy
1)
 
and reporting 
•
All revenues, opex and investments are derived from 
EU Taxonomy eligible activities 
•
Scatec’s revenue is 100%, Capex 91% and Opex 86% 
aligned to the Taxonomy 
•
Detailed site-specific climate risk assessments 
completed for all solar, wind and hydropower projects 
•
Quarterly reporting on key ESG indicators 
externally 
•
Received ‘A’ score in ESG reporting by Position Green 
•
Limited assurance on all GRI indicators according to 
ISAE 3000 
HSSE 
•
Delivered more than 4.5 million working hours with no 
fatalities or serious injuries during 2022 
•
The lost time incident frequency rate (LTIF) was 0.7 per 
million working hours resulting from three incidents 
•
Certified to ISO 9001, 45001 and 14001 by DNV 
Human rights/supply chain 
●
Addressed forced labour concerns in China – 
collaboration with key suppliers on traceability 
●
Well prepared to report according to Transparency act 
as per 2023 requirements
2)
●
EcoVadis supplier management programme 
implemented to screen suppliers of key procurement 
categories 
●
151 grievances received, 87% were resolved and the 
remaining in the process of being resolved 
Anti-corruption and Compliance 
●
Scatec provides mandatory anti-corruption and code of 
conduct training to all employees. 100% of all 
employees have completed the training 
1) For details, please refer to our EU Taxonomy Report 2022 available under ESG resources on the Company’s website 
2) For the third party gap analysis summary and Scatec's action taken towards best practice and compliance to the Transparency Act, refer to the Company’s ESG 
Performance Report 2022 

Scatec ASA - Annual Report 2022 
41
Group – Proportionate Financials 
Please refer to Note 3 for details of the segment financials. 
Power Production 
Power Production revenues increased to NOK 
4,521 
million 
(3,890) in 2022. The reported revenues for 2022 are reflecting 
sale of electricity from solar power plants in Brazil, Czech 
Republic, Egypt, Honduras, Jordan, Malaysia, Mozambique, 
Rwanda, South Africa, Argentina and Ukraine, from hydro power 
plants in Philippines, Uganda and Laos and wind power in 
Vietnam. The increased revenues compared to 2021 is mainly 
explained by the Philippines, driven by significantly higher power 
sales at higher power prices, new power plants in operation and 
foreign currency effects, partly offset by lower revenues in 
Ukraine due to the ongoing war, and lower water inflow and 
production in Laos. 
In the Philippines, power is purchased in the power market in 
periods when contract sales volumes exceed production volumes, 
which generally occur during the dry season in the first 
half of the 
year, and sold in the market when production volumes exceed 
contract sales volumes, which generally occur during the wet 
season in the second half of the year. Production is further 
optimised to catch the highest possible spot prices which creates 
variances between actual production volumes and contract sales 
volumes in any given period. As such, some power will also be 
bought in the market in periods when production volumes 
exceed contract sales volumes and sold in the market when 
production volumes fall short of contract sales volumes. The 
purchase of power is captured in costs of sales. High power 
production and high power prices in the Philippines in 2022 lead 
to cost of sales of NOK 852 million (270) and gross profit of NOK 
3,669 million (3,620). 
Operating expenses increased from last year due to more plants 
in operation and a credit loss provision of NOK 87 million on 
accounts receivable in Ukraine. 
Power Production EBITDA decreased to NOK 
2,835 
million (
2,949
) 
in 2022 explained by the factors above. 
Additionally, the decreased EBIT compared to 2021 is mainly 
explained by an impairment charge of NOK 770 million in the first 
quarter 2022 triggered by the Russian invasion of Ukraine. 
Installed capacity was 3,375 MW at year-end and full year 
production on proportionate basis reached 3,898 GWh, up from 
3,823 GWh in 2021. The increase in production volumes is mainly 
driven by the Philippines, Argentina and Ukraine partly offset by a 
decrease in Laos and minor variations across the other power 
plants. 
Scatec’s proportionate share of cash flow to equity from Power 
Production was NOK 1,487 million, down from NOK 1,640 million 
in 2021. The decreased cash flow to equity compared to last year 
is mainly explained by the decrease in EBITDA. Cash flow to 
equity in 2022 includes NOK 363 million from debt refinancing of 
assets in South Africa and Vietnam. In 2021, NOK 397 million from 
debt refinancing of assets in the Philippines was included. 
For further details on financial results on a country-by-country 
basis please refer to Scatec’s Q1 to Q4 2022 historical financial 
information’ published on Scatec’s web page. 
Development 
& Construction 
(D&C) 
Revenues in Development & Construction ended at NOK 1,069 
million (137) and gross profit at NOK 106 million (16) in 2022. The 
increase in revenues is explained 
by the projects under 
construction in South Africa, Brazil, and Pakistan.
Operating expenses increased from last year due to higher 
spending on new project opportunities and higher construction 
activity. 
In 2022, operating expenses comprised of approximately 
NOK 237 million (179) for early-stage project development and 
NOK 90 million (60) related to construction activities. 
EBITDA for the year amounted to NOK 
-221 million (-223)
 
in 2022 
explained by the factors above. 
Scatec’s proportionate share of cash flow to equity from D&C was 
negative NOK 149 million, compared to negative NOK 164 million 
in 2021. 
Services 
Revenues in the Services segment reached NOK 312 million (260). 
The revenue growth is explained by the growing portfolio of 
producing assets. 
Operating expenses of NOK 237 million (186) in the segment 
mainly constitute fixed expenses such as personnel and recurring 
maintenance cost reflecting fixed maintenance schedules. The 
increase in operating expenses is explained by the growing 
portfolio of producing assets. 
EBITDA reached NOK 74 million (75), corresponding to an 
EBITDA margin of 24% (29%). The decrease in EBITDA margin 
compared with last year is explained by slightly higher operating 
expenses and a general reduction of margins on new contracts in 
the portfolio. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
42
Scatec’s proportionate share of cash flow to equity from Services 
was NOK 58 million in 2022, slightly decreased from NOK 60 
million in 2021. 
Corporate 
Corporate consists of activities such as corporate services, 
management, and group finance
. The segment reported an 
EBITDA of NOK -138 million (-114) in 2022. 
Revenues in the corporate segment refers to management fees 
charged to other operating segments for corporate services 
rendered across the Group. Corporate incurred NOK 
193 million 
(156) in operating expenses. The increase in operating expenses 
reflects continued strengthening of corporate function with a 
growing asset portfolio and project pipeline, and higher 
construction activities.
Consolidated financial statements 
Consolidated 
income 
statement 
NOK million 
2022 
2021 
Revenues 
3,002 
3,038 
Net income/(loss) from JV and associated 
companies 
749 
765 
Total revenues and other income 
3,751 
3,803 
EBITDA 
2,555 
2,903 
Operating profit (EBIT) 
723 
2,012 
Profit before income tax 
-1,095 
759 
Profit/(loss) for the period 
-1,228 
456 
Profit/(loss) to Scatec 
-1,334 
388 
Profit/(loss) to non-controlling interests 
106 
68 
Revenues 
Revenues from power sales was NOK 3,751 million (3,803) in 
2022, broadly in line with last year. 
Operating Profit 
Earnings before interest, taxes, depreciation and amortisation 
(EBITDA) reached NOK 2,555 million in 2022, a decrease from 
NOK 2,903 million in 2021. The EBITDA was negatively impacted 
by a credit loss provision of NOK 98 million on accounts 
receivable in Ukraine, recognised in the first quarter 2022, and 
higher operating expenses related to construction activities and 
strengthening of corporate function with a growing asset 
portfolio and project pipeline. 
Depreciation, amortisation and impairment amounted to NOK 
1,832 million in 2022, compared to NOK 892 million in 2021. The 
increase is mainly explained by impairments during 2022. In 2022, 
the Group recognised an impairment expense of NOK 948 million 
(76), of which 132 million related to discontinued development of 
projects in Mali, Bangladesh, India and Lesotho and NOK 816 
million related to the solar power plants in Ukraine. Refer to Note 
12 Impairment for further details. 
Operating profit (EBIT) ended at NOK 723 million in 2022, down 
from NOK 2,012 million in 2021 explained by the factors as above. 
Net financial items
NOK million 
2022 
2021 
Interest and other financial income 
115 
47 
Interest and other financial expenses 
-1,666 
-1,368 
Net foreign exchange gains/(losses) 
-268 
69 
Net financial expenses 
-1,818 
-1,253 
The net financial expenses for the year are impacted by significant 
currency movements 
and increased interest rates compared with 
last year. 
Interest and other financial income of NOK 115 million (47) mainly 
relates to income on cash balances.
Interest and 
other financial 
expenses of 
NOK 1,666 million 
(1,368) 
consist 
of 
interest 
expenses 
of 
NOK 
1,424 
million 
(NOK 
1,303 
million), an 
unrealised non-cash 
loss of 
NOK 89 
million (-) 
on an 
USD/ZAR currency hedging contract related to RMIPPP, and other 
financial 
expenses 
of 
NOK 
154 
million 
(NOK 
67 
million). 
Scatec 
manages interest rate 
risk with a 
hedge ratio of approximately 
80% 
for the non-recourse project level 
debt and approximately 20% for 
the corporate 
debt. The 
increase in 
interest 
expenses compared 
with 
last 
year 
is 
primarily 
explained 
by 
increased 
debt 
after 
refinancing in Egypt and 
South Africa and increased 
interest rates 
on 
unhedged 
debt at 
the 
corporate level. 
The 
increase 
in 
other 
financial 
expenses 
is 
mainly 
explained 
by 
non-recurring 
fees 
recognised for the refinancing of the power plants in Egypt, South 
Africa and Vietnam. 
The increase in foreign exchange losses in 2022 from positive 
NOK 69 million to negative NOK 268 million primarily driven by 
significant movements of USD and EUR against local currencies in 
countries where the group has USD and EUR as functional 
currencies. The losses for the year are mainly unrealised losses, 
primarily incurred in Egypt and Ukraine on translation of 
monetary assets and liabilities denominated in local currencies. 
Profit before tax and net profit
The tax expense amounted to NOK 132 million in 2022, down 
from NOK 303 million in 2021. The difference between tax 
expense and calculated tax expense based on the Norwegian tax 
rate of 22% is impacted by different tax rates in the jurisdictions in 
which the companies operate, withholding taxes paid on 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
43
dividends, currency effects and effects from non-recognised tax 
losses. Further, the profit/loss from JVs and associates are 
reported net after tax which also impacts the effective tax rate. 
The difference between effective tax expense for the year 2022 
and a calculated tax expense based on the Norwegian tax rate of 
22% is also impacted by non-recognised deferred tax asset 
related to the impairment of the assets in Ukraine. For further 
details, refer to Note 7 Tax. 
Non-controlling interests (NCI) represent equity-investors in 
power plants co-owned by Scatec. 
The allocation of profits 
between NCI and Scatec is impacted by the fact that non-
controlling interests (NCI) only represent shareholdings in the 
power plants that are fully consolidated, while Scatec also carries 
the cost of project development, construction, operation & 
maintenance and corporate functions. Profits allocated to NCI do 
not include net income from JVs and associated companies.
Other comprehensive income, which comprises items that may 
subsequently be reclassified to profit or loss, amounted to NOK 
986 million (317) in 2022. This relates to after-tax net movement 
of cash flow hedges of positive NOK 514 million (278) and foreign 
currency translation differences of NOK 472 million (40). During 
the year, NOK depreciated against the key currencies USD, MYR 
and BRL compared to the average rates of last year. On a net 
basis, the movement in average rates positively affected the 
translation of consolidated revenues to NOK by approximately 
NOK - 304 million, while the net impact on translation of net 
profit was approximately NOK - 84 million. 
Total comprehensive income was thus negative NOK 242 million 
(773) for 2022 of which negative NOK 648 million (595) was 
attributable to Scatec, while NOK 406 (178) million is attributable 
to non-controlling interests. 
Consolidated 
statement 
of cash 
flow 
Cash flow 
NOK million 
2022 
2021 
Net cash flow from operating activities 
756 
2,072 
Net cash flow from investing activities 
-1,406 
-8,081 
Net cash flow from financing activities 
221 
2,413 
Net increase/(decrease) in cash and cash 
equivalents 
-428 
-3,597 
Net cash flow from consolidated operating activities amounted to 
NOK 756 million (2,072) in 2022, compared to EBITDA of NOK 
2,550 million (2,686). The difference is primarily explained by 
change in net income from JVs and associated companies and 
changes in other assets and liabilities. 
Net cash flow from consolidated investing activities was negative 
NOK 1,406 million (8,081) driven by investments in property, plant 
and equipment related to power plants under construction in 
South Africa, Pakistan and Release projects and investments in 
associates and JV, mainly related to Mendubim. This was partly 
offset by distributions from JVs. The 2021 figures include a 
consideration of NOK 7,848 million paid for SN Power. 
Net cash flow from financing activities amounted to NOK 221 
million (2,413). The main financing activities in 2022 is issuance of 
new debt in South Africa, refinancing of the existing non-recourse 
debt in South Africa, payment of interests and repayment of non-
recourse financing in project companies as well as payment of 
dividend to equity holders of the parent company and NCI. 
In total, the Group’s cash balance was reduced by NOK 428 
million (-3,597). Of the total cash balance of NOK 4,132 million 
(4,171), NOK 2,057 million (1,711) was restricted cash in power 
plant companies, NOK 223 million (91) represented other 
restricted cash while NOK 1,743 million (2,335) represented free 
cash at the Group level. 
Proportionate share of cash flow to equity 
Scatec’s “proportionate share of cash flow to equity”, is an 
alternative performance measure that seeks to estimate the 
Group’s ability to generate funds for equity investments in new 
power plant projects and/or for shareholder dividends over time. 
NOK million 
2022 
2021 
Power production 
1,487 
1,640 
Services 
58 
60 
Development & Construction 
-149 
-164 
Corporate 
-347 
-252 
Sum 
1,050 
1,284 
The cash flow to equity for Power Production for 2022 decreased 
compared to last year, mainly explained by the decrease in 
EBITDA and lower refinancing proceeds. Cash flow to equity in 
2022 includes NOK 363 million from debt refinancing of assets in 
South Africa and Vietnam. The full year 2021 included NOK 397 
million from debt refinancing of assets in the Philippines. 
The cash flow to equity in Services was approximately at the same 
level compared to last year. The cash flow to equity in the D&C 
segment for 2022 was impacted by construction activity in 
addition to increased development and construction costs. 
The cash flow to equity for the Corporate segment for 2022 
primarily relates to operating expenses and interest expenses on 
corporate funding. The increase for the Corporate segment in 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
44
2022 is primarily explained by the increased interest rates on 
unhedged debt. 
Consolidated 
statement 
of financial 
position 
Assets 
NOK million 
2022 
2021 
Property, plant and equipment and intangible 
assets 
18,068 
16,682 
Investments in JV and associated companies 
10,674 
9,745 
Other non-current assets 
1,476 
957 
Total non-current assets 
30,218 
27,385 
Other current assets 
2,380 
1,474 
Cash and cash equivalents 
4,132 
4,171 
Total current assets 
6,512 
5,645 
Total assets 
36,730 
33,030 
Total assets amounted to NOK 36,730 million at year-end 2022, 
up from NOK 33,030 million at the end of 2021. 
Non-current assets totaled NOK 30,218 million (27,385), the 
increase in non-current assets is primarily driven by construction 
activities in South Africa, Release and Pakistan, in addition to 
currency translations from weakening of NOK against USD, EUR 
and MYR. The increase is partly offset by NOK 742 million 
impairment of the Ukrainian solar plants, impairment of 
development projects of NOK 132 million and yearly depreciation 
of NOK 864 million. See Note 9 Property, plant and equipment 
and Note 12 Impairment for more information. 
The balance of investments in JVs and associated companies have 
increased due to appreciation of the functional currencies in the 
JVs, and investments in JVs mainly related to Mendubim. Net 
income from JVs and associated companies was NOK 749 million 
in 2022 and NOK 669 million was received as dividend. See Note 
13 
Investments in joint venture and associated companies
 
for full 
reconciliation. 
Current assets amounted to NOK 6,512 million (5,645). The 
increase in current assets is primarily driven by working capital 
changes related to the construction of the RMIPPP project in 
South Africa. The cash balance is stable compared to 31 
December 2021. Operating activities contribute positively with 
NOK 756 million in cash inflow for the financial year 2022. Cash 
outflows are mainly related to construction of plants and payment 
of non-recourse financing, dividends to NCI and payment of 
dividend to equity holders of the parent company. See the 
consolidated statement of cash flows for further details and Note 
14 Cash, cash equivalents for a detailed breakdown of cash 
balances as well as an overview of movement of cash at the 
Recourse Group level. 
Equity and liabilities 
NOK million 
2022 
2021 
Equity 
8,803 
9,919 
Non-current non-recourse project 
financing 
13,297 
10,708 
Non-current corporate financing 
7,987 
7,264 
Other non-current liabilities 
2,604 
2,224 
Total non-current liabilities 
23,888 
20,197 
Current non-recourse project financing 
1,963 
1,147 
Current corporate financing 
- 
- 
Trade payables and other current liabilities 
2,076 
1,766 
Total current liabilities 
4,039 
2,913 
Total liabilities 
27,927 
23,110 
Total equity and liabilities 
36,730 
33,030 
Book equity ratio 
24% 
30% 
Total equity decreased by NOK 1,117 million compared to 31 
December 2021, driven by negative total comprehensive income 
for the period and dividend distributions to the equity holders of 
the parent company and NCI. Further details are given in the 
consolidated statement of changes in equity. 
Corporate financing consists of a listed green bond as well as 
financing secured in relation to the acquisition of SN Power in 
2021. Changes in balance in 2022 is due to foreign currency 
translation. See Note 21 Corporate Financing for further details. 
Total non-recourse financing increased as of 31 December 2022 
mainly as a result of issuance of NOK 3 080 million in project debt 
to the RMIPPP project in South Africa. Down payments of NOK 
1,175 million have decreased the balance in 2022. The non-
current portion of the Ukrainian debt was reclassified to current 
during the first quarter 2022 due to breach of covenants. See 
Note 21 for further details. 
Parent Company 
Scatec ASA prepares its financial statements according to 
Norwegian Generally Accepted Accounting Principles (NGAAP). 
Scatec ASA is a holding company comprising parts of corporate 
services, management and group finance. In addition, Scatec ASA 
provides certain services related to project development and 
construction for its subsidiaries. 
Scatec ASA reported revenues of NOK 751 million and operating 
loss (EBIT) of NOK 665 million in 2022, compared to revenues of 
NOK 166 million and operating loss (EBIT) of NOK 343 million in 
2021. 

 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
45
Revenues increased from 2021 to 2022 due to higher construction 
activity. All revenues are Group internal and based on 
agreements established between Scatec ASA and its subsidiaries, 
joint ventures and associated companies. 
Cost of sales and operating expenses (excluding depreciation, 
amortisation and impairment) increased to NOK 1,266 million 
from NOK 456 million in 2021, reflecting higher construction 
activity. The number of employees increased from 116 to 146 
following the Company’s growth. 
The Company recognised a write down of NOK 948 million 
booked to interest and other financial expenses in 2022. 
The 
write-down is related to both impairment of shares (NOK 341 
million) and impairment of receivables to group companies in 
Ukraine (NOK 607 million).
 
External interest expense was NOK 
363 million (250). Dividends from subsidiaries was NOK 1,384 
million in 2022 up from NOK 277 million in 2021. Profit after tax 
was NOK -480 million, compared to a profit after tax of NOK -74 
million in 2021. 
Total equity for the parent company Scatec ASA stood at NOK 
10,265 million at 31 December 2022, up from NOK 9,761 million in 
2021. Total assets amounted to NOK 20,591 million at 31 
December 2022, up from NOK 20,048 million a year earlier. 
Overview of project portfolio 
Project stage 
2022 
 
Capacity 
(MW) 
2021 
 
Capacity 
(MW) 
In operation 
3,375 
3,355 
Under construction 
1,267 
195 
Project backlog 
953 
1,818 
Project pipeline 
15,712 
14,775 
Total 
21,307 
20,144 
Total annual production from the 5,315 MW of solar, wind and 
hydro in operation, under construction and in backlog, is 
expected to reach about 14,100 GWh (on 100% basis). 
Projects under construction and backlog
Project backlog is defined as projects with a secure off-take 
agreement and assessed to have more than 90% likelihood of 
reaching financial close. When financial close is obtained the 
project moves into construction generally with Scatec as the turn-
key Engineering, Procurement & Construction (EPC) provider. 
Prior to financial close, environmental and social baseline studies 
or impact assessments (ESIAs) are conducted to identify potential 
environmental and social risks and impacts of the Company’s 
activities. During construction Scatec is compensated for early-
stage development expenditures and construction services 
through a Development & Construction (D&C) margin. The D&C 
margin is used as a funding source for Scatec’s equity investment 
in the project company. 
Total initial capex for the projects under construction amounts to 
approximately NOK 15.3 billion on a 100% basis. The capex will be 
financed by non-recourse project debt and equity from the 
sponsors with an expected average leverage of approximately 
65%. Scatec is holding an average of 50% of the equity in the 
projects under construction equivalent to an initial equity 
investment of NOK 2.5 billion, of which NOK 1.7 billion were 
remaining at the end of 2022. The remaining portion is well 
covered by expected D&C margins, cash flow from operations 
and free cash. 
All figures in NOK have been updated based on currency rates 
per the end of 2022. 
For more information about the projects under construction and 
in backlog, refer to our website: 
scatec.com/investor.
 
Under construction 
Sukkur, Pakistan 
150 MW 
solar
Construction of the 150 MW Sukkur project in Pakistan has 
progressed during 2022. Key activities included groundworks, 
piling, orders for main equipment, and tracker installations 
ramped up towards the end of the year. Most of the material and 
equipment have arrived on site, such as modules, trackers, 
inverters and cables. At the end of 2022 there were about 700 
contractors and Scatec employees involved in construction work 
on site, and 250,000 safe manhours completed without lost time 
incidents. 
Power from the solar power plant will be sold to Pakistan 
Authorities under a 25-year PPA. Capex for the project is 
approximately USD 110 million to be financed by approximately 
70% non-recourse project finance debt and equity from the 
sponsors. 
Scatec owns 75% of the project and provide EPC services as well 
as Operation & Maintenance (O&M) and Asset Management 
(AM) services to the power plants.
Mendubim, Brazil 531 MW solar 
Construction activities have progressed well during 2022 for the 
531 MW Mendubim solar project, in partnership with Equinor 
and 
Hydro Rein. Key construction activities included drainage, 
foundations, levelling and road works, and clearance work for a 
transmission line. All purchase orders for main equipment have 
been placed. More than 500 contractors and Scatec employees 
are involved in the construction work on site. 

46
The 20-year PPA signed with Alunorte, will cover
approximately 
60% of the power produced with the remaining volume to be 
sold in the Brazilian power market. The estimated total capital 
expenditure for the project is USD 430 million to be financed by a 
mix of non-recourse project debt and equity from partners. 
All three partners have an equal economic interest of 33.3% in 
the power plant and will jointly provide EPC services. Scatec will 
further provide O&M as well as AM services to the power plants 
together with Equinor. 
Kenhardt, 
South 
Africa, 
540 MW 
solar 
with 
225 MW/1,140 
MWh battery 
storage
In July 2022 Scatec started construction of the RMIPPP project 
after reaching financial close. Construction activities in 2022, 
included piling, orders for main equipment, work on modules 
substructure foundations, grid connections 
and access roads. 
More than 500 Scatec employees and contractors are working on 
site. All site labour is sourced from the local community, and the 
project has established a dedicated community communication 
hub in Kenhardt
. 
Once operational the project will provide 150 MW of dispatchable 
power to the Kenhardt region under a 20-year Power Purchase 
Agreement with Eskom, the South African state-owned power 
utility. 
The project has a total capex of about ZAR 16.4 billion (USD 962 
million) to be financed by equity from the owners and non-
recourse project debt. Equity will be paid in after final drawdown 
of the project debt. Lenders includes The Standard Bank Group as 
arranger and British International Investment. 
Scatec will own 51% of the equity, and H1 Holdings, Scatec’s local 
Black Economic Empowerment partner, 
will hold the remaining 
49%. Scatec will be the EPC provider and provide O&M and AM 
services to the power plants together with H1. 
Release
Release has a project portfolio of 26.5 MW under construction, of 
which the main project consists of 18 MW remaining under a 36 
MW solar and 20 MWh battery project in Cameroon, with a 
contract with ENEO the main utility of Cameroon. 
Philippines, 
20 MW 
BESS
 
Construction of the 20 MW battery energy storage system (BESS) 
at the Magat hydropower plant is progressing well. The facility is 
Scatec’s first BESS project connected to a hydropower plant, and 
has been developed by SN Aboitiz Power, a joint venture 
between Scatec and AboitizPower. 
Hitachi Energy is providing engineering, procurement, and 
construction services for the project.
The Bank of the Philippine 
Islands and China Banking Corporation have provided 
debt 
financing. The facility will be capable of dispatching energy to the 
grid at times of peak demand and is expected to be used 
primarily for ancillary services. 
Backlog 
Construction start of the backlog projects relies on final 
governmental approval processes, completion of project finance 
processes and component price development. 
During the fourth quarter 
2022 a 60 MW solar project in 
Botswana has been added to the backlog. 
Grootfontein, South Africa, 273 MW solar 
In October 2021, Scatec was awarded preferred bidder status on 
three solar projects totalling 273 MW by the Department of 
Mineral Resources and Energy in South Africa under the 
Renewable Energy Independent Power Producers Procurement 
Programme (REIPPPP). In December 2022, the power purchase 
and implementation agreements for the projects were signed. 
The power will be sold under 20-year PPAs. Scatec will own 51% 
of the equity in the projects with H1 Holdings, our local Black 
Economic Empowerment partner owning 46.5% and a 
Community Trust holding 2.5%. Scatec will be the EPC provider 
and provide O&M as well as AM services to the power plants. 
Tunisia portfolio, 
360 MW 
solar 
In December 2019, Scatec was awarded three solar projects in 
Tunisia totalling 360 MW. The three projects will hold 20-year 
PPAs 
with Société Tunisienne de l’Electricité et du Gaz (STEG). 
During the fourth quarter, 
Scatec engaged with the Tunisian 
authorities to negotiate the PPA tariff in order to improve the 
economics of the projects. 
These discussions are ongoing. 
Scatec will have an ownership share of 51% of the project and 
provide EPC, O&M and AM services to the project company. 
Egypt, 
100 MW 
green hydrogen 
facility
Scatec has partnered with, Fertiglobe, The Sovereign Fund of 
Egypt and Orascom Construction to develop, build, own and 
operate a 100 MW green 
hydrogen production facility in Ain 
Sokhna in Egypt. 
When the project is fully developed the facility 
will be powered by 260 MW of solar and wind capacity. 
The partners have signed a term sheet with Fertiglobe 
for a 20-
year offtake agreement for 100% of the volumes produced. The 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
47
green hydrogen will be used as feedstock for production of green 
ammonia. 
The estimated total capital expenditure for the project is USD 430 
million to be financed by 75% non-recourse project debt and 
equity from partners. 
 
Scatec will be the lead equity investor in the project with an 
ownership share of 52% and provide EPC services in collaboration 
with Orascom Construction. Scatec will further provide O&M and 
AM services for the project alongside key technology providers 
and project partners. 
Botswana, 
60 MW 
solar 
In August 2022, Scatec signed a binding 25-year PPA with 
Botswana Power Corporation, a state-owned utility in Botswana, 
for a 60 MW solar power plant at Selebi-Phikwe. The solar project 
is the first of its kind in the country. 
The estimated total capital expenditure for the project is BWP 640 
million (USD 49 million) to be financed by 70% non-recourse 
project debt and equity from partners. 
Scatec currently owns 100% of the project, and will provide EPC 
services, as well as Asset Management and O&M services. 
 
Pipeline 
Location 
2022 
 
Capacity 
(MW) 
2021 
 
Capacity 
(MW) 
Latin America 
1,276 
2,147 
Africa and the Middle East 
7,597 
5,389 
Europe & Central/South Asia 
2,975 
1,690 
Southeast Asia 
3,864 
5,549 
Total pipeline 
15,712 
14,775 
In addition to the projects in backlog Scatec holds a solid pipeline 
of projects totalling 15,712 MW across technologies. 
Approximately 85% of the projects in the pipeline are located 
within our focus markets. 
 
Solution 
2022 
 
Capacity 
(MW) 
2021 
 
Capacity 
(MW) 
Solar 
5,005 
6,311 
Wind 
6,223 
5,150 
Hydro 
2,684 
2,514 
Green Hydrogen
1)
1,500 
500 
Release 
300 
300 
Total 
15,712 
14,775 
The pipeline projects are in different stages of development and 
maturity, but they are all typically in markets with an established 
government framework for renewables and where project finance 
is available. The project sites and concessions have been secured 
and negotiations related to power sales and other project 
implementation agreements are in various stages of completion. 
Other matters 
Russian 
war in 
Ukraine 
On 24 February, Russia attacked Ukraine, and started 
a war that 
has now been going on for almost a year.
We witness a country 
under siege and countless lives lost in defense of their homes. 
This situation has given rise to a major humanitarian and 
geopolitical crisis. 
Scatec currently operates five solar power plants with a total 
capacity of 336 MW, located in the central and southern parts of 
the country. The situation is very 
challenging and highly 
uncertain, and Scatec's top priority is the safety of our Ukrainian 
employees. All of Scatec’s employees are accounted for. 
Approximately 95% of the power plants owned and operated by 
Scatec are intact and available, however power demand is down, 
and production is being curtailed by the grid operator on an ad 
hoc basis. On 28 March 2022 the Ministry of Energy of Ukraine 
issued an Order to reduce the amounts paid to the renewable 
power producers to 15% of the agreed tariff to cover for 
operating expenses for the duration of the martial law. On 29 
June 2022 the Ministry of Energy issued a new order which 
increased the payment level from a minimum of 15% to a 
minimum of 18% after 2 July 2022. The unpaid amounts are 
postponed to a later period. Due to the uncertainty related to 
future settlement, Scatec has from 24 February 2022 only 
recognised revenues in accordance with actual paid amounts and 
expect to do so until the new regulation is lifted. The payments 
levels have increased during the year and reached 66% in the 
fourth quarter 2022. 
From 24 February 2022 until end of 2022, 
the average payment level from the off-taker has been 42%. 
1)
Renewable capacity for use in production of green hydrogen and green ammonia 

48
The Russian invasion triggered an impairment assessment in the 
first quarter 2022 and Scatec recognised an impairment charge of 
NOK 770 million in the proportionate financials (NOK 816 million 
in the consolidated financials) related to tangible and intangible 
assets in Ukraine. On 31 December 2022 the impairment tests 
have been updated with new information on cash flow 
assumptions and discount rates, however no further impairments 
have been recognised. After the impairment recognised in the 
first quarter 2022, total fixed assets and intangible assets in 
Ukraine amounts to NOK 2,107 million in the consolidated 
financials as of 31 December 2022. Refer to Note 12 Impairment 
for details on the impairment of the plants. 
Scatec recognised an expected credit loss provision in the first 
quarter 2022 with respect to trade and other receivables which 
amounted to NOK 87 million in the proportionate financials (NOK 
98 million in the consolidated financials). In the period second to 
fourth quarter 2022 
no further loss provisions have been made. 
The provision is included in other operating expenses in the 2022 
figures. Total outstanding receivables in Ukraine has during 2022 
decreased from NOK 390 million to NOK 167 million (excluding 
the credit loss provision) in the consolidated financials, due to 
payments of accounts receivables from the period before the war 
and changes in other receivables. Refer to Note 3 Operating 
Segments for more details. 
Scatec’s power plant companies in Ukraine are not in compliance 
with covenants in the loan agreements for the non-recourse 
project debt at year-end. The situation is unchanged from the 
first quarter 2022, when NOK 603 million of the non-recourse 
financing was reclassified from non-current to current. As of 31 
December 2022, all
 
n
on-recourse financing in Ukraine, amounting 
to NOK 964 million, continues to be classified as current in the 
consolidated financials. Scatec has continuous and constructive 
dialogue with the lenders and the parties have agreed on a non-
formalised “stand still”. 
Additionally in Ukraine, please refer to the first quarter report 
and 
the annual report 2021 for information related to the construction 
loan provided by PowerChina Guizhou Engineering Co 
(“PowerChina”) to Scatec for the Progressovska power plant in 
Ukraine. Scatec and PowerChina has signed a revised payment 
plan for the construction loan where part of the loan was paid in 
August 2022 and of the remaining EUR 44 million, EUR 22 million 
will be paid at the end of 2023 and EUR 22 million by mid-2025. 
Scatec ASA has provided a corporate and bank guarantee to 
PowerChina in support of this obligation. In the third quarter 
2022 the construction loan was reclassified from trade payables 
to other non-current interest-bearing liabilities. In the fourth 
quarter, EUR 22 million related to the instalment due in 2023 has 
been reclassified from non-current to current interest-bearing 
liabilities. Refer to Note 17 Other Non-current and current 
liabilities and Note 24 Guarantees and commitments for further 
details. 
Potential 
PPA changes 
and overdue 
receivables 
in Honduras 
Scatec has over time experienced delayed payments from the 
state owned off-taker in Honduras (ENEE) and overdue 
receivables have accumulated to a varying degree since second 
quarter 2020. During 2022, the off taker has paid 
on average two 
thirds of total recognised revenues
 
until December when 
additional NOK 214 million of outstanding receivables were paid. 
As a result, a large part of the accumulated overdue receivables 
in Honduras in the consolidated financials was settled and 
decreased from NOK 232 million at the end of the third quarter 
2022 and NOK 172 million at the end of fourth quarter 
2021 to 
NOK 66 million at the end of the fourth quarter 
2022. 
In May 2022, a new Energy law came into force as introduced by 
the new Government of Honduras. In accordance with the new 
law, the state owned off-taker has proposed certain changes to 
the existing PPAs for all renewable power plants in the country, 
including Scatec’s solar plants Agua Fria and Los Prados. 
Negotiations have continued and matured during the fourth 
quarter with proposed changes to the PPA and settlement of 
outstanding receivables. A new agreement can include changes 
to tariff level and PPA tenor. As described above, part of 
outstanding receivables is settled, and remaining amount is 
subject to the ongoing negotiations. The outcome of the 
negotiations is not concluded, and an unfavorable result may 
have negative impact on payment of outstanding receivables by 
ENEE and the future financial performance of the assets. 
Covenants 
Except for Ukraine, Scatec was in compliance with financial 
covenants for both the recourse and non-recourse debt on 31 
December 2022. Refer to Note 21 Corporate financing and Note 
22 Non-recourse financing for more details. 
COVID-19 
Scatec has not experienced any material effects related to 
COVID-19 on its operations of power plants in 2022. The COVID-
19 situation has however influenced the markets where Scatec 
develops projects and has been causing delays in government 
approvals for some of the development projects. 
Organisation 
Scatec has an international and diverse workforce which at the 
end of 2022 was represented by 50 nationalities and 778 
employees in 29 countries. The organisation was strengthened 
across key functions and regions by expanding the team by 156 

Scatec ASA - Annual Report 2022 
49
highly skilled full-time employees during the year. In addition to 
the full-time workforce, Scatec had 146 short-term employees 
and 61 consultants supporting its functions. The organisation 
remains flexible, and the workforce continues to deliver strong 
results and growth. 
The Company’s reporting on diversity and equal opportunity 
is 
available in the Statement of equality and non-discrimination on 
https://scatec.com/sustainability/esg-resources/
. 
For further 
information on work environment, including HSSE, statistics refer 
to the Company’s 2022 ESG Performance report.
Risk factors and risk management
In Scatec, risk management is an integrated part of our operating 
system. The company has over the last years systemised the 
approach to risk management through policies and procedures, 
which are followed up by the management team and relevant 
functions including Solutions, Finance, Internal Audit, Legal, 
Sustainability, HSSE, Compliance and O&M. The main risk 
management policies are reviewed and approved by the Board of 
Directors on a regular basis. 
With integrated operations within emerging economies and 
across renewable technologies, we are exposed to a variety of 
risks. Scatec’s ability to manage these risks is fundamental for the 
Company’s success and has over time developed into a key 
competitive advantage for Scatec. Scatec capitalise on the 
experience from complex environments and risk management 
systems to de-risk an opportunity and move it forward. 
As part of the risk management system, all risks related to a 
project are identified and addressed in management- and 
project- 
reviews and reported upon on a regular basis. These 
reports represent an important part 
of Scatec’s decision gate 
reviews. An annual and quarterly risk review are performed by the 
Executive Management Team, and the output of the reviews are 
reported to the Board of Directors. 
Insurance 
Scatec uses comprehensive global insurance programmes as risk 
mitigating tools which covers a broad range of potential risks 
such as general third-party liability, professional indemnity, 
directors’ and officers’ liability, cyber security, and in certain 
countries political violence insurance. 
Scatec’s operational assets are insured through the programmes 
against physical damage, including natural catastrophes and 
weather-related events, through a property damage & business 
interruption insurance. A similar insurance programme is also 
designed for projects under construction which cover physical 
damage, loss of income and transportation risks. 
Below we have summarised the key inherent risks that Scatec is 
exposed to as per year end 2022 and key mitigation activities. 
Project 
development 
risk 
Scatec’s growth relies on successful project development which is 
impacted by a number of factors including availability of attractive 
sites, grid capacity and securing interconnection, power prices, 
component prices, interest rate level, government approval 
process, permits and access to competitive financing. Scatec 
manages this risk through a well-proven approach to screening 
of new projects as well as holding a large and broad project 
pipeline.
Component 
price 
risk 
From the date when Scatec enters into long-term contract for the 
sale of electricity and to the date of the investment decision the 
Company is exposed to the risk of component price fluctuations 
and supply chain disruptions. 
 
Scatec manages such risk by seeking to work with a broad set of 
suppliers and contractors and ensure that both capex and EPC 
budgets for new projects hold sufficient contingencies to absorb 
the most likely price fluctuations in the relevant timeframe. The 
resilience to price fluctuations do however vary between projects. 
During 2022 Scatec decided not to move forward with several 
projects in backlog as a result of increasing component prices. 
Additionally, Scatec has entered into negotiations with the 
Tunisian authorities to increase the PPA tariff for the Tunisian 
projects. At the same time Scatec started construction of new 
projects in South Africa, Brazil, Pakistan and the Philippines which, 
despite cost increases, meet return and margin within guidance. 
Compliance and integrity risk
 
Scatec is opposed all forms of corruption and strives to meet the 
highest ethical standards across its business activities. As a global 
company, it has implemented an Anti-Corruption Compliance 
Programme designed to meet the risks of diverse and challenging 
business environments. 
The Scatec Code of Conduct sets out the commitment to prevent 
corruption and places clear requirements on its employees. The 
Company trains employees on how to manage the corruption 
risks they may face, and encourages them to ask for guidance if 
they are unsure, and reminds them of their duty to speak-up if 
they suspect misconduct. In 2022, Scatec focused on tightening 
internal controls around high-risk partners and activities, and in 

50
2023 the focus will be on targeted training for exposed positions 
within the Company.
Scatec expects all business partners and suppliers to conduct their 
activities in a way that is consistent with the Code of Conduct and 
embeds this contractually in its Supplier Conduct Principles. The 
Company screens all potential suppliers and systematically 
assesses higher-risk business partners to avoid unsuitable third 
parties. The assessment goes beyond corruption to include 
environment, labour, human rights and sanction risks. Scatec 
mitigates potential risks through transparent and fair tender 
processes, robust contracting, pre-production audits and 
monitoring during production. 
Scatec’s whistleblower channel is available to all employees, 
suppliers, partners, customers and external 
stakeholders through 
internal channels and the corporate website. The channel is 
operated by a neutral third-party to protect the anonymity of 
reporters, should they so wish, and is available in multiple 
languages. All reports are taken seriously and investigated 
according to an established investigation procedure. 
Scatec’s finance partners, including Norfund and 
the World Bank 
International Finance Corporation, are widely acknowledged for 
having high ethical standards and rigorous due diligence 
requirements and, together with partners, Scatec ensures that its 
projects and operations are conducted with integrity. 
Political risk
 
Scatec sells electricity to state-owned utilities typically supported 
by sovereign guarantees. The Company’s financial performance 
therefore 
relies on government adherence to contractual 
obligations and various laws and regulations. 
 
Consequently, Scatec is subject to political risk in the countries it 
operates. Scatec mitigates political risk through a comprehensive 
contractual framework for each individual project and asset. Risk 
is also mitigated through partnerships with multilateral 
development banks as project finance lenders and/or through 
establishing project risk insurance cover from the World Bank and 
others. A large and broad asset portfolio also gives diversification 
effects and reduces the overall political risk related to the asset 
portfolio. 
Cyber 
risk 
Cyber risk is an increasing concern in society today. The main 
cyber risks in 2022 were ransomware/cryptolocker, phishing, 
supply chain attacks and zero-day vulnerabilities. 
To mitigate these risks Scatec is protecting and monitoring all 
endpoints with a well-known EDR (Endpoint Detection and 
Response) solution, and another dedicated tool to reveal crypto 
locker activity at an early stage. All user accounts are protected 
with multi-factor authentication and users yearly need to 
complete IT security awareness training. 
Scatec’s offices and managed power plants are all connected to 
the global enterprise network where all network traffic is passing 
through next-generation firewalls that are monitored by our 
service providers Security Operations Center (SOC) at all times. All 
computers, servers and network devices are updated regularly by 
following the best-practice schedules by the vendors. Any urgent 
security vulnerabilities are patched immediately. The network is 
protected against distributed denial-of-service (DDoS) attacks and 
all the central server infrastructure is backed up to three different 
physical locations. The security set-up is audited by third party 
experts on a regular basis. Scatec has not had any major cyber 
incidents in 2022.
Financial 
risk 
Through its business activities, Scatec is exposed to financial risk, 
mainly currency risk, credit risk, liquidity risk and interest rate risk. 
Financial risk management is based on the objective of reducing 
negative cash flow effects and to a less extent negative 
accounting effects of these risks. 
For a more detailed description and management of financial risk, 
refer to Note 18 Financial risk management. 
Power market 
price 
risk
 
The Company has exposure to power market price risk. Scatec 
has entered into long-term fixed price contracts for the sale of 
electricity from most of its power plants in operation at year end 
2022. In the Philippines, Scatec has exposure to the long-term 
power market price with about 70-80% of the electricity from 
power plants sold under 1 - 3 year contracts to hedge the short 
to mid-term market price exposure. 
Health, 
Safety 
and Security 
risk 
Through the construction of large-scale renewable energy plants 
with between 500-5,000 workers on the project site, and when 
providing operations and maintenance services during the 
operational phase, the Company is exposed to health and safety 
risk. Scatec is continuously working to achieve the goal of zero 
harm to personnel, materials and the environment. Scatec takes 
responsibility, sets requirements and monitors HSSE performance 
in the development, construction and operations phases of the 
projects. Further, the health and safety standards are defined and 
communicated to employees and contractors. 
Contractor management is identified as a key risk area for the 
Company, and Scatec continuously works to monitor that all 

Scatec ASA - Annual Report 2022 
51
subcontractors operate in accordance with its corporate policy 
and principles.
For countries with a high-risk rating, Scatec follows special 
security measures for all travel in line with the recommendations 
of the Company’s third-party risk advisor. Scatec works 
systematically to strengthen its approach to security management 
and emergency preparedness. 
Climate 
risk 
Scatec’s business model and strategy is based on the need to 
transition from fossil fuels to reduce greenhouse gas (GHG) 
emissions, a key climate opportunity. However, climate risk, both 
physical risk and transition risk, could also have a range of 
potential impacts on Scatec’s business. The most serious climate-
related risks involve the physical impact of extreme weather 
events, including droughts and floods. Extreme weather can 
cause physical damage to the plants and directly affect power 
generations. The risk is mitigated through adequate engineering 
in the design phase, regular inspections and emergency plans. 
Transitional risks such as increased regulation, new technologies 
and changes to markets also affect Scatec. As climate ambitions 
increase, there is likely to be increased competition that can affect 
among others component prices and power prices. Refer to our 
Task Force on Climate related Financial Disclosure (TCFD) report 
2022 for corporate climate risk assessments and more 
information.
For further environmental and social responsibilities 
refer to the 2022 ESG Performance report. 
Other risks 
Other inherent risk with low likelihood and/or lower potential 
business impact is briefly described here. 
Risk of war and civil unrest 
– Scatec is generally not making 
investments in regions with high risk of war and civil unrest. This 
risk is assessed before starting development of new project 
opportunities. The risk has unfortunately 
materialised in Ukraine 
where Russia started a military invasion in February 
2022. Refer to 
‘Other matters’ for update on Ukraine. 
Human rights –
 
the risk relating to the breach of fundamental 
human rights in renewable energy projects and the supply chain. 
The main risk relating to the Company’s supply chain is related to 
labour and working conditions in exposed regions such as 
Xinjiang, China. The Company conducts human rights due 
diligence in projects and the supply chain as per the 
Transparency Act requirements and has a corporate human rights 
policy aligned with the United Nations Guiding Principles on 
Business and Human Rights. 
Pandemic risk - Scatec 
with its external risk advisors, regularly 
assess risks related to global health issues such as pandemics. The 
impact of COVID-19 on Scatec’s operations has been limited as 
we operate critical infrastructure. The COVID-19 situation has 
however influenced the markets where Scatec develops projects 
and has caused delays in government approvals for some of the 
development projects. 
Corporate 
governance 
The Board of Directors has made a strong commitment to ensure 
trust in the Company and to enhance shareholder value through 
effective decision-making and open communication between the 
management, the Board of Directors, the shareholders and other 
stakeholders. The Company’s framework for corporate 
governance is intended to decrease business risk, maximise value 
and utilise the Company’s recourses in an efficient, sustainable 
manner, to the benefit of shareholders, employees and society at 
large. The Company’s corporate governance framework is subject 
to annual reviews and discussions by the Board of Directors. The 
Company comply with the Norwegian Code of Practice for 
Corporate Governance and the Board of Directors’ Corporate 
Governance report is available on the corporate website under 
the Investor section. 
Scatec ASA has purchased and maintains a Directors and Officers 
Liability Insurance on behalf of the members of the Board of 
Directors and CEO. The insurance additionally covers any 
employee acting in a managerial capacity and includes 
subsidiaries owned with more than 50%. The insurance policy is 
issued by a reputable, specialised insurer with appropriate rating.
Market outlook 
According to Bloomberg New Energy Finance (BNEF), global 
investments in the low-carbon energy transition reached USD 1.1 
trillion in 2022, 31 per cent up from last year. Despite the record 
high investment, it is below what is needed for the net zero 
target. BNEF’s Net Zero Scenario calls for USD 194 trillion of 
investments in the energy transition to 2050.
The demand for renewables is growing rapidly, spurred on by 
increasingly urgent climate warnings, along with escalating 
economical and geopolitical factors. The relative competitiveness 
of renewables has strengthened over time, and it is now the most 
cost-efficient power source in much of the world. 
BNEF expects global solar new build to accelerate and see new 
installations of around 316 GW in 2023, up from an estimated 268 
GW in 2022. For wind, new installations are expected to reach 110 
GW, up from 98 GW in 2022. The global energy storage market is 
expected to continue to grow, estimated installations in 2023 
increase to 28 GW from 16 GW in 2022. 

52
Hydropower will continue to play an important role in the energy 
transition. International Renewable Energy Agency IRENA 
estimates in the 2022 Outlook, capacity to increase to 1,500 GW 
by 2030.
Green hydrogen and green ammonia are set to play a major role 
in decarbonisation of hard-to-abate sectors globally in the 
coming years, driven by volatile gas prices, cheap renewables, 
ambitious net zero targets and an increasing number of national 
hydrogen strategies being adopted. Global demand for green 
hydrogen and green ammonia is expected to reach more than 
500 million tonnes and 200 million tonnes, respectively, by 2050. 
Long term, BNEF expects all renewables to see massive growth 
and to dominate the power sector in 2050. In its Net Zero 
Scenario, BNEF highlights six key actions to be on track to reach 
net zero by 2050: 
●
Accelerate deployment of mature climate solutions 
●
Support the development of new climate solutions 
●
Manage the transitions or phase-out of carbon-intensive 
activities 
●
Create appropriate climate transition governance structures 
●
Support the transition in emerging markets and developing 
countries 
●
Scale up the supply of critical materials 
Forward-looking statements reflect current views about future 
events and are, by their nature, subject to significant risks and 
uncertainties because they relate to events and depend on 
circumstances that will occur in the future. Although Scatec 
believes that these assumptions were reasonable when made, the 
Group cannot assure that the future results, level of activity or 
performances will meet these expectations. 
Scatec growth targets and outlook 
In September 2022 Scatec announced a sharpened strategy and 
updated growth targets. Scatec will continue to develop, build, 
own and operate renewable energy in emerging markets and 
secure long-term, profitable, and sustainable growth in the 
strategy period towards 2027. The strategy outlines three primary 
focus areas; i) grow renewables, ii) advance green hydrogen and 
iii) optimise portfolio, including financial ambitions and targets. 
i.
Scatec will continue to grow its renewables business, 
including solar, wind and hydro, by building scale in selected 
focus markets to improve predictability and value creation. 
ii.
Scatec will build on its core strengths to take a leadership 
role in green hydrogen by developing prime locations in 
emerging markets, securing long-term offtake, and funding, 
and applying the integrated business model. 
iii.
Scatec will optimise its portfolio, by simplifying and 
consolidating, capturing additional value in power markets, 
and scaling and launching Release as an independent 
platform. 
Scatec targets to invest NOK 10 billion of equity in new power 
plants with a required return of 1.2 times the cost of equity. The 
company has a solid financial platform for growth, including a 
diversified asset portfolio, prudent financial risk management, 
continued focus on cost discipline, and solid cash flow. 
For the full year 2023 Scatec is estimated to generate 
proportionate power production EBITDA of NOK 2,700 – 3,000 
million based on an estimated power production of 3,500 – 3,900 
GWh. 
Share capital and the Scatec share 
Scatec ASA is listed on the Oslo Stock Exchange under the ticker 
“SCATC”. The share capital of Scatec was NOK 3,972,932 divided 
on 158,917,275 shares at year end 2022, each with a nominal 
value of NOK 0.025. All shares are of the same class and with 
equal voting and dividend rights. Per 31 December 2022, the 
number of shareholders were 
16,463. Refer to Note 25 - Share 
capital, shareholder information and dividend for further 
information. During 2022 Scatec’s share price declined by 50 
percent. 
Scatec aims at informing all interested parties about important 
events and the Company’s developments through annual reports 
and quarterly financial presentations, stock exchange notices and 
other Company updates. Further information can be found in the 
investor section of Scatec’s website at 
www.scatec.com/investor. 
Dividend policy 
In line with the current dividend policy, the Board of Directors 
have resolved to propose to the 2023 Annual General Meeting of 
Scatec that a dividend of NOK 1,94 per share should be paid for 
2022. The Board of Directors have further proposed 
to change 
the payment ratio from 25% to 15% of free cash distributed from 
producing power plants, to support Scatec’s growth ambitions 
while retaining the Group’s objective to pay shareholder 
dividends. 
Financial review 
Presentation 
of Accounts 
Pursuant to Section 3-3 of the Norwegian Accounting Act, the 
Board of Directors confirm that the Financial Statements have 

Scatec ASA - Annual Report 2022 
53
been prepared under the assumption that the Scatec Group 
and Scatec ASA is a going concern and that this assumption 
was appropriate at the date of approval of the Financial 
Statements. The Group reports its Consolidated Financial 
Statements in accordance with International Financial 
Reporting Standards (IFRS) with Norwegian Kroner (NOK) as 
reporting currency. The notations Scatec, Scatec Group, the 
Company and the Group are used interchangeably 
throughout the document. Figures in parentheses are for the 
corresponding period of the previous year. 
Segment 
and proportionate 
financials 
Scatec reports on four operating business segments: Power 
Production (PP), Services, Development & Construction (D&C) 
and Corporate. 
To improve earnings visibility and reporting transparency on 
underlying value creation across Scatec’s business activities, the 
Company is reporting on proportionate financials in addition to 
consolidated financials. With proportionate financials Scatec 
reports its share of revenues, expenses, profits and cash flows 
from its subsidiaries based on Scatec’s economic interest in the 
subsidiaries. Proportionate reporting is in line with how the 
Management Team assesses the performance of the segments. 
Please refer to Note 3 Operating Segments for further 
descriptions of the proportionate financials as well as 
reconciliation to the IFRS financial statement. 
 

54
Subsequent events 
No adjusting events have occurred after the balance sheet date. 
Non-adjusting 
events 
Refinancing of Bridge-to-Bond USD 193 million 
On 2 February 2023, Scatec refinanced USD 100 million of the 
USD 193 million Bridge to Bond facility with a new USD 100 million 
term loan with maturity in the fourth quarter 
2027 provided by 
DNB, Nordea and Swedbank. The new term loan is amortised 
through semi-annual repayments of USD 5 million starting from 
2024. The existing USD 180 million Revolving Credit Facility, 
provided by the same banks and BNP Paribas, is further extended 
by 1.5 years with maturity in the third quarter of 2025. 
On 10 February 2023, Scatec placed 
NOK 1,000 million in new 
unsecured green bonds to refinance the remaining USD 93 
million of the Bridge to Bond facility established when Scatec 
acquired SN Power in 2021. The new bonds have maturity in 
February 2027 and carries a coupon rate 
of 3-month NIBOR plus 
6.60%. 
Sale of Upington in South Africa 
On 2 February 2023, Scatec signed 
an agreement with a 
subsidiary of STANLIB Infrastructure Fund II, managed by 
STANLIB Asset Management Proprietary Limited (“Stanlib”), to sell 
its 42% equity share in the 258 MW Upington solar power plant 
for a gross consideration of ZAR 979 million (NOK 569 million). 
The transaction is in line with Scatec’s strategy to optimise the 
portfolio as presented at the Capital Markets Update in 
September 2022 and will release capital for new investments in 
renewable energy. 
The solar plant in Upington reached COD in 2020 and were 
awarded in the fourth bidding round under the Renewable 
Energy Independent Power Producer Programme. The plant 
generates approximately one third of the proportionate power 
production EBITDA in South Africa for Scatec. Scatec will continue 
to provide Operations & Maintenance and Asset Management 
services to the Upington power plant. South Africa remains a 
focus market for Scatec, and the Company continues to build 
scale by investing into new projects, including the Kenhardt and 
Grootfontein projects. 
The transaction is expected to generate a net accounting gain of 
approximately NOK 760 million on a consolidated basis and NOK 
310 million on a proportionate basis. The difference is primarily 
explained by the D&C margin related to the projects which has 
been eliminated in the consolidated statement of financial 
positions. The final accounting effects will be determined on 
closing of the transaction. Norfund is also selling its 18% equity 
share to Stanlib as part of the same transaction. The transaction is 
subject to the customary consents and is expected to close in the 
first half of 2023. Please refer to note 30 Subsequent events for 
further details. 
Oslo, 
21 March 
2023 
The Board of Directors Scatec ASA 
 

Scatec ASA - Annual Report 2022 
55
Consolidated financial 
statements Group

 
 
 
 
 
56
Consolidated statement of profit or loss 
57 
Consolidated statement of comprehensive income 
58 
Consolidated statement of financial position 
59 
Consolidated statement of changes in equity 
61 
Consolidated statement of cash flow 
63 
Notes to the Consolidated financial statements 
63 
General 
information 
Note 1 
Corporate information 
63 
Note 2 
Basis for preparation, basis for consolidation and key sources of 
estimation uncertainty 
63 
Statement 
of profit 
or loss 
(and 
comprehensive 
income) 
Note 3 
Operating segments 
64 
Note 4 
Employee benefits 
69 
Note 5 
Other operating expenses 
71 
Note 6 
Financial income and expenses 
72 
Note 7 
Tax 
72 
Note 8 
Earnings per share 
75 
Statement 
of financial 
position
Note 9 
Property, plant and equipment 
76 
Note 10 
Goodwill and intangible assets 
77 
Note 11 
Leases 
78 
Note 12 
Impairment testing 
80 
Note 13 
Investments in joint venture and associated companies 
82 
Note 14 
Cash and cash equivalents 
86 
Note 15 
Trade receivables 
87 
Note 16 
Other non-current and current asset 
88 
Note 17 
Other non-current and current liabilities 
88 
Financial 
risk and 
capital 
management 
Note 18 
Financial risk management and risk sensitivities 
89 
Note 19 
Financial instruments 
92 
Note 20 
Derivative financial instruments 
94 
Note 21 
Corporate financing 
96 
Note 22 
Non-recourse financing 
98 
Note 23 
Project equity financing provided by co-investors 
100 
Note 24 
Guarantees and commitments 
102 
Other 
information 
Note 25 
Share capital, shareholder information and dividend 
103 
Note 26 
Consolidated subsidiaries 
104 
Note 27 
Non-controlling interests 
105 
Note 28 
Transactions with related parties 
107 
Note 29 
Changes in accounting policies 
108 
Note 30 
Subsequent events 
109 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
57
Consolidated statement of profit 
and loss 
1 JANUARY - 31 DECEMBER 
NOK million 
Note 
2022 
2021 
Revenues 
3 
3,002
3,038
Net income/(loss) from JV and associated companies 
3, 13 
749
765
Total revenues and other income 
3,751
3,803
Personnel expenses 
4 
-528
-397
Other operating expenses 
5 
-668
-503
Depreciation, amortisation and impairment 
9, 10, 11 
-1,832
-892
Operating profit (EBIT) 
723
2,012
Interest and other financial income 
6 
115
47
Interest and other financial expenses 
6 
-1,666
-1,368
Net foreign exchange gain/(loss) 
18, 6 
-268
69
Net financial expenses 
-1,818
-1,253
Profit/(loss) before income tax 
-1,095
759
Income tax (expense)/benefit 
7 
-132
-303
Profit/(loss) for the period 
-1,228
456
Profit/(loss) attributable to: 
Equity holders of the parent 
-1,334
388
Non-controlling interest 
27 
106
68
Basic earnings per share (NOK) 
8 
-8.40
2.45
Diluted earnings per share (NOK) 
8 
-8.40
2.43

 
58
Consolidated statement of comprehensive 
income 
1 JANUARY - 31 DECEMBER 
NOK million 
Notes 
2022 
2021 
Profit/(loss) for the period 
-1,228
456
Other comprehensive income: 
Items that may subsequently be reclassified to profit or loss 
Net movement of cash flow hedges 
20 
664
386
Income tax effect from net movement of cash flow hedges 
7 
-150
-108
Foreign currency translation differences 
472
40
Net other comprehensive income to be reclassified 
986
317
Total comprehensive income for the year, net of tax 
-242
773
Attributable to: 
Equity holders of the parent 
-648
595
Non-controlling interest 
27 
406
178

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
59
Consolidated statement of financial position 
NOK million 
Note 
31 December 2022 
31 December 2021 
Assets 
Non-current assets 
Deferred tax assets 
7 
860
748
Property, plant and equipment 
9 
17,310
15,885
Goodwill and intangible assets 
10 
758
797
Investments in JVs and associated companies 
13 
10,674
9,745
Other non-current assets 
16, 28 
616
210
Total non-current assets 
30,218
27,385
Current assets 
Trade and other receivables 
15 
497
740
Other current assets 
16, 28 
1,883
734
Cash and cash equivalents 
14 
4,132
4,171
Total current assets 
6,512
5,645
Total assets 
36,730
33,030

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
60
Consolidated statement of financial position 
NOK million 
Note 
31 December 2022 
31 December 2021 
Equity and liabilities 
Equity 
Paid in capital 
Share capital 
25 
4
4
Share premium 
9,819
9,775
Total paid in capital 
9,823
9,779
Other equity 
Retained earnings 
-2,231
-493
Other reserves 
671
-16
Total other equity 
-1,560
-508
Non-controlling interests 
27 
540
649
Total equity 
8,803
9,919
Non-current liabilities 
Deferred tax liabilities 
7 
743
589
Corporate financing 
21 
7,987
7,264
Non-recourse project financing 
22 
13,297
10,708
Other financial liabilities 
19, 20 
12
249
Other interest-bearing liabilities 
17 
231
-
Other non-current liabilities 
17, 28 
1,618
1,387
Total non-current liabilities 
23,888
20,197
Current liabilities 
Non-recourse project financing 
22 
1,963
1,147
Income tax payable 
7 
37
24
Trade and other payables 
594
812
Other financial liabilities 
19, 20 
108
90
Other interest-bearing liabilities 
17 
231
-
Other current liabilities 
17, 28 
1,106
841
Total current liabilities 
4,039
2,913
Total liabilities 
27,927
23,110
Total equity and liabilities 
36,730
33,030
Oslo, 
21 March 
2023 
The Board of Directors Scatec ASA 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
61
Consolidated statement of changes in equity 
Other reserves 
NOK million 
Note 
Share 
capital 
Share 
premium 
Retained 
earnings 
Foreign 
currency 
translation 
Hedging 
reserves 
Total 
Non-
controlling 
interests 
Total 
equity 
At 1 January 2021 
4
9,720
-708
40
-261
8,794
673
9,467
Profit for the period 
-
-
388
-
-
388
68
456
Other comprehensive income 
-
-
1
55
150
207
110
317
Total comprehensive income 
-
-
390
55
150
595
178
773
Share-based payment 
4 
-
12
-
-
-
12
-
12
Share capital increase 
25 
-
42
-
-
-
42
-
42
Share purchase program 
-
-1
-
-
-
-1
-
-1
Dividend distribution 
25 
-
-
-173
-
-
-173
-217
-390
Capital increase from NCI 
27 
-
-
-
-
-
-
14
14
At 31 December 2021 
4
9,775
-493
95
-111
9,271
649
9,919
At 1 January 2022 
4
9,775
-493
95
-111
9,271
649
9,919
Profit for the period 
-
-
-1,334
-
-
-1,334
106
-1,228
Other comprehensive income 
-
-
-
377
309
686
300
986
Total comprehensive income 
-
-
-1,334
377
309
-648
406
-242
Share-based payment 
4 
-
39
-
-
-
39
-
39
Share capital increase 
25 
-
5
-
-
-
5
-
5
Dividend distribution 
25 
-
-
-404
-
-
-404
-526
-929
Capital increase from NCI 
27 
-
-
-
-
-
-
11
11
At 31 December 2022 
4
9,819
-2,231
472
199
8,263
540
8,803

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
62
Consolidated statement of cash flow 
NOK million 
Notes 
2022 
2021 
Cash flow from operating activities 
Profit before taxes 
-1,095
759
Taxes paid 
7 
-170
-234
Depreciation and impairment 
9, 10, 11 
1,832
892
Net gain/loss from sale of fixed assets 
9 
45
9
Net income from JV and associated companies 
13 
-749
-765
Interest and other financial income 
6 
-115
-47
Interest and other financial expenses 
6 
1,666
1,368
Unrealised foreign exchange (gain)/loss 
6 
268
-69
Increase/(decrease) in current assets and current liabilities 
-926
158
Net cash flow from operating activities 
756
2,072
Cash flows from investing activities 
Interest received 
6 
115
47
Consideration paid for SN Power, net of cash acquired 
21 
-
-7,848
Investments in property, plant and equipment 
9 
-1,986
-967
Distributions from JV and associated companies 
13 
669
819
Investments in JV and associated companies 
13 
-204
-131
Net cash flow used in investing activities 
-1,406
-8,081
Cash flow from financing activities 
Proceeds from non-controlling interests 
23 
18
-
Distributions to non-controlling interests 
23 
-8
-12
Interest paid 
19 
-1,108
-1,180
Proceeds from non-recourse project financing 
22, 19 
3,468
43
Repayment of non-recourse project financing 
22, 19 
-1,175
-750
Payments of principal portion on lease liabilities 
11 
-26
-25
Interest paid on lease liabilities 
11 
-20
-15
Net proceeds from corporate financing 
21, 19 
-
4,699
Share capital increase 
25 
-
42
Dividends paid to equity holders of the parent company and non-controlling interests 
25 
-929
-390
Net cash flow from financing activities 
221
2,413
Net increase/(decrease) in cash and cash equivalents 
-428
-3,597
Effect of exchange rate changes on cash and cash equivalents 
389
-20
Cash and cash equivalents at beginning of the period 
4,171
7,788
Cash and cash equivalents at end of the period 
14 
4,132
4,171

 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
63
Notes to the Consolidated financial statements Group 
Note 1 
Corporate information 
Scatec ASA
 
is 
incorporated 
and 
domiciled 
in 
Norway
. 
The 
address of its registered office is 
Askekroken 11, NO-0277 Oslo, 
Norway.
 
Scatec 
ASA
 
was established on 2 February 2007. 
Scatec ASA (“the Company”), its subsidiaries and investments 
in associated companies and joint ventures (“the Group” or 
“Scatec”) is a leading renewable energy solution provider, 
accelerating access to reliable and affordable clean energy in 
high growth markets. As a long-term player, we develop, 
build, own and operate renewable energy plants, with 4.6 GW 
in operation and under construction across four continents 
today
 
(refer to Note 3 – Operating segments).
Information on the Group’s structure is provided in Note 26 – 
Consolidated subsidiaries.
The Company is listed on the Oslo Stock Exchange under the 
ticker symbol ‘SCATC’
. For further details on shareholder 
matters, refer to Note 25 – Share capital, shareholder 
information and dividend. 
The consolidated financial statements for the full year 2022 
were authorised for issue in accordance with a resolution by 
the Board of Directors on 21 March 2023.
The Company is pursuing an integrated business model across the complete lifecycle 
of renewable power plants including project development, financing, construction, ownership, 
and operation and maintenance.
Note 2 Basis for preparation, basis of 
consolidation and key sources of estimation 
uncertainty
Basis 
for preparation 
The Scatec Group’s consolidated financial statements have 
been prepared in accordance with International Financial 
Reporting Standards (IFRSs) and interpretations issued by the 
International Accounting Standards Board (IASB) and as 
adopted by the European Union (EU). In compliance with the 
Norwegian Accounting Act, additional disclosure requirements 
are included in the notes to the financial statements of Scatec 
ASA. 
The consolidated financial statements have been prepared on 
a historical cost basis, except for financial instruments 
measured at fair value. 
The statement of cash flows is prepared under the indirect 
method. 
The segment financials are reported on a proportionate basis 
in line with how the management team assesses the segments 
performance. For further description of the proportionate 
financials as well as a reconciliation between proportionate 
financials and the consolidated financials please refer to Note 
3 - Operating segments and the section on Alternative 
Performance Measures (APM). 
The functional currency of the companies in the Group is 
determined based on the nature of the primary economic 
environment in which each company operates. 
The 
consolidated financial statements are presented in Norwegian 
kroner (NOK) and on consolidation, the assets and liabilities of 
foreign entities with functional currencies are translated into 
NOK at the rate of exchange prevailing at the end of reporting 
period and their income statements are translated at average 
monthly exchange rates. 
All values are rounded to the nearest million (NOK 1,000,000) 
except when otherwise indicated. Because of these rounding 
adjustments, the figures in some columns may not add up to 
the total of that column.
Basis 
of consolidation 
The consolidated financial statements comprise the financial 
statements of the Parent and its subsidiaries as of 31 
December 2022. When the Group has less than a majority of 
the voting or similar rights of an investee, the Group considers 
all relevant facts and circumstances in assessing whether it has 
power over an investee. Control is achieved when the Group 
has power over the investee, is exposed, or has rights, to 
variable returns from its involvement with the investee and has 
the ability to affect those returns through its power over the 
investee. 
i 

 
64
When necessary, adjustments are made to the financial 
statements of subsidiaries to bring their accounting policies in 
line with the Group’s accounting policies. 
All intra-group assets and liabilities, equity, income, expenses 
and cash flows relating to transactions between members of 
the Group are eliminated in full on consolidation.
 
Estimation 
uncertainty 
In preparation of the Group’s consolidated financial 
statements, management has made assumptions and 
estimates about future events and applied judgements that 
affect the reported values of assets, liabilities, revenues, 
expenses and related disclosures. Uncertainty about these 
assumptions and estimates could result in outcomes that 
require a material adjustment to the carrying amount of assets 
or liabilities affected in future periods. The assumptions and 
estimates are based on historical experience, current trends 
and other relevant factors available when the consolidated 
financial statements are prepared. The key assumptions 
concerning the future and other key sources of estimation 
uncertainty at the reporting date, that have 
a significant risk of 
causing a material adjustment to the carrying amounts 
of 
assets and liabilities within the next financial year, are 
described below and in individual notes. Existing circumstances 
and assumptions about future developments, however, may 
change due to market changes or circumstances arising 
beyond the control of the Group. Such changes are reflected 
in the financial statements when the changes in assumptions 
occur. 
Information about estimation uncertainty, judgements and 
assumptions in the annual report are largely incorporated into 
the individual notes. 
The Company’s management believes the following critical 
accounting items represent the more significant judgements 
and estimates not naturally belonging in the individual notes, 
but used in the preparation of the consolidated financial 
statements:
Consolidation of power plant companies 
Scatec’s value chain comprises all downstream activities such 
as project development, financing, construction, operations as 
well as having an asset management role through ownership 
of the power plants. Normally Scatec enter partnerships for the 
shareholding of the power plant companies. To be able to fully 
utilise the business model, Scatec normally seeks to obtain 
operational and financial control of the power plant 
companies. Operational control is obtained through governing 
bodies, shareholder agreements and other contractual 
arrangements. Other contractual arrangements may include 
Scatec’s role as the developer of the project, EPC provider 
(construction), operation and maintenance service provider 
and asset management service provider. 
Scatec would normally seek to undertake the following distinct 
roles in its projects: 
1.
As the largest shareholder providing equity financing to 
the project 
2.
As (joint) developer, including obtaining project rights, 
land permits, off taker agreements and other local 
approvals
3.
As EPC contractor, responsible for the construction of the 
project
4.
As provider of operation & maintenance services to the 
projects, responsible for the day to day operations of the 
plant
5.
As provider of management services to the power plant 
companies
Even though none of the projects Scatec is involved with are 
identically structured, the five roles/activities described above 
constitute the main and relevant activities which affect the 
variable return. When assessing whether Scatec controls a 
power plant company, all facts and circumstances, including 
the above agreements are analysed. For the power plant 
companies consolidated in the financial statement, Scatec has 
concluded that it through its involvement controls the entities. 
Scatec has considered that it has the current ability to direct 
the relevant activities of the entities and has the ability to affect 
the variable returns through its power over the companies. 
The assessment of whether Scatec controls the investee is 
performed upon first time consolidation and is renewed 
annually or more often, if and when facts that could impact 
the conclusion change. 
Please see individual notes and sections “Estimation 
uncertainty” for further 
details around other estimations, 
judgements and assumptions.
 
Note 3 Operating segments
Operating segments align with internal management reporting 
to the Group’s chief operating decision makers, defined as the 
Executive Management team. The operating segments are 
determined based on differences in the nature of their 
operations, products and services. Scatec manages its 
operations in four segments: Power Production (PP), Services, 
Development & Construction (D&C) and Corporate. 
Power Production 
The Power Production segment manages the Group’s power 
producing assets and derives its revenue from the production 
and sale of solar, 
winds and hydro generated electricity based 
on long-term Power Purchase Agreements or Feed-in-tariffs. 
In addition, the segment includes revenues from the Release 
concept, and energy trading activities. 
The electricity is 
primarily sold on long-term Power Purchase Agreements or 
feed-in-tariffs except for in the Philippines where the electricity 

Scatec ASA - Annual Report 2022 
65
is sold on bilateral contracts, in the spot market and as 
ancillary services. 
Revenue is recognised upon delivery of electricity produced to 
the local operator of the electricity grid. The performance 
obligation is to deliver a series of distinct goods (power) and 
the performance obligation is satisfied over time which entails 
that revenue should be recognised for each unit delivered at 
the transaction price. Revenue is recognised upon transfer of 
electricity produced to the local operator of the electricity grid, 
based on periodic meter readings. The Group applies a 
practical expedient under IFRS 15 whereby the revenue from 
power for most of the contracts is recognised at the amount of 
which the entity has a right to invoice. The right to invoice 
power arises when power is produced and delivered on to the 
electricity grid. The right to invoice the consideration will 
normally correspond directly with the value delivered to the 
customer. 
Delivery is deemed complete when all the risks and rewards 
associated with ownership have been transferred to the buyer 
as contractually agreed, compensation has been contractually 
established and collection of the resulting receivable is 
probable. For all sales contracts the Group had per the end of 
year, indexation of tariffs is recognised when they come into 
force. 
Finance and operation of the plants is mainly ring-fenced in 
power plant companies with a non-recourse finance structure. 
This implies that the project debt is only secured and serviced 
by project assets and the cash flows generated by the project, 
and that there is no obligation for project equity investors to 
contribute additional funding in the event of a default. Free 
cash flows after debt service are distributed from these power 
plant companies to Scatec, and any other project equity 
investors in accordance with the shareholding and the terms of 
the finance documents. 
Services 
The Services segment comprises Operations & Maintenance 
(O&M) and Asset Management services provided to power 
production plants where Scatec has economic interest. The 
services are delivered to ensure optimised operations of power 
producing assets through a complete and comprehensive 
range of services for technical and operational management. 
O&M revenues are generated based on fixed service fees with 
additional profit-sharing arrangements. Asset Management 
services typically include financial reporting to sponsors and 
lenders, regulatory compliance, environmental and social 
management, as well as contract management on behalf of 
the power plant companies. 
Revenues are based on service agreements with a periodic 
base fee as well as a potential performance bonus. These 
revenues are recognised as the service is provided. The 
potential performance revenues from the profit-sharing 
agreements are considered as variable consideration under 
IFRS 15 and are recognised when it is highly probable that the 
recognition will not be reversed in future periods. 
Development 
& Construction 
The Development & Construction segment derives its revenue 
from the sale of development rights and construction services 
to project entities set up to operate the Group’s power 
production plants. These transactions are primarily made with 
entities that are under the control of the Group and hence 
eliminated when consolidated. 
Construction services include operations where Scatec is 
responsible for the total scope of a turnkey installation of a 
power plant through a contract covering Engineering, 
Procurement and Construction. Revenues from construction 
services are based on fixed price contracts and are accounted 
for using the percentage of completion method. The 
percentage of completion of a contract is determined by 
actual cost incurred over total estimated costs to complete. 
Scatec periodically revise contract profit estimates and 
immediately recognises any losses on contracts. Incurred costs 
include all direct materials, costs for modules, labor, 
subcontractor costs, and other direct costs related to contract 
performance. Scatec recognises direct material costs as 
incurred costs when the main direct materials have been 
installed. Scatec considers direct materials to be installed when 
they are permanently attached or fitted to the power 
production systems as required by engineering designs. 
Some construction contracts include product warranties. The 
expected warranty amounts are recognised as an expense at 
the time of sale and are adjusted for subsequent changes in 
estimates or actual outcomes. The group has currently 
ongoing construction projects in Pakistan, Brazil and South 
Africa, as well as projects related to Release in Cameroon and 
South Africa. 
Corporate 
Corporate consists of the activities of corporate and 
management services. 
No segments have been aggregated to form these reporting 
segments. Revenues from transactions between the D&C, 
Services and PP segments, where Scatec is deemed to hold a 
controlling interest, are presented as internal revenues in the 
segment reporting, and eliminated in the consolidated 
statement of profit or loss.
 
Use of 
proportionate 
financials 
The segment financials are reported on proportionate basis. 
With proportionate financials Scatec reports its share of 
revenues, expenses, profits and cash flows from its subsidiaries 
without eliminations based on Scatec’s economic interest in 
the subsidiaries. The Group introduced Proportionate 
Financials as the Group is of the opinion that this method 
improves earnings visibility and to improve transparency on 
underlying value creation across Scatec’s business activity. 
Revenues from transactions between group companies, where 
Scatec is deemed to hold a controlling interest, are presented 
as internal revenues in the segment reporting. These 
transactions are based on international contract standards and 
terms negotiated at arm’s length with lenders and co-investors 

66
in each power plant company. No operating segments have 
been aggregated to form these reporting segments. 
The consolidated revenues and profits are mainly generated in 
the Power Production segment. Activities in the Services and 
Development & Construction segment mainly reflect deliveries 
to other companies controlled by Scatec, or which revenues 
and profits are eliminated in the consolidated financial 
statements. The key differences between the proportionate 
and the consolidated (IFRS) financials are that: 
●
In the consolidated financials fully consolidated companies 
are presented on a 100% basis. In the proportionate 
financials the fully consolidated companies are presented 
based on Scatec’s ownership percentage/economic interest. 
The residual ownerships interests in the table below 
represent the share of the proportionate financials in fully 
consolidated subsidiaries where Scatec do not have 100% 
economic interest. 
●
In the consolidated financials joint venture and associate 
companies are equity consolidated and are presented with 
Scatec’s share of the net profit on a single line in the 
statement of profit or loss. In the proportionate financials 
the joint venture and associate companies are presented in 
the same way as other subsidiaries on a gross basis in each 
account in the statement of profit or loss. In the table below 
is the column elimination of equity consolidated entities the 
elimination of proportionate financials from equity 
consolidated entities adjusted for Scatec’s share of net 
income/(loss). 
●
Internal gains are eliminated in the consolidated financials 
but are retained in the proportionate financials. These 
internal gains primarily relate to gross profit on D&C goods 
and services delivered to project companies. 
Hence, the 
consolidated financials have lower book value of solar plants 
and corresponding lower depreciation charges because 
internal gain is eliminated. Internal gain eliminations also 
include profit on Operations and Maintenance - and Asset 
Management services delivered to project companies. 
●
The management team assesses the performance of the 
operating segments based on a measure of gross profit and 
operating profit; hence interest income/expense is not 
disclosed on proportionate basis.
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
67
Bridge proportionate – to consolidated financials 2022 
2022 
Proportionate financials 
NOK million 
Power 
Production 
Services 
Development 
& 
Construction 
Corporate 
Total 
Residual 
ownership 
for fully 
consolidated 
entities 
Elimination 
of equity 
consolidated 
entities 
Other 
eliminations 
Consolidated 
financials 
External revenues 
4,513 
18 
5 
7 
4,542 
1,120 
-2,661 
- 
3,002 
Internal revenues 
8 
294 
1,064 
49 
1,415 
188 
-138 
-1,465 
- 
Net income from JV and associates 
1)
- 
- 
- 
- 
- 
- 
749 
- 
749 
Total revenues and other income 
4,521 
312 
1,069 
56 
5,957 
1,309 
-2,050 
-1,465 
3,751 
Cost of sales 
-852 
1 
-962 
1 
-1,813 
-145 
914 
1,044 
- 
Gross profit 
2)
3,669 
312 
106 
57 
4,144 
1,163 
-1,136 
-421 
3,751 
Personnel expenses 
-125 
-120 
-215 
-113 
-574 
-9 
68 
-12 
-528 
Other operating expenses 
-709 
-118 
-112 
-81 
-1,020 
-221 
253 
320 
-668 
EBITDA 
2,835 
74 
-221 
-138 
2,550 
933 
-815 
-113 
2,555 
D&A and impairment 
-1,918 
-6 
-137 
-29 
-2,090 
-414 
510 
162 
-1,832 
Operating profit (EBIT) 
917 
68 
-358 
-167 
460 
519 
-306 
49 
723 
1) Refer to Note 13 Investments in joint venture and associated companies for details on Net income from JV and associates 
2) Equivalent to Net revenues
 
In 2022 the Group has recognised an impairment charge of 
NOK 770 million in the Power Production segment in the 
proportionate financials related to the solar power plants and 
intangible assets in Ukraine. In the consolidated financials the 
impairment charge amounts to NOK 816 million as disclosed in 
the Note 12 Impairment testing. 
The Group has also recognised an impairment charge (in both 
consolidated and proportionate financials in the D&C 
segment) of NOK 132 million related to discontinued 
development projects in Lesotho, Bangladesh, Mali and India. 
From March the Group has recognised revenue from power 
production in Ukraine to the extent that Scatec believe it is 
probable to collect consideration. The recognised amount is 
NOK 129 million in proportionate financials (NOK 146 million in 
the consolidated financials) in the period from March to 
December, which is in line with the paid amounts for the 
period. Total revenue from power production in Ukraine in the 
proportionate financials for 2022 is NOK 153 million (NOK 175 
million in the consolidated financials). 
Scatec has further recognised an expected credit loss provision 
in 2022 with respect to trade and other receivables related to 
Ukraine which amount to NOK 87 million in the proportionate 
financials (NOK 98 million in the consolidated financials), which 
is included in other operating expenses.
Bridge proportionate – to consolidated financials 2021 
2021 
Proportionate financials 
NOK million 
Power 
Production 
Services 
Development 
& 
Construction 
Corporate 
Total 
Residual 
ownership 
for fully 
consolidated 
entities 
Elimination 
of equity 
consolidated 
entities 
Other 
eliminations 
Consolidated 
financials 
External revenues 
3)
3,889 
5 
3 
6 
3,903 
1,162 
-2,025 
-1 
3,038 
Internal revenues 
1 
256 
134 
36 
426 
34 
-22 
-438 
- 
Net income from JV and associates 
1)
- 
- 
- 
- 
- 
- 
765 
- 
765 
Total revenues and other income 
3,890 
260 
137 
42 
4,329 
1,196 
-1,282 
-439 
3,803 
Cost of sales 
3)
-270 
1 
-120 
- 
-389 
-10 
274 
126 
- 
Gross profit 
2)
3,620 
261 
16 
42 
3,939 
1,186 
-1,009 
-313 
3,803 
Personnel expenses 
-99 
-97 
-162 
-92 
-449 
-7 
49 
10 
-397 
Other operating expenses 
-572 
-90 
-78 
-65 
-804 
-208 
208 
302 
-503 
EBITDA 
2,949 
75 
-223 
-114 
2,686 
970 
-752 
-1 
2,903 
D&A and impairment 
-972 
-5 
-78 
-26 
-1,081 
-330 
369 
151 
-892 
Operating profit (EBIT) 
1,977 
70 
-301 
-140 
1,606 
640 
-383 
149 
2,012 
3) Refer to Note 29 for details of the change in presentation of revenue and cost of sales for the electricity 
sold on bilateral contracts in the Philippines

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
68
Geographical 
break 
down of 
consolidated 
revenues 
and PPE 
In presenting information based on geographical areas, revenues from external customers are attributed to the country of the legal 
entity recording the sales. The allocation of property, plant and equipment is based on the geographical location of the assets. Projects 
that have not yet reached construction are allocated to the parent company being the main developer. The tables and information 
below include consolidated subsidiaries.
 
Consolidated revenues per country 
 
External revenue 
NOK million 
2022 
2021 
South Africa 
1,106 
1,135 
Egypt 
644 
596 
Malaysia 
346 
348 
Ukraine 
175 
303 
Honduras 
200 
197 
Jordan 
158 
143 
Czech Republic 
128 
122 
Mozambique 
93 
83 
Vietnam 
83 
70 
Rwanda 
23 
20 
Netherlands 
29 
5 
Other 
16 
16 
Total 
3,002 
3,038
Property, plant and equipment per country 
 
Property, plant and equipment 
NOK million 
2022 
2021 
South Africa 
4,155 
3,245 
Egypt 
3,411 
3,074 
Malaysia 
2,728 
2,683 
Ukraine 
1,922 
2,616 
Honduras 
1,302 
1,359 
Jordan 
905 
820 
Mozambique 
558 
456 
Vietnam 
454 
444 
Norway 
428 
348 
Cameroon 
427 
98 
Pakistan 
375 
108 
Czech Republic 
336 
330 
Netherlands 
160 
158 
Rwanda 
141 
136 
Other 
8 
12 
Total 
17,310 
15,885
Major 
customers 
In South Africa, revenues (3 plants which commenced 
operations in 2013 and 2014 and 3 plants which commenced 
operations in 2020) are earned under 20-year Power Purchase 
Agreements (PPA) 
with Eskom Holdings (South African 
incumbent utility), which was awarded under the Renewable 
Independent Power Producer Procurement Programme 
(REIPPPP) administrated by the Department of Energy. Eskom’s 
financial commitments under the PPA are guaranteed by the 
South African National Treasury under the Implementation 
Agreement. 
The Benban plant in Egypt commenced operation in 2019. The 
electricity is sold under a 25-year Power Purchase Agreement 
with Egyptian Electricity Transmission Company, S.A.E. The 
financial commitments of Egyptian Electricity Transmission 
Company, S.A.E under the PPA are guaranteed by the 
sovereign guarantee from The Ministry of Finance under the 
Egyptian Law. 
The Gurun plant in Malaysia commenced operation in 2018, 
the Merchang and Jasin plant commenced operation in 2019, 
and RedSol commenced operations in 2020. The electricity is 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
69
sold under 21-year Power Purchase Agreements with the 
country’s largest electricity utility, Tenaga Nasional Berhad 
(TNB). The PPA 
is not guaranteed by the Government as TNB 
is a reputable AAA rated listed company in Malaysia. 
The Rengy plant in Ukraine commenced operation in 2019, 
Boguslav and Kamianka commenced operations in 2020 and 
Chigrin and Progressovka commenced operations in 2021. The 
electricity is sold under Power Purchase Agreement’s all 
ending 31 December 2029 with the state-owned company 
Guaranteed Buyer. The financial commitments of Guaranteed 
Buyer under the PPA are guaranteed by the State under the 
law on Alternative Energy Sources and the 
Law on Electric 
Energy Market.
 
The Agua Fria power plants in Honduras commenced 
operations in 2015, whereas the Los Prados plants in Honduras 
commenced operation in 2018. The electricity from the plants 
is sold under a 20-year Power Purchase Agreement with the 
utility Empresa Nacional de Energia Electricia (ENEE). The 
financial commitments of ENEE under the PPA are guaranteed 
by the sovereign guarantee executed by the Honduran 
attorney general and the secretary of finance, approved by the 
National Congress of Honduras.
The Oryx, GLAE and EJRE power plants in Jordan commenced 
operations in 2016. The electricity is sold under a 20-year 
Power Purchase Agreement with National Electric Power 
Company (NEPCO). NEPCO’s financial commitments under the 
PPA 
are guaranteed by the Government of Jordan 
represented by its Ministry of Finance under the Government 
Guarantee Agreement. 
The Czech power plants commenced operations in 2009 (1 
plant) and 2010 (3 plants) and have entered into power 
purchase agreements with utilities CEZ Distribuce and EON 
Distribuce, based on the terms of the Czech Energy Act and 
Czech Renewable Energy Act. This legislation requires the 
utilities to purchase the power produced from renewable 
energy sources for a period of 20 years at the Feed-in-Tariff 
(FiT) prescribed by law and applicable regulation, adjusted 
annually. 
The Mocuba plant in Mozambique commenced operation in 
2019. The electricity is sold under a 25-year Power Purchase 
Agreement with Electricidade de Moçambique (EDM). The 
financial commitments of EDM under the PPA are guaranteed 
by The Mozabican government under the concession 
agreement approved under law 88/2016 of 5 December 2016 
for 30 years. 
The Dam Nai wind farm in Vietnam was acquired by SN Power 
on 27 January 2021 and has a capacity of 39.4 MW. The wind 
farm was constructed in two phases and Phase I started 
operations in October 2017 (7.9 MW) and Phase II in 
December 2018 (31.5 MW). The electricity is sold under a 20-
year Power Purchase Agreement with Vietnam Electricity; a 
state-owned company established by the government in 
Vietnam. 
The ASYV power plant in Rwanda commenced operations in 
2014. The power is sold under a 25-year Power Purchase 
Agreement with the state-owned utility EWSA, with an annual 
price adjustment of 100% of Rwandan CPI. EWSA’s financial 
commitments under the PPA are guaranteed by the 
Government of Rwanda represented by its Ministry of Finance 
and Economic Planning under the Government Guarantee 
Agreement.
Note 4 Employee benefits
Wages, salaries, bonuses, pension and social security 
contributions, paid annual leave and sick leave are accrued in 
the period in which the associated services are rendered by 
employees of the Company. 
The cost of equity-settled transactions is recognised in 
personnel expenses, together with a corresponding increase in 
equity over the vesting period. To calculate the fair value of 
the options that meets the definition of an equity-settled 
share-based payment transaction (IFRS 2 app. A), the 
BlackScholes-Merton option-pricing model is applied on each 
tranche. Share price (spot), exercise price, expected option 
lifetime, expected volatility, expected dividend and risk-free 
interest rate are the input parameters in the model.
Salaries and other personnel costs
NOK million 
2022 
2021 
Salaries 
463 
363 
Share-based payment 
39 
27 
Payroll tax 
43 
31 
Pension costs 
38 
24 
Other personnel costs 
31 
21 
Capitalised to PP&E (project assets) 
-87 
-68 
Total 
528 
397
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
70
Salaries and personnel expenses for the management
NOK million 
2022 
2021 
Salary and bonus 
45 
35 
Pension 
2 
1 
Total 
47 
36 
 
For further details on employee benefits and management remuneration, refer to Note 4 Personnel expenses, number of employees 
and auditor’s fee in the separate financial statements for the Parent Company
. 
Reference is also given to the separate remuneration 
report issued by the parent company
. 
No severance package agreements have been established with management.
Long 
term incentive 
programmes 
In line with the terms adopted by the Annual General Meeting 
of Scatec ASA on 4 May 2016, and prolonged in the following 
years, the Board of Directors have established an option 
programme for leading employees of the company. Options 
are vested in tranches over a three-year period, with the first 
tranche vesting one year from award
. 
As of 31 December 
2022, there are options not fully vested from the grants 
awarded in 2020 and onwards. Each share option gives the 
right to subscribe for and be allotted one share in Scatec ASA. 
The strike prices are equivalent to the volume weighted 
average price of the shares the ten preceding trading days of 
the grant. 
Date granted 
Amount 
Strike price 
02/01/2019 
494,510 
72.03 
02/01/2020 
595,140 
114.83 
04/01/2021 
251,242 
314.91 
24/02/2021 
32,999 
314.91 
06/05/2021 
219,566 
244.28 
04/01/2022 
1,049,596 
150.79 
28/03/2022 
10,000 
134.53 
The options awarded in 2019 are fully vested.
A total of 26 employees were awarded options in 2019 of 
which 3 has subsequently left the Company. A total of 39 
employees were awarded options in 2020 of which 5 have 
subsequently left the company. A total of 82 employees were 
awarded options in 2021 of which 10 have subsequently left 
the company. A total of 98 employees were awarded options 
in 2022 of which 13 have subsequently left the company. 
For the options granted in 2022 the assumptions used in 
calculating the fair value of the options are as follows: 2.98 
years (2.84 years) 
for expected lifetime, 49.02% (44.87%) for 
the expected volatility and 0 (0) for expected dividend. The 
calculations are based on average values. 
During 2022 the employees exercised 51 thousand options 
(515 thousand) at the weighted average strike and share price 
of NOK 89.26 and NOK 130.30 (NOK 80.10 and NOK 279.18) 
respectively. Total number of outstanding options under the 
long-term incentive programme is 1,767 thousand (978 
thousand) as of 31 December 2022, whereas 430 thousand are 
vested at the weighted average strike price of NOK 158.19. The 
fair value of the options is expensed over the vesting period, 
and in 2022 NOK 39 million (27) have been expensed.
 
Summary of movements in options 
Opening balance 
Granted 
Exercised 
Forfeited 
Closing balance 
Closing balance 
vested options 
Numbers of instruments 
997,258 
1,090,607 
-50,818 
-269,782 
1,767,265 
429,604 
Weighted average strike price 
186.84 
147.07 
89.26 
183.04 
165.68 
158.19
Pensions 
schemes 
The Group has established pension schemes that are classified as defined contribution plans. Contributions to defined contribution 
schemes are recognised in the consolidated statement of profit and loss in the period in which the contribution amounts are earned by 
the employees.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
71
Number of FTE’s employed during the financial year in the consolidated entities 
2022 
2021 
South Africa 
219 
179 
Norway 
146 
116 
Egypt 
72 
48 
Ukraine 
45 
37 
Malaysia 
33 
34 
Netherlands 
28 
17 
Honduras 
20 
18 
India 
11 
5 
Vietnam 
9 
8 
France 
9 
4 
Mozambique 
7 
7 
Pakistan 
6 
4 
Other 
26 
25 
Total 
631 
502
Note 5 Other operating expenses
NOK million 
2022 
2021 
Facilities 
210 
182 
Professional fees 
175 
138 
Other office costs 
74 
56 
Travel costs 
32 
14 
Social development contributions 
18 
54 
O&M external fees 
23 
20 
Impairment of expected credit loss 
98 
- 
Other costs 
38 
39 
Total other operating expenses 
668 
503
The impairment of expected credit loss is related to receivables 
in Ukraine, refer to note 15 Trade receivables for further 
details. 
Government grants are recognised when it is reasonably 
certain that the company will meet the conditions stipulated 
for the grants and that the grants will be received. Grants are 
recognised either as cost reduction or as a deduction of the 
asset’s carrying amount. Scatec has in 2022 recognised 
government grants of NOK 
27 million (4) in cost reductions 
and NOK 
29 million (58) as deductions of the development 
and construction asset’s carrying amount.
 
Remuneration to the auditors (PwC and other independent auditors) 
NOK million 
2022 
2021 
Audit services 
9 
9 
Other attestation services 
1 
- 
Tax services 
1 
3 
Other services 
1 
1 
Total remuneration 
11 
13
VAT is not included in the numbers above. The Scatec Group changed group auditor from EY to PwC as of 2022.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
72
Note 6 Financial income and expenses
NOK million 
2022 
2021 
Interest income 
92 
43 
Other financial income 
23 
4 
Interest and other financial income 
115 
47 
Interest expenses 
1,424 
1,303 
Change in fair value of forward exchange contracts 
89 
-2 
Other financial expenses 
154 
67 
Interest and other financial expenses 
1,666 
1,368 
Net foreign exchange gain/(loss) 
-268 
69 
Net fiancial expenses 
1,818 
1,253
The increase in other financial expenses is mainly explained by non-recurring fees recognised for the refinancing of the power plants in 
Egypt, South Africa and Vietnam.
See Note 18 Financial risk management for interest rate sensitivity. See Note 22 Non-recourse 
financing for details on project financing and Note 21 for details on corporate financing.
Note 7 Tax
Accounting 
principle 
Income tax expense comprises current tax and change in net 
deferred tax. The amount of net deferred tax provided is 
based on the expected manner of realisation or settlement of 
the carrying amount of assets and liabilities, using tax rates 
enacted or substantially enacted at the consolidated statement 
of financial position date. Deferred tax assets and liabilities are 
offset if a legally enforceable right exists to set off current tax 
assets against current income tax liabilities and the deferred 
taxes relate to the same taxable entity and the same taxation 
authority.
Estimation 
uncertainty
Deferred tax assets are recognised for unused tax losses to the 
extent that it is probable that taxable profit will be available 
against which the losses can be utilised. Significant 
management judgement is required to determine the amount 
of deferred tax assets that can be recognised based upon the 
likely timing and the level of future taxable profits. 
When assessing the probability of utilising these losses several 
factors are considered, including if the entity in question has a 
history of losses, if there is an expiration date on the entity’s 
ability to carry the losses forward and/or if the losses may be 
used to offset taxable income elsewhere in the Group. The 
majority of the Group’s tax losses are related to favorable tax 
rules for depreciation of power plants and its reversal is merely 
a timing effect. Refer to paragraph below under specification 
of tax losses carried forward for further description. 
Uncertain tax positions and potential tax exposures are 
analysed individually and, the best estimate of the probable 
amount for liabilities to be paid (unpaid potential tax exposure 
amounts, including penalties) and assets to be received 
(disputed tax positions for which payment has already been 
made), are recognised within current tax or net deferred tax as 
appropriate.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
73
Effective tax rate 
NOK million 
2022 
2021 
Tax payable 
-197 
-84 
Change in deferred tax 
108 
-232 
Withholding tax 
-45 
-49 
Adjustments of tax concerning previous years 
1 
63 
Income tax expense 
-132 
-303 
Reconciliation of Norwegian nominal tax rate to effective tax 
rate 
Profit before income tax 
-1,095 
759 
Nominal tax rate (22%) 
241 
-167 
Tax effect of: 
Permanent differences 
-28 
-25 
Tax rate different from Norwegian rate 
-39 
-5 
Current tax on dividend received and withholding tax 
-45 
-49 
Valuation allowance loss carried forward 
-248 
-177 
Adjustments of tax concerning previous years 
- 
- 
Share of net income from associated companies 
165 
168 
Non-recognised tax effects from impairment in Ukraine 
-175 
- 
Use and capitalisation of previously unrecognised losses carried forward 
14 
9 
Other items 
-27 
-11 
Currency translation 
11 
-46 
Calculated tax expense 
-132 
-303 
Effective tax rate 
NA 
40%
The Group recognised an income tax expense of NOK -132 
million (-303) in 2022. The difference between the Group’s 
actual tax expense and a calculated tax expense based on the 
Norwegian tax rate of 22% is mainly due to different tax rates 
in the jurisdictions in which the companies operates, 
withholding taxes paid on dividends, currency effects, effects 
from non-recognised tax losses and revised assessment of 
deferred tax assets. Further, the profit/loss from JVs and 
associates are reported net after tax which also impacts the 
effective tax rate. The effective tax rate is also impacted by 
non-recognised deferred tax asset related to the impairment 
of the assets in Ukraine. 
The underlying tax rates in the companies in operation are in 
the range of 0% to 33%. In some markets, Scatec receives 
special tax incentives intended to promote investments in 
renewable energy. The effective tax rate has been and will be 
impacted by the volume of construction activities as the tax 
rate in the construction companies normally is higher than in 
the power plant companies. This means that the full tax 
expense on the internal profit will not be eliminated and hence 
increases the effective tax rate during construction. The 
opposite effect will occur when the eliminated internal profit is 
reversed through lower depreciation at the tax rate of the 
power plant company.
Significant components of deferred tax assets
NOK million 
2022 
2021 
Tax losses carried forward 
1,997 
1,724 
Valuation allowance of deferred tax assets 
-458 
-530 
Financial instruments 
48 
87 
Property, plant and equipment and intangible 
assets 
60 
100 
Construction projects 
124 
- 
Lease liabilities 
61 
51 
Other items 
40 
14 
Offsetting of tax balances 
1)
-1,012 
-699 
Total deferred tax assets 
860 
748

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
74
Significant components of deferred tax liabilities
NOK million 
2022 
2021 
Property, plant and equipment and intangible 
assets 
1,658 
1,282 
Construction projects 
- 
1 
Financial instruments 
88 
4 
Other items 
6 
1 
Offsetting of tax balances 
1)
-1,012 
-699 
Total deferred tax liabilities 
743 
589 
1)
Deferred tax assets and liabilities are offset to the extent that the deferred taxes related to 
the same fiscal authority and there is a legally enforceable right to offset 
current tax assets against current tax liabilities
Specification of tax loss carried forward
NOK million 
2022 
2021 
Country 
Loss carried 
forward 
Deferred 
tax asset 
Loss carried 
forward 
Deferred 
tax asset 
Norway 
2,890 
251 
2,054 
260 
South Africa 
2,690 
753 
2,444 
675 
Ukraine 
2,048 
369 
899 
162 
Egypt 
1,371 
143 
1,050 
78 
Jordan 
453 
23 
480 
18 
Netherlands 
214 
- 
339 
- 
Malaysia 
168 
- 
231 
- 
Other 
11 
- 
18 
- 
Total 
9,845 
1,540 
7,514 
1,195
The Group has NOK 9,845 million (7,514) of tax losses carried 
forward. The balances are offset against taxable temporary 
differences within the same fiscal authority. 
In Norway a net deferred tax asset balance of NOK 226 million 
is recognised which is primarily related to tax losses carried 
forward (NOK 251 million) and partly offset by other temporary 
differences. 
In South Africa a net deferred tax asset of NOK 73 million is 
recognised. The difference between net position and deferred 
tax asset related to tax losses carried forward (NOK 753 
million) is mainly due to offsetting temporary differences on 
property, plant and equipment. 
Net deferred tax asset balance in Ukraine is NOK 58 million 
and is related to tax losses carry forward (NOK 369 million) 
offset by the increased deferred tax liability on property, plant 
and equipment. 
Net deferred tax liability in Egypt of NOK 309 million is 
primarily related to temporary differences on property, plant 
and equipment as well as on the financial instruments. 
The losses carried forward in countries with power plant assets 
are mainly related to accelerated depreciation rates for power 
plant assets compared to the accounting depreciations which 
are determined by the useful life of the assets. The increase in 
losses carried forward for the Group in 2022 mainly derives 
from losses in Ukraine entities and in Scatec ASA. 
We 
assessed the probability of utilising the tax losses in all 
countries where tax losses were recognised to ensure that tax 
losses are recorded to the extent that the Group expects there 
will be sufficient future taxable profits available to utilise the 
losses. At year-end 2022 the Group has recorded a valuation 
allowance of NOK -458 million (-530) related to tax losses 
carried forward which are not expected to be used to offset 
future taxable income. The valuation allowance is recognised 
in Norway (NOK 203 million), Egypt (NOK 166 million), 
Malaysia (NOK 40 million) and in other countries. 
The tax losses in Egypt and Jordan can be carried forward for 
5 years while losses in Netherlands can be carried forward 
indefinitely. The Group had at the end of 2022 capitalised 
approximately NOK 6 million (6) in deferred tax asset related 
to deferred interest expenses, which can be carried forward for 
10 years until 2027 in Norway. All other tax losses in the group 
can be carried forward indefinitely.
 

 
Scatec ASA - Annual Report 2022 
75
Movement in net deferred tax asset
NOK million 
2022 
2021 
Net deferred tax asset at 1 January 
159 
517 
Recognised in the consolidated statement of profit or loss 
108 
-232 
Deferred tax other comprehensive income 
-150 
-108 
Deferred tax on excess values from acquisition of SN Power 
- 
-19 
Translation differences 
- 
2 
Net deferred tax asset at 31 December 
117 
159
 
Note 8 Earnings per share
NOK million 
2022 
2021 
Profit/(loss) attributable to the equity holders of the company and for the purpose of diluted shares 
-1,334 
388 
Weighted average number of shares outstanding for the purpose of calculating basic earnings 
per share 
158.9 
158.8 
Earnings per share for income attributable to the equity holders of the company - basic 
(NOK) 
-8.40 
2.45 
Effect of potential dilutive shares: 
Weighted average number of shares outstanding for the purpose of calculating diluted 
earnings per share 
158.9 
159.7 
Earnings per share for income attributable to the equity holders of the company - diluted 
(NOK) 
-8.40 
2.43
Diluted earnings per share is affected by the option programme for equity-settled share-based payment transactions, refer to Note 4 
Employee benefits. There is no diluted effect on earnings per share in case of loss.

 
76
Note 9 Property, plant and equipment 
Accounting 
principle 
Power plants in operation 
The initial cost of an asset comprises its purchase price or 
construction cost, any costs directly attributable to bringing the 
asset into operation, the initial estimate of an asset retirement 
obligation and, for qualifying assets, borrowing costs incurred in 
the construction period. All other borrowing cosats are 
recognised in the profit or loss in the period in which they incur. 
Maintenance expenses are recognised in the statement of profit 
or loss as incurred. Replacement of damaged components is 
accounted for as an impairment with capitalisation of the 
replacement cost as a new item of PPE. 
Depreciation of a power plant commences when the plant is 
ready for management’s intended use, normally at the date of 
grid connection and commissioning.
Asset retirement obligations 
Asset retirement costs is recognised when the Group has an 
obligation to dismantle and remove a power plant and to restore 
the site on which it is located. Expenditures related to asset 
retirement obligations are expected to be paid in the period 
between 2030 and 2046.
 
Power plants under development 
Expenses relating to research activities (project opportunities) are 
recognised in the statement of profit or loss as they incur. 
Expenses relating to development activities (project pipeline and 
backlog) are capitalised to the extent that the project is technically 
and commercially viable and the Group has sufficient resources to 
complete the development work. 
Expenses that are capitalised include the costs of materials, direct 
wage costs and other directly attributable expenses. 
Other fixed assets 
Other fixed assets mainly include office lease, fixtures and 
equipment. For accounting principles related to right to use lease 
assets, details are provided in Note 11 Leases.
Estimation 
uncertainty 
Estimated useful life of power plants 
The estimated useful lives of power plants are reviewed on an 
annual basis and changes in useful lives are accounted for 
prospectively. 
In most of these markets the sale of electricity depends on having 
a PPA, 
hence, the length of the PPA is deemed to be the critical 
factor for determine useful life. The power plants currently in 
operation have 15 to 25 years off-take agreements. Whether or 
not these agreements will be extended is not currently known. 
Technical useful life for the power plants is deemed to be at least 
30 years, a factor also considered when assessing depreciation 
period. The assessment is made on a plant by plant basis, and 
most of the Group’s power plants are depreciated over the length 
of the PPA. 
Existing Ukrainian regulation allow to choose to sell 
electricity under a PPA agreement or directly in the electricity 
spot market, thus the solar plants in Ukraine are not dependent 
on an PPA agreement 
and will be able to sell produced electricity 
in the existing electricity spot market in the country during 
and/or 
after expiry of the current PPA contracts. There are no limitations 
on the terms and validity of the market energy sales agreements. 
Consequently, the Group has revised the estimated useful life of 
its five solar plants in Ukraine from 25 to 30 years per 31 
December 2022. This change in estimate will be applied 
prospectively from 1 January 2023 and will not result in any 
restatement to the current or prior year consolidated financial 
statements.
Capitalisation of development costs 
Expenses relating to development activities (project pipeline and 
backlog) are capitalised to the extent that the project is technically 
and commercially viable and the Group has sufficient resources to 
complete the development work. The assessment of project 
viability is based on completion of key development activities and 
includes management judgment. 
The carrying value of development projects that have not yet 
reached the construction phase was NOK 232 million (364) at 31 
December 2022.
 
Asset retirement obligations 
Scatec’s future asset retirement obligation depends on several 
factors such as the possible existence of a power market for the 
plants after the end of the PPA, future recycling arrangements 
and/or their second-hand value, future value of steel and copper 
as well as future development of interest and currency exchange 
rates. The calculation of the asset retirement obligation includes 
significant judgment and is done on a plant-by-plant basis, taking 
into consideration relevant project specifics.
Impairments 
Power plants and projects under development/ construction are 
tested for impairment to the extent that indicators of impairment 
exist, please refer to Note
12 Impairment testing
for details. 
During 2022, the Group impaired NOK 742 million related to 
solar power plants in Ukraine and NOK 132 million (76) related to 
discontinued development projects.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
77
Property, plant and equipment 
NOK million 
Power plants 
Power plants 
under 
development 
and construction 
Other fixed assets 
Total 
Accumulated cost at 1 January 2022 
18,026 
698 
316 
19,040 
Additions 
141 
1,783 
62 
1,986 
Transfers 
233 
-233 
- 
- 
Disposals 
- 
-45 
- 
-45 
Effect of movements in foreign exchange rates 
1,427 
48 
36 
1,511 
Accumulated cost at 31 December 2022 
19,828 
2,250 
414 
22,492 
Accumulated depreciation and impairment losses at 1 January 
2022 
2,918 
116 
118 
3,152 
Depreciation for the year 
818 
- 
46 
864 
Impairment losses 
742 
113 
19 
872 
Effect of movements in foreign exchange rates 
264 
22 
4 
291 
Accumulated depreciation and impairment losses at 31 December 2022 
4,743 
251 
186 
5,179 
Carrying amount at 31 December 2022 
15,083 
1,997 
229 
17,310 
Estimated useful life (years) 
20-25 
N/A 
3-5 
Accumulated cost at 1 January 2021 
15,938 
2,142 
290 
18,370 
Additions 
620 
435 
10 
1,065 
Transfers 
1)
1,572 
-1,856 
18 
-266 
Disposals 
- 
-2 
-10 
-12 
Effect of movements in foreign exchange rates 
-103 
-21 
8 
-116 
Accumulated cost at 31 December 2021 
18,026 
698 
316 
19,040 
Accumulated depreciation and impairment losses at 1 January 
2021 
2,173 
46 
82 
2,301 
Depreciation for the year 
766 
- 
37 
803 
Impairment losses 
6 
70 
- 
76 
Accumulated depreciation and impairment losses disposals 
- 
- 
-3 
-3 
Effect of movements in foreign exchange rates 
-26 
-1 
3 
-24 
Accumulated depreciation and impairment losses at 31 December 2021 
2,918 
116 
118 
3,152 
Carrying amount at 31 December 2021 
15,106 
580 
198 
15,885 
Estimated useful life (years) 
20-30 
N/A 
3-5 
1) NOK 266 million of Transfer of assets relates to reclassification of concept assets for Release and right to transmit 
electricity from PPE to intangible assets in 2021. Of the NOK 266 million, approximately NOK 90 million are 
additions in 2021. Refer to note 10.
 
Note 10 Goodwill and other intangible 
assets
 
Overview 
The Group’s goodwill is associated with the acquisitions of 
Solar competence GmbH in 2007 and SN Power in 2021. 
The Group had no other intangible assets with an indefinite 
useful life than goodwill as of 31 December 2022 and 2021. 
The Group’s Other intangible assets consist of renewable 
operating license, right to transmit electricity, software and 
internally developed asset related to the Release concept with 
a finite useful life. The estimated useful life of intangible assets 
with a finite lifetime are reviewed on an annual basis, and are 
amortised over 3-25 years. 
In 2022, the Group impaired NOK 74 million of other 
intangible assets in Ukraine related to 
the right to transmit 
electricity for the power solar plants.
 
No impairment charges 
were recognised in 2021 related to intangible assets. Please 
refer to Note 12 Impairment testing.
Estimation 
uncertainty 
There is considerable estimate uncertainty associated to the 
value of intangible assets. Please refer to Note 12 Impairment 
testing for assessment of recoverable amount.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
78
Carrying value of goodwill and other intangible assets 
NOK million 
Goodwill 
Other 
intangible assets 
Total 
Accumulated cost at 1 January 2022 
321 
492 
813 
Effect of movements in foreign exchange 
35 
33 
68 
Accumulated cost at 31 December 2022 
357 
525 
889 
Accumulated depreciation and impairment losses at 1 January 
2022 
- 
16 
16 
Depreciation for the year 
- 
26 
26 
Impairment losses 
- 
74 
74 
Effect of movements in foreign exchange 
- 
8 
8 
Accumulated depreciation and impairment losses at 31 December 2022 
- 
124 
124 
Carrying amount at 31 December 2022 
357 
401 
758 
Accumulated cost at 1 January 2021 
25 
20 
45 
Additions 
290 
198 
488 
Transfer
1)
- 
266 
266 
Effect of movements in foreign exchange 
6 
8 
14 
Accumulated cost at 31 December 2021 
321 
492 
813 
Accumulated depreciation and impairment losses at 1 January 
2021 
- 
5 
5 
Depreciation for the year 
- 
11 
11 
Accumulated depreciation and impairment losses at 31 December 2021 
- 
16 
16 
Carrying amount at 31 December 2021 
321 
476 
797 
Estimated useful life 
N/A 
3-25 
1) NOK 266 million relates to reclassification of assets related to the Release concept and 
right to transmit electricity from Property, plant and equipment to Intangible assets
Note 11 Lease
Accounting 
principle 
The group primarily leases office and land where the power 
production plants are located, accounted for in accordance 
with IFRS 16. 
IFRS 16 requires a lessee to account for lease 
contracts by recognising a liability representing the future 
lease payments, and an asset representing the right to use the 
underlying asset. 
The Group applies the recognition exemptions and recognises 
the lease payments as other operating expenses in the 
statement of profit or loss for leases of low value and leases 
with lease term less than 12 months. 
The future lease payments includes fixed lease payments and 
variable lease payments that depends on an index or a rate. 
The Group does not include variable lease payments 
dependent on future events in the lease
liability. Instead, the 
Group recognises these costs in profit or loss in the period in 
which the event that triggers those payments occurs. Land 
leases where the lease payment is based on power production 
have been excluded from the liability measure. 
Estimation 
uncertainty 
When calculating the lease liability and the right-of-use asset, 
the discount factor is a significant estimate. In the absence of 
an identifiable discount rate, implicit in the lease agreement, 
the discount rate used is the Group’s incremental borrowing 
rate. The incremental borrowing rate has been estimated by 
each subsidiary on an individual basis. For power producing 
entities, the interest rate on the non-recourse loans has been 
central when estimating the incremental borrowing rate. For 
other subsidiaries, non-secured debt has been used as a 
benchmark for the discount rate. 
Several of the Group’s lease agreements contain options to 
extend the lease agreement beyond the contractual lease 
term. As the extension period is 20-25 years ahead for land 
leases it is uncertain whether the option will be exercised. The 
Group has evaluated all these options, but it’s not deemed 

 
Scatec ASA - Annual Report 2022 
79
reasonably certain that the Group will exercise the options, 
and hence, the period covered by these options has not been 
included in the lease liability. The Group reevaluate the options 
on a continuously basis.
 
Reconciliation of movement in right-of-use asset 
NOK million 
Land 
Office & cars 
Total 
Right-of-use asset at 1 January 2022 
138 
90 
228 
Additions 
67 
21 
88 
Depreciation for the year 
-10 
-25 
-36 
Effect of movement in foreign exchange and other changes 
8 
14 
21 
Right-of-use asset at 31 December 2022 
202 
98 
301
Reconciliation of movement in lease liabilities 
NOK million 
2022 
2021 
Lease liability at 1 January 
246 
262 
Lease agreements entered into during the year 
65 
18 
Lease payments made during the year 
-46 
-41 
Interest expense on lease liabilities 
18 
15 
Effect of movement in foreign exchange and other changes 
30 
-8 
Lease liability at 31 December 
313 
246
Leases in the income statement 
NOK million 
2022 
2021 
Operating expenses 
Short term- low value and variable 
lease payment expenses 
-41 
-39 
Depreciation expenses 
Depreciation of right-of-use assets (land lease) 
-10 
-8 
Depreciation of right-of-use assets (office lease and other) 
-25 
-23 
Total depreciation 
-36 
-31 
Financial expenses 
Interest expense on lease liability 
-18 
-15 
Total lease expense in the income statement 
-94 
-85
Leases in the statement of financial position 
NOK million 
2022 
2021 
Assets 
Right-of-use assets - land lease 
202 
138 
Right-of-use assets - office lease and other 
98 
90 
Total right-of-use assets 
301 
228
The land lease portion of the Right-of-use asset is presented under “power plants” and “Power plants under development and 
construction“ in note 9, while the office lease portion of the Right-of-use asset is presented under the line “Other fixed assets”.
Liabilities 
Non-current liabilities 
Lease liabilities (see Note 17 Other non-current and current liabilities) 
270 
206 
Current liabilities 
Lease liabilities (see Note 17 Other non-current and current liabilities) 
43 
39 
Lease liabilities included in the balance sheet 
313 
246

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
80
Leases in the statement of cash flows 
NOK million 
2022 
2021 
Cash flow from operating activities 
Short-term and variable lease payments 
41 
39 
Cash flow from financing activities 
Payments of principal portion on lease liabilities 
26 
26 
Interest paid on lease liabilities 
20 
15
Maturity analysis – Undiscounted contractual cash flows 
NOK million 
2022 
2021 
One year 
38 
38 
One to two years 
42 
31 
Two to three years 
37 
28 
Three to four years 
36 
28 
Four to five years 
34 
27 
More than five years 
315 
206 
Total undiscounted lease liabilities 
501 
358 
Lease liabilities included in the balance sheet 
313 
246
Note 12 Impairment testing
Accounting 
policy 
The Group assesses property, plant and equipment for 
impairment whenever events or changes in circumstances 
indicate that the carrying value of an asset may not be 
recoverable. 
Goodwill and intangible assets with an indefinite 
useful life are tested for impairment annually or more 
frequently if there are circumstances indicating that the 
carrying amount may be impaired. The recoverable amount is 
the higher of the assets fair value less costs to sell and its value 
in use. 
An impairment loss is recognised when an asset or cash 
generating units carrying value exceeds the recoverable 
amount. 
Per 31 December 2022 and 2021, the Group had no intangible 
assets with indefinite useful life other than goodwill.
Estimation 
uncertainty 
Factors which trigger impairment testing include, but is not 
limited to, political changes, macroeconomic fluctuations, 
changes to the Group’s strategy, project delays, 
underperforming, changes to tariffs and similar. Value in use 
calculation is based on a discounted cash flow model. The 
future cash flows include a number of estimates and 
assumptions, including future market conditions, discount rates 
and estimated useful life and others. Climate risks such as 
more extreme weather and changes to the market for 
renewable energy may impact the future cash flows. The 
estimates are based on the Group’s budgets and long-term 
outlooks approved by management. The recoverable amount 
is sensitive to changes in discount rate, expected production 
rates, demand and price forecasts 
for power assets with 
variable income. 
The Group monitors changes in government legislation related 
to climate matters on a continuous basis. Legal changes may 
impact key assumptions in the value in use calculations in 
future periods.
Impairment 
test 
– plants 
in operation 
Tests for impairment have been performed for CGUs with 
mandatory annual tests and the CGUs where impairment 
indicators have been identified. The recoverable amount for 
these units have been determined estimating the value in use 
of the assets 
and comparing against the carrying value of the 
CGUs. 
Impairment indicators were identified during 2022 for Scatec’s 
five solar plants in Ukraine triggered by Russia’s invasion on 24 
February 2022. The situation in Ukraine at the end of 
December 2022 is still very challenging and highly uncertain, 
and Scatec's top priority is the safety of our Ukrainian 
employees. The outcome of the situation and the impact of 
Scatec’s assets are highly uncertain. 
Per 31 December 2022, approximately 95 percent of the power 
plants are intact and available, but power demand is down, 
and production is being curtailed by the grid operator on an 
ad hoc basis. For the months after the invasion the Ukrainian 
off-taker has approximately paid 42% of the revenues 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
81
generated on the defined Feed-in-Tariff for Scatec’s assets. 
The payments levels have increased during the year and the 
payment level in November and December were 83% and 
69% respectively. 
In the fourth quarter 
2022, the impairment tests from the first 
quarter 2022 were updated with new information on cash flow 
assumptions and WACC. Three scenarios have been assessed 
and weighted to arrive at the value in use for the solar power 
plants. The main assumptions used in the impairment test 
were: 
Future cash flows: 
The solar power plants in Ukraine operate 
under 10-years Feed-in-Tariffs (tariff) which all end in 2029. For 
the cash flow periods after 2029, the estimates are based on 
available power market data and Scatec’s long-term power 
market outlook. 
In a best-case scenario, we assume a continued reduction in 
government payment for the power produced with a 65% 
payment level in 2023 before the situation stabilises and return 
to normal level from the beginning of 2024. The revenues not 
paid for 2022 and 2023 are assumed to be deferred and paid 
in 2024 and 2025. In a mid-case scenario, it is assumed cash 
flow to be reduced also in 2024-2026 with a 65% payment 
level before we return to normal level of cash flows from the 
beginning of 2027. In a worst-case scenario, no future 
revenues are assumed. The three scenarios have been equally 
weighted to reflect the high uncertainty on the impact of 
Scatec’s assets in Ukraine. 
Discount rate:
 
The value in use calculations include significant 
estimate uncertainty, which has been reflected in the future 
cash flow assumptions and estimates and not in the discount 
rate. 
The after-tax discount rate applied in on the cash flows was 
8.7%. This corresponds to the average pre-tax discount rate of 
9.4%. 
The result of the analysis above equals an impairment 
assessment including pre-war cash flows discounted at a 
WACC approximately at 18.4%. 
Sensitivity:
 
The value in use calculation is sensitive to changes 
in discount rate. Sensitivity analysis shows that an increase in 
the discount rate of 1% would results in an increased 
impairment charge of NOK 170 million, assuming all other 
factors remain unchanged. The sensitivity analysis is for 
indicative purposes only. 
Impairment:
 
A total impairment charge of NOK 816 million was 
recognised in the first quarter, whereof NOK 742 million 
related to solar power plants and NOK 74 million related to 
intangible assets. Intangible assets in Ukraine relate to right to 
transmit electricity for the solar power plants. The recoverable 
amount for the solar power plants and intangible assets in 
Ukraine were NOK 2,107 million as per 31 December 2022. 
NOK million 
Power plants 
in Ukraine 
Other 
Intangible 
assets in 
Ukraine 
Total 
Carrying value at 
31 December 2022 
2,681 
242 
2,923 
Impairment charge 
-742 
-74 
-816 
Recoverable amount at 
31 December 2022 
1,939 
168 
2,107 
Scatec has secured Political Violence Insurance (PVI) in Ukraine 
which covers physical damage of the power plants up to a 
predetermined amount. The insurance covers the replacement 
value for rebuilding the power plants as well as for business 
interruptions for 12 months for Rengy and Progressovka. As 
communicated in the first quarter 2022 report, 
the Political 
Violence Insurance for Boguslav, Kamianka and Chigirin 
expired on 31 May 2022. Given the uncertainty in Ukraine, 
(international) insurance markets are no longer able to provide 
this cover going forward, hence Scatec has not been able to 
renew the Political Violence Insurance for these assets. This 
means that if Scatec suffered war related damages at these 
sites, this would no longer be covered by (PV) insurance. 
For information related to revenues and receivables refer to 
Note 3 Operating segments, Note 22 Non-recourse financing 
for financing commitments, covenants and guarantees and 
Note 14 for cash in this report. 
Impairment 
test 
– development 
projects 
In 2022 Scatec impaired NOK 132 million related to 
discontinued development projects 
in Lesotho, Mali, 
Bangladesh and India. 
Annual 
mandatory 
impairment 
test - 
goodwill 
The goodwill of the Group mainly relates to the acquisition of 
SN Power AS in 2021 (NOK 331 million). The goodwill relates to 
the portfolio of identified project development opportunities 
and assembled workforce. Consequently, the goodwill is 
allocated to and tested for impairment on the global 
Development & Construction operating 
segment. The goodwill 
has been tested for impairment with the following key 
assumptions and estimates:
Discount rate: 
The discount rates are based on the Weighted 
Average Cost of Capital (WACC) methodology. The discount 
rate used in the impairment calculations represent the current 
market assessment of the risks specific to a group of CGUs, 

 
82
taking into consideration any individual risks of the underlying 
assets that have not been incorporated in the cash flow 
estimates. Discount rates used in the value in use calculation is 
based on a discount rate after tax
. 
The pre-tax discount rate applied in 2022 is 7.4%. 
Future cash flows: 
The recoverable amount has been 
determined based on the value in use calculations. The 
estimated cash flows correspond to the business plan a five-
year period, which is based on the Group’s project backlog 
and pipeline. The business plan is approved by the Board of 
Directors. Cash revenues have been calculated based on 
estimated project volumes and an average margin related to 
project execution. Cash expenses have been calculated based 
on budgeted operating expenses attributable to project 
execution activities. To the best of management’s judgement, 
capital expenditure and changes in working capital are 
insignificant in relation to this calculation and are therefore 
excluded. The discounted free cash flows exceed the carrying 
amount and the asset is not impaired. 
Sensitivity: 
The Group is of the view that no reasonably likely 
change in the key assumptions listed above would cause the 
carrying value to materially exceed the recoverable amount for 
any of the CGUs. An increase in WACC 
by 2 percentage point 
would not lead to impairment loss. 
The Group has not recognised any impairments related to 
goodwill in 2022 or 2021 as the recoverable amounts exceed 
the carrying amount.
Note 13 Investments in joint venture and associated companies
Accounting 
principle 
A joint venture or associate is an entity over which the Group 
has joint control or significant influence. The Group’s 
investments in its associates and joint ventures are accounted 
for using the equity method. Under the equity method, the 
investment is initially recognised at cost and subsequently 
adjusted for further investments, distributions, and the Group’s 
share of the net income from the associate or joint venture.
Estimation 
uncertainty 
The considerations made in determining significant influence 
or joint control are similar to those necessary to determine 
control over subsidiaries. Refer to Note 
2 Key sources of estimation uncertainty for significant 
judgements related to the assessment of whether Scatec 
controls an entity. There is also considerable estimate 
uncertainty associated with the estimation of the excess values 
included in the net investment in joint venture and associated 
companies. The excess values mainly relate to water rights, 
and the estimated useful life of the water rights are reviewed 
on an annual basis and amortised over the remaining 
concession period.
 
The tables below show the material joint ventures and 
associated companies recognised in the Group and the 
reconciliation of the carrying amount.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
83
Material joint ventures and associated companies
Company 
Registered office 
2022 
2021 
Kube Energy AS 
Oslo, Norway 
25.00% 
25.00% 
Scatec Solar Brazil BV 
Amsterdam, Netherlands 
50.00% 
50.00% 
 
Apodi I Energia SPE S.A 
Quixeré, Brazil 
43.75% 
43.75% 
 
Apodi II Energia SPE S.A 
Quixeré, Brazil 
43.75% 
43.75% 
 
Apodi III Energia SPE S.A 
Quixeré, Brazil 
43.75% 
43.75% 
 
Apodi IV Energia SPE S.A 
Quixeré, Brazil 
43.75% 
43.75% 
Mendubim Holding B.V. 
1)
Amsterdam, Netherlands 
33.33% 
51.00% 
 
Mendubim Geração de Energia Ltda. 
1)
Assu, Brazil 
33.33% 
50.00% 
 
Mendubim (I-XIII) Energia 
Ltda. 
1)
Assu, Brazil 
33.33% 
- 
Mendubim Solar EPC Ltda. 
1)
Assu, Brazil 
33.33% 
- 
Scatec Solar Solutions Brazil B.V. 
Amsterdam, Netherlands 
50.00% 
50.00% 
 
Scatec Solar Brasil Servicos De Engenharia LTDA 
Recife, Brazil 
50.00% 
50.00% 
Scatec Equinor Solutions Argentina S.A 
Buenos Aires, Argentina 
50.00% 
50.00% 
Cordilleras Solar VIII S.A 
Buenos Aires, Argentina 
50.00% 
50.00% 
Theun-Hinboun Power Company 
Vientiane, Laos 
20.00% 
20.00% 
SN Aboitiz Power – Magat Inc 
Manila, Phillippines 
50.00% 
50.00% 
Manila-Oslo Reneweable Enterprise 
Manila, Phillippines 
16.70% 
16.70% 
SN Aboitiz Power – Benguet Inc 
Manila, Phillippines 
50.00% 
50.00% 
SN Aboitiz Power – RES Inc 
Manila, Phillippines 
50.00% 
50.00% 
SN Aboitiz Power – Generation Inc 
Manila, Phillippines 
50.00% 
50.00% 
SN Power Uganda Ltd. 
Kampala, Uganda 
51.00% 
51.00% 
Bujagali Energy Ltd. 
Jinja, Uganda 
28.28% 
28.28% 
Compagnie Générale D`Hydroelectricité de Volobé SA 
Antananarivo, Madagascar 
12.75% 
12.75% 
Ruzizi Energy Ltd 
Kigali, Rwanda 
20.40% 
20.40% 
SN Power Africa Ltd 
Nairobi, Kenya 
51.00% 
51.00% 
SN Power Invest Netherlands B.V. 
Amsterdam, Netherlands 
51.00% 
100.00% 
SN Development B.V. 
Amsterdam, Netherlands 
51.00% 
- 
1) Mendubim project structure includes 13 SPVs, EPC and an operating company.
Carrying amount of investments in material joint venture and associated companies 
Country 
Carrying value 31 
December 2021 
Additions/ 
disposals 
Net income from 
joint venture and 
associated 
companies 
Dividends 
Net movement of 
cash flow hedges 
recognized in OCI 
Foreign currency 
translations 
Carrying value 31 
December 2022 
Philippines 
6,366 
-46 
472 
-402 
- 
144 
6,535 
Laos 
1,632 
1 
79 
-86 
- 
195 
1,822 
Uganda 
1,101 
-1 
155 
-182 
85 
134 
1,292 
Other 
2
⁾
646 
251 
42 
- 
- 
87 
1,026 
Total 
9,745 
204 
749 
-669 
85 
560 
10,674 
2) Other includes Brazil, Argentina, Rwanda, Madagascar, Kenya, Norway and the Netherlands.
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
84
100% figures of summarised profit and loss for material joint venture and associated companies (standalone basis)
2022 
NOK million 
Philippines 
Uganda 
Laos 
Other 
Revenues 
4,010 
1,234 
1,257 
681 
Operating expenses 
-407 
-93 
-169 
-156 
Operating profit/(loss) 
1,576 
877 
842 
109 
Net financial items 
-224 
45 
-16 
126 
Profit before income tax 
1,352 
923 
826 
236 
Income tax 
-197 
-6 
-123 
95 
Profit/(loss) after tax 
1,155 
917 
703 
331 
Scatec’s share of profit/(loss) after tax 
579 
259 
141 
179 
Amortisaton of excess values (net of tax) - Scatec`s 
share 
-105 
-22 
-61 
- 
Elimination of internal transacitions and internal profit 
-2 
-82 
-1 
-136 
Net profit/(loss) 
472 
155 
79 
42
2021 
NOK million 
Philippines 
Uganda 
Laos 
Other 
Revenues 
3,582 
1,103 
1,486 
280 
Operating expenses 
-355 
-70 
-178 
-91 
Operating profit/(loss) 
1,556 
822 
1,090 
137 
Net financial items 
-302 
-113 
28 
-130 
Profit before income tax 
1,254 
709 
1,118 
7 
Income tax 
-145 
-20 
-168 
18 
Profit/(loss) after tax 
1,109 
689 
950 
25 
Scatec’s share of profit/(loss) after tax 
545 
195 
195 
14 
- 
- 
- 
SN Power January figures not included in consolidated figures 
-86 
-47 
-17 
- 
Amortisaton of excess values (net of tax) - Scatec`s 
share 
-58 
-44 
-53 
- 
Elimination of internal transacitions and internal profit 
50 
34 
9 
30 
Net profit/(loss) 
451 
138 
133 
44
The joint ventures in the Philippines are subject to tax reviews by the local tax authorities on a regular basis, and one entity received a 
final assessment notice related to the year 2019 of NOK 178 million equivalent (at 31 December 2022) in March 2022. The matter is 
disputed, and the amount is not included in net income from JV and associated companies for the year. Under the Share Purchase 
Agreement with Norfund, Scatec has secured full indemnity against historical tax claims in the Philippines up until the SN Power 
acquisition closing. 
Scatec has in Argentina a non-recourse construction financing from Equinor of NOK 614 million (at 31 December 2022) that has been 
extended after COD and is due in May 2023. The financing from Equinor is pledged in the shares of the project company. The sponsors 
are currently working on different alternatives for the project and expect to find a solution before due date of the financing.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
85
100% figures of summarised financial positions for material joint venture and associated companies (standalone basis) 
2022 
NOK million 
Philippines 
Uganda 
Laos 
Other 
Non-current assets 
7,764 
7,825 
4,193 
6,839 
Current assets 
837 
269 
188 
516 
Cash and cash equivalents 
901 
427 
744 
319 
Total assets 
9,501 
8,521 
5,125 
7,674 
Non-current liabilities 
5,351 
5,197 
729 
1,785 
Current liabilities 
893 
362 
792 
1,209 
Total liabilities 
6,243 
5,559 
1,521 
2,994 
Total Equity 
3,258 
2,962 
3,604 
4,680 
Scatec share of equity 
1,614 
841 
722 
2,133 
Excess value at acquistion date of SN Power 
3,319 
127 
239 
- 
Excess values from previous acquisitions 
1,674 
304 
979 
- 
Amortisation of excess values 
-182 
-44 
-146 
- 
Loan to joint venture as investment 
69 
- 
1 
410 
Other / foreign currency translation 
41 
65 
26 
-14 
Elimination of equity investments 
- 
- 
- 
-1,504 
Net investment in joint venture 
6,535 
1,292 
1,822 
1,026
2021 
NOK million 
Philippines 
Uganda 
Laos 
Other 
Non-current assets 
7,766 
7,104 
3,973 
2,911 
Current assets 
497 
235 
265 
125 
Cash and cash equivalents 
633 
419 
678 
57 
Total assets 
8,895 
7,758 
4,915 
3,093 
Non-current liabilities 
5,528 
5,313 
1,238 
1,918 
Current liabilities 
829 
64 
707 
445 
Total liabilities 
6,086 
5,377 
1,945 
2,363 
Total Equity 
2,808 
2,381 
2,970 
730 
Scatec share of equity 
1,392 
674 
594 
346 
Excess value at acquistion date of SN Power 
3,319 
127 
239 
- 
Excess values from previous acquisitions 
1,674 
304 
979 
- 
Amortisation of excess values 
-65 
-19 
-64 
- 
Loan to joint venture as investment 
137 
2 
- 
- 
Other / foreign currency translation 
-91 
14 
-115 
300 
Net investment in joint venture 
6,366 
1,101 
1,632 
646
 

 
86
Note 14 Cash and cash equivalents
scatec 
Accounting 
principle
Cash includes cash in hand and at bank. Cash equivalents are 
short-term liquid investments that can be immediately 
converted into a known amount of cash and have a maximum 
term to maturity of three months. Restricted cash is cash 
reserved for a specific purpose and therefore not available for 
immediate and general use by the Group. Refer to Note 21 
Financial instruments by category for the accounting principles 
for financial instruments.
 
Cash and cash equivalents 
NOK million 
2022 
2021 
Cash in power plant companies in operation 
2,057 
1,711 
Cash in power plant companies under development 
/ construction 
109 
34 
Other restricted cash 
223 
91 
Free cash 
1,743 
2,335 
Total cash and cash equivalents 
4,132 
4,171 
Cash in power plant companies in operation includes free 
cash, restricted cash in proceeds accounts, debt service 
reserve accounts, disbursements accounts, maintenance and 
insurance reserve accounts and similar. These cash and cash 
equivalents are only available to the Group through 
distributions as determined by shareholder and non-recourse 
financing agreements. 
Cash in power plant companies under development
 
and 
construction
comprise shareholder financing and draw down 
on loan facilities to settle outstanding external EPC invoices.
Other restricted cash comprises restricted deposits for 
withholding tax, guarantees, VAT and rent, NCI’s share of free 
cash as well as collateralised shareholder financing of power 
plant companies not yet distributed to the power plant 
companies.
Reconciliation of movement in free cash at Group level (in recourse group as defined in bond & loan facilities) 
NOK million 
2022 
2021 
Distributions received by Scatec ASA from the power plant companies 
1,231 
1,603 
Cash flow to equity D&C 
1)
-149 
-164 
Cash flow to equity Services 
1)
58 
60 
Cash flow to equity Corporate 
1)
-347 
-252 
Working capital/other 
16 
-556 
Cash flow from operations 
809 
691 
Capitalised expenditures and Scatec’s share of equity investments in projects under development 
-454 
-307 
Scatec's share of equity investments in projects under construction 
-543 
-564 
Net cash considerations from purchase of SNP 
- 
-3,262 
Cash flow from investments 
-996 
-4,132 
Dividend distribution to Scatec ASA shareholders 
-404 
-173 
Cash flow from financing 
-404 
-173 
Change in cash and cash equivalents 
-592 
-3,615 
Free cash at beginning of period 
2,335 
5,949 
Free cash at end of period 
1,743 
2,335 
Available undrawn credit facilities 
1,827 
1,632 
Total free cash and undrawn credit facilities at the end of period 
3,570 
3,967 
1) Proportionate share of cash flow to equity is defined in Alternative Performance Measures Appendix
Refer to Note 21 Corporate Financing for further information on credit facilities.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
87
Note 15 Trade 
receivables
Trade receivables are recognised for unconditional amounts due from the customer. Accrued income represents contract assets related 
to energy production in the last month of the year, which is invoiced in January the 
following year. Trade receivables are measured at 
the transaction price determined under IFRS 15. 
The assessment of whether there is objective evidence that trade receivables is impaired is conducted based on the expected credit loss 
(ECL) approach. Under the approach, lifeatime expected credit loss is recognised based on forward-looking information about possible 
default events. Information on credit risk and foreign exchange risk regarding trade receivables used in the ECL assessment is provided 
in Note 18 - Financial risk management.
Trade receivables 
NOK million 
2022 
2021 
Trade receivables 
384 
557 
Accrued income and other receivables 
210 
183 
Impariment for expected credit loss 
(98) 
- 
Total trade and other receivables 
497 
740
Ageing of trade receivables at year-end 
was as follows: 
NOK million 
Total 
Not due 
Overdue 
2022 
384 
278 
105 
2021 
557 
306 
251
Expected credit loss is assessed on an individual instrument basis. There is no evidence of change in credit risk for the performing trade 
receivables which cover all the outstanding amounts, except for the trade receivables in Ukraine and Honduras. The overdue receivables 
are mainly related to sale of electricity from power plants in Ukraine and Honduras. In all other countries, there are no indications that 
the off-takers will not be able to meet their payment obligations, and hence no expected credit loss impairment have been recognised. 
Ukraine 
On 28 March 2022 the Ministry of Energy of Ukraine issued an Order to reduce the amounts paid to the renewable power producers to 
15% of the agreed tariff to cover for operating expenses for the duration of the martial law. On 29 June 2022 the Ministry 
of Energy 
issued a new 
order which increased the payment level from a minimum of 15% to a minimum of 18% after 2 July 2022. The unpaid 
amounts are postponed to a later period. Due to the uncertainty related to future settlement, Scatec has from 24 February 
2022 only 
recognised revenues in accordance with actual paid amounts and expect to do so until the new regulation is lifted. The payments levels 
have increased during the year and reached 66% in the fourth quarter 
2022. From 24 February 2022 until end of 2022, the average 
payment level from the off-taker has been 42%. 
Due to the high uncertainty related to future settlement of trade receivables and other receivables related to the period prior to the 
war, Scatec has made an expected loss impairment of NOK 98 million as of 31 December 2022. 
The impairment is included in other 
operating expenses in the 2022 figures. Total outstanding receivables in Ukraine has during 2022 decreased from NOK 390 million to 
NOK 167 million in the consolidated financials, due to payments of trade receivables from the period before the war and changes in 
other receivables.
Honduras 
Scatec has also experienced increased delays in payments from the state-owned off-takers of power in Honduras. Overdue payments 
have accumulated in Honduras to a varying degree since the second quarter 
of 2020. At the end of 2022, the total accumulated 
overdue receivables amounted to NOK 66 million (NOK 153 million) after settlement of NOK 214 million in outstanding amounts in 
December 2022. 
In May 2022, a new Energy law came into force as introduced by the new Government of Honduras. In accordance with the new law, 
the state owned off-taker has proposed certain changes to the existing PPAs and settlement of outstanding receivables. Part of the 
outstanding receivables was settled in 2022, and the remaining amount is, based on the ongoing negotiations, 
expected to be settled 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
88
and risk related to remaining amount is therefore deemed limited
. 
Payments are secured by sovereign guarantees and no expected 
credit loss impairment has hence been recognised
Ageing of overdue trade receivables at year-end 
was as follows: 
Overdue 
NOK million 
Less than 30 days 
30 - 60 days 
60 - 90 days 
More than 90 days 
Total 
2022 
14 
10 
11 
71 
105 
2021 
10 
26 
18 
198 
251
Note 16 Other non-current and current assets
Other non-current assets 
NOK million 
2022 
2021 
Loan to non-controlling interest 
- 
1 
Other non-current investments 
125 
32 
Non-current derivative financial assets (ref Note 20) 
375 
26 
Other non-current receivables 
116 
151 
Total other non-current assets 
616 
210
Other current assets 
NOK million 
2022 
2021 
Prepayments related to assets under development/construction 
1336 
22 
Receivables from public authorities/prepaid taxes, VAT etc 
235 
393 
Current derivative financial assets (ref Note 20) 
21 
0 
Other receivables and prepaid expenses 
292 
320 
Total other current assets 
1883 
734
Prepayments related to assets under development and construction 
The prepayments 
relates to 
the ongoing 
construction projects 
in South 
Africa and 
Brazil. The 
balance comprises 
upfront payments 
of 
project costs under the EPC-contracts.
Note 17 Other non-current and current liabilities
Other non-current liabilities comprise the following: 
NOK million 
2022 
2021 
Shareholder loan from co-investors (ref Note 23) 
708 
610 
Non-current lease liability (ref Note 11) 
270 
206 
Asset retirement obligations (ref Note 9) 
475 
270 
Other long-term provisions and accruals 
165 
301 
Total other non-current liabilities 
1,618 
1,387
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
89
Other current liabilities comprise the following: 
NOK million 
2022 
2021 
Accrued expenses related to assets under development/construction 
237 
237 
Public dues other than income taxes 
76 
44 
Accrued interest expenses 
112 
65 
Accrued payroll 
75 
57 
Current lease liability (ref Note 11) 
43 
39 
Deferred income 
106 
103 
Other current liabilities and accruals 
457 
296 
Total other current liabilities 
1,106 
841
Liabilities related to power production plants reflects both working capital requirements for 
development/construction contracts 
and cost accruals on completed projects. Accrued interest expenses are related to corporate financing in the parent company. 
Asset retirement obligations are provided for in the case where the Group 
has a legal obligation to dismantle and remove a 
power plant and restore the site on which it is located at a future date. The estimate for the asset retirement cost is capitalized 
as part of the carrying value of the power plant and depreciated over the useful life. The estimate is reassessed annually for each 
power plant, based on updates in assumptions and key input data. The 2022 reassessment has resulted in an increase from NOK 
270 million in 2021 to NOK 475 million in 2022, primarily driven by increases in estimated dismantling costs. 
Other interest-bearing liabilities include current and non-current portions of the liability to PowerChina of 
NOK 462 million in 
total (NOK 231 million in non-current and current other interest-bearing liabilities).
 
Scatec and PowerChina have signed a revised 
payment plan for the construction loan where part of the loan was paid in August 2022 and of the remaining EUR 44 million, EUR 22 
million will be paid at the end of 2023 and EUR 22 million by mid-2025. Scatec ASA has provided a corporate and bank guarantee to 
PowerChina in support of this obligation. In the third quarter 2022 the construction loan was reclassified from trade payables to other 
non-current interest-bearing liabilities. In the fourth quarter, EUR 22 
million related to the instalment due in 2023 has been reclassified 
from 
non-current to current interest-bearing liabilities. Refer to Note 24 Guarantees and commitments for further details.
Note 18 Financial risk management
Through its business activities Scatec is exposed to the 
following financial risks: 
●
Market risk (including commodity price risk, currency risk 
and interest rate risk) 
●
Liquidity risk 
●
Credit risk 
Guidelines for risk management have been approved by the 
Board of Directors and are carried out by Scatec’s group 
finance department in cooperation with the individual 
operational units. The Group’s overall risk management 
program focuses on the unpredictability of financial markets 
and seeks to minimise potential adverse effects on the Group’s 
financial performance. The Group uses derivative financial 
instruments to hedge certain risk exposures.
Market 
risk
Scatec is exposed to various market risks, including fluctuations 
in commodity prices, foreign currency rates and interest rates 
that can affect the revenues and costs of operating, investing 
and financing activities. 
Commodity price risk 
Scatec’s sales of electricity constitute a material share of its 
revenues. As a result, the Group’s business, financial position, 
results of operation and cash flow are affected by changes in 
electricity prices. The Group seeks to reduce the effect of price 
fluctuation by entering into long term, fixed price contracts. 
The power plants produce electricity primarily sold under long 
term bilateral power purchase agreements (PPAs), with state 
owned utilities or corporate off-takers, or under government-
based feed-in tariff schemes. The weighted average remaining 
PPA 
duration for power plants in operation is 15 years. The 
electricity produced from the power plants in the Philippines is 
sold on bilateral contracts in the spot market under a 
renewable operating license, and as ancillary services.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
90
Some of the off-take agreements entered into do not contain 
inflation-based price increase provisions or provisions that only 
partially allows for inflation-based increases. Some of the 
countries in which the Company operates, or into which the 
Company may expand in the future, have in the past 
experienced high inflation. The fixed price contracts are 
classified as “own use” contracts (with reference to IFRS 9.2.4), 
and hence not considered to be in scope of IFRS 9. 
The price of electricity is influenced by government support 
schemes, the development of the renewable power 
production industry and development in prices on other 
sources of electricity. Transitional climate risk related to new 
technology and change in power markets is expected to affect 
power prices. This includes development in cost and efficiency 
of renewable energy technologies. 
A decline in the costs of other sources of electricity and 
primary energy sources, such as fossil fuel or nuclear power, 
could reduce the wholesale price of electricity. A significant 
amount of new electricity generation capacity becoming 
available could also reduce the wholesale price of electricity. 
Broader regulatory changes to the electricity market, such as 
climate related regulations, changes to energy trading, 
allocation of transmission cost and grid capacity
, could have 
an impact on electricity prices. A decline in the market price of 
electricity could materially adversely affect the financial 
attractiveness of new projects.
Currency risk 
Scatec operates internationally and is subject to currency 
exposure when transactions and monetary balances are 
denominated in currencies other than the functional currency. 
For the Group’s power plant entities, currency risk is managed 
based on functional currency and expected cash flows. This is 
done through the setup of the SPVs with natural hedges 
where non-recourse financing, revenue and other transactions 
to a large extent is denominated in the same currency. 
Construction revenues, cost of sales and gross profit may be 
subject to significant currency fluctuations. However, multi-
currency construction contracts contribute to a natural hedge 
of cost of sales. To the extent that the Group hedges foreign 
currency exposure, it is based on cash flow considerations and 
not with regards to foreign currency translation effects in the 
financial statements.
The Group is also exposed to currency fluctuations with 
regards to dividend payment from the operating companies 
and dividend payment to the shareholders of the parent 
company. The general policy of the Group is not to hedge 
foreign currency exposure on long term cash flows from the 
companies operating the power plants. 
As the Group reports its consolidated results in NOK, any 
change in exchange rates between NOK and functional 
currencies for the reporting entities, which mainly are USD, 
ZAR, EUR, MYR, BRL, CZK, PHP and VND, affects the 
consolidated statements when the results of those reporting 
entities are translated into NOK. 
The sensitivity analysis shows the profit and loss effect of 
reevaluation of monetary items due to changes in currencies 
the Group is exposed to. The sensitivities have been calculated 
based on what Scatec views to be reasonably possible changes 
in the foreign exchange rates for the coming year and net 
balances in different currencies as of 31 December 2022.
NOK million 
Profit (loss) 
before taxes 
At 31 December 2022 
EUR - Net gain/(loss) (5%) 
-45 
USD - Net gain/(loss) (5%) 
3 
BRL - Net gain/(loss) (5%) 
-4 
ZAR - Net gain/(loss) (5%) 
-13 
MYR - Net gain/(loss) (5%) 
-6 
EGP - Net gain/(loss) (5%) 
-21 
UAH - Net gain/(loss) (5%) 
-21
NOK million 
Profit (loss) 
before taxes 
At 31 December 2021 
EUR - Net gain/(loss) (5%) 
154 
USD - Net gain/(loss) (5%) 
24 
BRL - Net gain/(loss) (5%) 
- 
ZAR - Net gain/(loss) (5%) 
-2 
MYR - Net gain/(loss) (5%) 
-6
Interest 
rate risk 
Scatec is exposed to interest rate risks through funding and 
cash management activities. The interest rate risk management 
objective is to keep the borrowing costs at a minimum and to 
keep the volatility of future interest payments within 
acceptable limits. The Group manages its interest rate risk by 
either using long-term financing at fixed rates or using floating 
to fixed interest rate swaps for either parts or full exposure of 
external loans. 
Based on the current Group interest bearing debt portfolio, 
the interest rate hedge ratio (weighted average) is 62% for the 
period 2022-2041. This includes corporate debt of NOK 8.0 
billion of which approximately 19% is swapped to fixed rate. 
Including the JVs, the interest rate hedge ratio (weighted 
average) is 69%. 

 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
91
The interest rate risk on the debt at the power plant level is 
predominantly hedged by way of interest rate swaps subject to 
hedge accounting, fixed rate loans or inflation rate adjusted 
interest following the indexed PPAs. For more information on 
the Group’s financial liabilities, refer to Note 21 – Corporate 
Financing and Note 22 – Non-recourse financing. 
The sensitivity analysis shows how profit and loss would have 
been affected by changes in unhedged interest rates. 
NOK million 
At 31 
December 
2022 
At 31 
December 
2021 
At 31 December 2022 
1% 
1% 
Net gain/(loss) 
-65 
-27 
The impact on the profit and loss including the JVs with a 
decrease or increase in interest rate of 1% would result in a 
gain or loss of NOK 65 million. 
Interest rate benchmark reform 
Scatec is exposed to the effects of the interest rate benchmark 
reform, in which Interbank offered rates (IBORs) will be phased 
out and replaced by new reference rates. The Groups 
subsidiaries and the parent company currently have several 
contracts which reference IBOR rates. Scatec has identified and 
implemented necessary changes to contracts that is required 
to transition to new reference rates. The 3-month USD Libor 
will cease on 30 June 2023 and is to be replace by Secured 
Overnight Financing Rate (SOFR). There is no indication that 6-
month KLIBOR and 3-month JIBAR will cease in the near 
future.
 
Liquidity 
risk 
Liquidity risk is the risk that Scatec will not be able to meet 
financial obligations when due. The Group manages liquidity 
risk through a regular review of future commitments, cash 
flows from operations and credit facilities. Due to the dynamic 
nature of the underlying business, the Group maintains 
flexibility in funding by maintaining availability under 
committed credit facilities. In addition, the Group has available 
funding through the USD 180 million Revolving Credit Facility 
(RCF) and the USD 5 million Overdraft Facility. Scatec has per 
31 December 2022 not drawn on the revolving credit facility or 
the overdraft facility. 
For information about the Group’s financial liabilities including 
maturity, refer to Note 21 – Corporate Financing, Note 22 – 
Non-recourse financing and Note 11 Leases. 
In some of the countries where Scatec operates, governments 
have imposed regulations on repatriation of funds out of the 
country. This may halt or delay flow of funds between group 
companies under certain circumstances. Scatec seek to 
minimise such risk through assessments of the relevant 
jurisdictions and regulations and adapt accordingly. 
Scatec’s ability to seek liquidity and comply with financial 
obligations is related to the capability to comply with extended 
ESG targets and reporting requirements. Transitional climate 
risk including new regulations and shifting in global financing 
may affect Scatec’s liquidity. 
A break-down of free and restricted cash is provided in Note 
14 – Cash and cash equivalents.
Credit 
risk 
Credit risk is the risk that Scatec’s customers or counterparties 
will cause financial loss by failing to honour their obligations. 
The Group is exposed to third party credit risk in several 
instances, including off-take partners who have committed to 
buy electricity produced by or on behalf of the Group, 
suppliers and/or contractors who are engaged to construct or 
operate assets held by the Group, property owners who are 
leasing land to the Group, banks providing financing and 
guarantees of the obligations of other parties, insurance 
companies providing coverage against various risks applicable 
to the Group’s assets, and other third parties who may have 
obligations towards the Group. Except for the energy sold to 
the whole sale market in the Philippines, most of the electric 
power generated by the Group’s current portfolio of projects 
in operation or under construction is, or will be, sold under 
long-term off-take agreements with public utilities or other 
partners, or under Feed-in Tariff (“FiT”) arrangements, Power 
Purchase Agreements (PPAs) 
or similar support mechanisms 
governed by law. If, for any reason, any of the counterparties 
to these contracts are unable or unwilling to fulfil their 
contractual obligations, refuse to accept delivery of power 
delivered thereunder or if they otherwise terminate such 
agreements prior to the expiration thereof, our assets, 
liabilities, business, financial condition, results of operations 
and cash flows could be materially and adversely affected. For 
the Group’s current projects in operation, the majority of these 
are supported by government guarantees or have obligations 
regulated by law. However, there is still a risk of legislative or 
other political action that may impair their contractual 
performance. 
The Group’s main credit risks arise from credit exposures with 
accounts receivables and deposits with financial institutions. 
All major deposits and investments with financial institutions 
are kept with entities carrying a minimum international credit 
rating from Moodys/ S&P of at least A-. 

 
92
Theoretically, the Group’s maximum credit exposure for 
financial assets is the aggregated statement of financial 
position carrying amounts of financial loans and receivables 
before expected credit loss provision, as well as cash and cash 
equivalents, equaling NOK 
6,709 million at 31 December 2022. 
Refer to Note 15 – Trade receivables for information on the 
expected credit loss provision related to trade receivables.
 
Note 19 Financial instruments
Accounting 
principle 
Financial assets 
The Group initially measures financial assets at amortised cost, 
its fair value plus, in the case of a financial asset at fair value 
through OCI, transaction costs. The classification of financial 
assets depends on the financial asset’s contractual cash flow 
characteristics and the Group’s business model for managing 
them. 
The Group’s financial assets at amortised cost mainly include 
trade receivables and cash and cash equivalents. Financial 
assets at amortised cost are subsequently measured using the 
effective interest (EIR) method and are subject to impairment 
assessment. See note 15 for accounting policy and ECL 
approach on trade receivables.
Financial assets at fair value through profit or loss include 
derivatives, including separated embedded derivatives, unless 
they are designated as effective hedging instruments. 
The Group’s financial assets at fair value through OCI include 
effective cash flow hedges.
Financial liabilities 
All financial liabilities are initially recognised at fair value, in the 
case of loans, borrowings and payables, net of directly 
attributable transaction costs. The Group’s financial liabilities 
include trade and other payables, loans and borrowings 
including bank overdrafts and derivative financial instruments. 
After initial recognition, interest-bearing loans and borrowings 
are subsequently measured at amortised cost using the EIR 
method. Amortised cost is calculated by taking into account 
any discount or premium on acquisition and fees or costs that 
are an integral part of the EIR. The EIR amortisation is included 
as finance costs in the statement of profit or loss. 
The Group’s financial liabilities at fair value through OCI 
include effective cash flow hedges. 
A financial liability is derecognised when the obligation under 
the liability is discharged, cancelled or expires. When an 
existing financial liability is replaced by another from the same 
lender on substantially different terms, or the terms of an 
existing liability are substantially modified, the exchange or 
modification is treated as de-recognition of the original liability 
and recognition of a new liability. The difference in the 
respective carrying amounts is recognised in the statement of 
profit or loss.
Estimation 
uncertainty 
Fair value measurement 
All assets and liabilities for which fair value is measured or 
disclosed in the financial statements are categorised within the 
fair value hierarchy from IFRS 13 based on the lowest level 
input that is significant to the fair value measurement as a 
whole: 
●
Level 1
 
— Quoted (unadjusted) market prices in active 
markets for identical assets or 
●
Level 2
 
— Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
directly or indirectly observable 
●
Level 3
 
— Valuation techniques for which the lowest level 
input that is significant to the fair value measurement is 
unobservable 
For assets and liabilities that are recognised in the financial 
statements on a recurring basis, the Group determines 
whether transfers have occurred between levels in the 
hierarchy by re-assessing categorisation (based on the lowest 
level input that is significant to the fair value measurement as a 
whole) at the end of each reporting period. During the 
reporting period ending 31 December 2022, there have been 
no transfers between the fair value levels. 
The fair value of interest rate swaps is calculated as the present 
value of the estimated future cash flows based on the 
observable yield curves (level 2). The fair value of a foreign 
exchange embedded derivative is calculated as the present 
value of the difference between the forward rate and the spot 
rate at the balance sheet date (level 2). This imply to take into 
account input from external parties and compare the terms 
agreed under each derivative contract to the market terms for 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
93
a similar contract on the valuation date. Changes in the fair 
value relate to daily changes in market prices of the derivative 
contracts and the volume of contracts. Refer to Note 20 
Derivative financial instruments for details.
Financial instrument by measurement category 
NOK million 
Measurement category 
2022 
2021 
Assets 
Derivatives 
Interest rate swap 
Fair value – hedging instruments through OCI 
396 
26 
Debt instruments 
Cash and cash equivalents 
Amortised cost 
4,132 
4,171 
Trade receivables 
Amortised cost 
286 
557 
Other debt instruments and receivables 
Amortised cost 
451 
759 
Total financial assets 
5,264 
5,513 
Total current 
4,774 
5,303 
Total non-current 
490 
210 
Liabilities 
Interest bearing loans and borrowings 
Corporate financing 
Amortised cost 
7,987 
7,264 
Non-recourse financing loans 
Amortised cost 
15,260 
11,855 
Derivatives 
Interest rate swap 
Fair value – hedging instruments through OCI 
28 
339 
Foreign exchange forward contracts 
Fair value – hedging instruments through PL 
92 
- 
Other financial liabilities 
Shareholder loan from non-controlling interests 
Amortised cost 
708 
610 
Trade and other financial liabilities 
Amortised cost 
1,285 
1,148 
Total financial liabilities 
25,360 
21,217 
Total current 
3,008 
2,114 
Total non-current 
22,351 
19,103
There are no significant differences between total carrying value and fair value for financial instruments measured at amortised 
cost.
The table below provides a reconciliation of the movement of liabilities arising from financing activities, disaggregated by cash and non-
cash movements. Please refer to Note 11 Leases for a reconciliation of lease liabilities.
Movement in liabilities recognised at amortised cost 
2022 
Non-cash changes 
NOK million 
2021 
Cashflows 
Foreign 
exchange 
movement 
Fair value 
changes 
Accrued interest 
expense/ 
Reclassifications 
2022 
Corporate financing 
7,264 
(298) 
903 
- 
118 
7,987 
Non-recourse financing 
11,855 
1,483 
1,049 
- 
872 
15,260 
Total liabilities arising from financing activities 
19,120 
1,185 
1,952 
- 
990 
23,247
2021 
Non-cash changes 
NOK million 
2020 
Cashflows 
Foreign 
exchange 
movement 
Fair value 
changes 
Accrued interest 
expense/ 
Reclassifications 
2021 
Corporate financing 
748 
4,448 
- 
- 
2,068 
7,264 
Non-recourse financing 
12,263 
(1,637) 
(103) 
- 
1,332 
11,855 
Total liabilities arising from financing activities 
13,011 
2,811 
(103) 
- 
3,400 
19,120

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
94
Note 20 Derivative financial instruments
Hedge 
accounting 
The Group uses derivative financial instruments, such as 
interest rate swaps, to hedge its interest rate risks related to 
financing of renewable power production plants. Such 
derivative financial instruments are initially recognised at fair 
value on the date of which a derivative contract is entered and 
are subsequently re-measured at fair value. The effective 
portion of cash flow hedges is recognised in OCI and later 
reclassified to profit or loss when the underlaying hedge item 
affects profit or loss. 
The Group only applies hedge accounting for cash flow 
hedges that meet the criteria in IFRS 9. At the inception of 
each hedge relationship, the Group designates and 
documents the hedge accounting relationship, the risk 
management objective and strategy for undertaking the 
hedge. The documentation includes identification of the 
hedging instrument, the hedged item or transaction, the 
nature of the risk being hedged and how the entity will assess 
the hedging instrument’s effectiveness in offsetting the 
exposure to changes in expected cash flows from the hedged 
item. Such hedges are expected to be highly effective in 
achieving offsetting changes in the expected cash flows and 
are assessed on an ongoing basis to determine that they 
actually have been highly effective throughout the financial 
reporting periods for which they were designated. If a hedge 
of a forecasted transaction subsequently results in the 
recognition of a non-financial asset or liability, the gain or loss 
on the hedge instrument that was recognised in other 
comprehensive income is reclassified to the income statement 
in the same period or periods during which the asset acquired 
or liability assumed affects the statement of profit or loss. If the 
forecast transaction is no longer expected to occur, amounts 
previously recognised in other comprehensive income are 
reclassified to the statement of profit or loss. If the hedging 
instrument expires or is sold, terminated or exercised without 
replacement or rollover, or if its designation as a hedge is 
revoked, amounts previously recognised in other 
comprehensive income remain in other comprehensive 
income until the forecasted transaction occurs.
Derivative financial assets and liabilities 
NOK million 
2022 
2021 
Interest rate swap contracts financial assets measured at level 2 in the fair value 
hierarchy 
Current portion 
21 
- 
Non-current portion 
375 
26 
Total derivative financial assets 
396 
26
NOK million 
2022 
2021 
Interest rate swap contracts financial liabilities measured at level 2 in the fair value 
hierarchy 
Current portion 
16 
90 
Non-current portion 
12 
249 
Total Interest rate swap contracts derivative financial liabilities 
28 
339 
Foreign exchange contracts financial liabilities measured at level 2 in the fair value hierarchy 
Current portion 
92 
- 
Non-current portion 
- 
- 
Total Foreign exchange contracts financial liabilities 
92 
- 
Total derivative financial liabilities 
120 
339
The tables above show the market value of the derivatives for the year ending 2022 and 2021, carried as financial assets when the fair 
value is positive and as financial liabilities when the fair value is negative. The derivative financial instruments are presented on a gross 
basis in the consolidated statement of financial position, since the Group did not have the legal right to offset these cash flows.
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
95
Interest rate swaps per country 2022 
Country 
Notional amount (NOK million) 
Fixed rate(s) 
Floating rate reference rate(s) 
Maturity 
Norway 
1,457 
0.40% 
3-month USD LIBOR 
2025 
South Africa 
2,197 
8.40% - 8.70% 
3-month JIBAR 
2024-2028 
Egypt 
2,471 
2.15% 
USD-SOFR-COMPOUND 
2041 
Mozambique 
364 
3.30% 
6-month USD LIBOR 
2035 
Malaysia 
212 
4.30% 
6-month KLIBOR 
2028
Interest rate swaps per country 2021 
Country 
Notional amount (NOK million) 
Fixed rate(s) 
Floating rate reference rate(s) 
Maturity 
Norway 
1,323 
0.40% 
3-month USD LIBOR 
2025 
South Africa 
2,082 
8.40% - 8.70% 
3-month JIBAR 
2024-2028 
Egypt 
2,811 
5.40% - 8.00% 
6-month USD LIBOR 
2035 
Mozambique 
346 
3.30% 
6-month USD LIBOR 
2035 
Malaysia 
216 
4.30% 
6-month KLIBOR 
2028
The Egyptian power plant companies refinanced non-recourse debt by the issuance of USD 334.5 million bond in Q2 2022, of which a 
USD 250 million tranche is subject to floating interest rates. As part of the refinancing, the power plant companies entered new interest 
rate swaps matching the interest rate terms on the USD 250 million floating rate tranche.
 
NOK 
Reconciliation of hedging reserve - interest rate swap contracts 
 
NOK million 
2022 
2021 
Opening balance 
-242 
-522 
Recycling during the year to profit or loss, gross 
348 
203 
Recycling during the year to profit or loss, tax effect 
-85 
-61 
Unrealised gain/(loss) during the year 
353 
193 
Unrealised gain/(loss) during the year, tax effect OCI 
-83 
-56 
Closing balance 
291 
-242 
Of which equity holders of the parent company 
199 
-111
The interest rate swap contracts described in this note are exposed to the effects of the Interest Rate Benchmark Reform, as the fair 
values of 
interest rate swaps today are based on the following reference rates; 6-month KLIBOR, 3-month USD Libor, 6-month USD 
Libor and 3-month JIBAR, and a change from these reference rates to the new reference rates described in the Interest Rate Benchmark 
Reform could affect the fair value of the financial instruments. The Group pays attention to the development of the IBOR transition, and 
will work with the contractual counterparts on the transition to new reference rates.
Foreign exchange derivatives 
F
oreign exchange derivatives consist of 
USD/ZAR currency forward contracts related to the 
power plants under construction in 
Kenhardt, South Africa, 
to mitigate currency exposure on equipment purchases denominated in USD. The foreign exchange derivatives 
are recognized in the statement of financial position at fair value, with the change in value recognized in the statement of profit and 
loss as financial income/expense.

 
96
Note 21 Corporate financing
 
Currency 
Denominated 
currency value 
(million) 
Maturity 
Interest terms 
Carrying value 31 
December 2022 
(NOK million) 
Carrying value 31 
December 2021 
(NOK million) 
Green Bond (Ticker: SCATC03 NO0010931181) 
EUR 
250 
Q3 2025 
3M EURIBOR + 2,50% 
2,625 
2,475 
Total unsecured bonds 
2,625 
2,475 
Green Term Loan 
USD 
150 
Q1 2025 
1,481 
1,323 
Bridge to Bond 
USD 
193 
Q1 2024 
1,906 
1,702 
Total secured acquisition financing 
3,387 
3,025 
Vendor Financing (Norfund) 
USD 
200 
Q1 2028 
1,975 
1,764 
Total unsecured acquisition financing 
1,975 
1,764 
Revolving credit facility 
USD 
180 
Q1 2024 
- 
- 
Overdraft facility 
USD 
5 
- 
- 
Total secured back-stop bank facilities 
- 
- 
Total 
7,987 
7,264 
As of non current 
7,987 
7,264 
As of current 
- 
-

Scatec ASA - Annual Report 2022 
97
Green 
bond 
In the first quarter of 2021 Scatec issued a EUR 250 million 
senior unsecured green bond with maturity in August 2025. 
The bond carries a coupon of 3-months EURIBOR (with no 
floor) + 2.50%, margin to be settled on a quarterly basis. The 
bond was listed on the Oslo Stock Exchange 23 June 2021 with 
ticker SCATC03 ESG. The proceeds from the bond issue were 
used to 
●
Redeem in whole the NOK 750 million senior unsecured 
green bond issued in 2017, with ticker SSO02 ESG, 
including any call premium and accrued interest. 
●
To partially refinance the bridge to bond facility that was 
committed in 2020 in relation to the acquisition of SN 
Power. 
●
Cover for other eligible activities as set out in Scatec’s 
Green Financing Framework. 
During the term of the bond, Scatec shall comply with the 
following financial covenants at all times: 
●
Minimum liquidity: free cash of minimum NOK 150 
million 
●
Maximum debt to capitalisation ratio: 50% 
●
Minimum interest coverage ratio: 3.0x. 
Refer to the loan agreement available on 
www.scatec.com/investor-overview for further information and 
definitions. 
Outstanding 
acquisition 
finance 
As of 31 December 2022, the following facilities and amounts 
are outstanding of the initial USD 1,030 million financing 
package related to the acquisition of SN Power in the first 
quarter of 2021: 
●
USD 150 million Green Term Loan provided by Nordea, 
Swedbank and DNB with maturity in the first quarter of 
2025. 
●
USD 193 million outstanding of the USD 400 million 
bridge to bond facility provided by Nordea, Swedbank 
and DNB. The maturity date for the facility was extended 
to January 2024 in the third quarter 
of 2022. 
●
USD 200 million Vendor Financing provided by Norfund 
with maturity in the first quarter of 2028. 
Refer to note 30 Subsequent events for information about 
refinancing of the bridge to bond facility. 
Revolving 
credit 
facility 
In the first quarter of 2021 Scatec increased the existing 
revolving credit facility (RCF) from USD 90 million to USD 180 
million, with Nordea Bank as agent and Nordea Bank, DNB, 
Swedbank and BNP Paribas as equal Lenders. The facility can 
be drawn in USD, NOK, EUR or an optional currency agreed 
with the banks. The facility is ESG (Environmental, Social and 
Governance) linked and has a three-year tenor. The facility 
margin is linked to the following ESG KPIs: 
●
A targeted level for LTIFR (Lost time incident frequency 
rate) for the Group 
●
Anti-Corruption training for all employees 
●
Environmental and social baseline studies and risk 
assessment on all power plants by external experts 
Scatec has not drawn on the revolving credit facility per 31 
December 2022. 
Overdraft 
facility 
In the second quarter of 2018 Scatec entered into a USD 5 
million overdraft facility with Nordea Bank. Scatec has not 
drawn on the overdraft facility 
per 31 December 2022. 
Per 31 December 2022, Scatec was in compliance with all 
financial covenants for the above facilities. The book equity of 
the recourse group, as defined in the facility agreements, was 
NOK 10,598 million per year end
. 
During 2022, interest 
expense net of gains/(loss) on interest rate swaps amounting 
to NOK 
344 million ( 250 ) was expensed for the bond, 
acquisition finance, overdraft- and revolving credit facility. 
Guarantee 
facilities 
The guarantee facility (GFA) has Nordea Bank as agent and 
issuer, with Nordea Bank, Swedbank, DNB and BNP Paribas as 
guarantee instrument lenders. The guarantee facility is mainly 
used to provide advance payment-, performance and 
warranty bonds under construction agreements, as well as 
trade letter of credits. In addition to the GFA, Scatec has 
guarantee facilities with Standard Bank South Africa, Lombard 
insurance company in South Africa and MBank in Malaysia. 
These facilities are mostly used to cover short term bid bonds. 
Refer to note 24 Guarantees for further information
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
98
Note 22 Non-recourse financing
See Note 19 Financial instruments for accounting principle for 
financial liabilities recognised to amortised cost. 
The table below specifies non-recourse financing at 31 
December 2022 and 2021. The rate of interest is a calculated 
average per portfolio. All loans are fixed or swapped to fixed 
rate interests, except for the loans in South Africa Upington 
where the interest rates are inflation-linked to match the 
profile of the PPA 
indexations. 
NOK million 
Interest rate 
Maturity date 
2022 
2021 
Loan facilities (ZAR) - South Africa portfolio 
Kalkbult. Linde, 
Dreunberg 
10.05% 
12/31/2032 
1,910 
1,616 
Loan facilities (ZAR) - South Africa portfolio 
Upington 1) 
8.23% 
3/31/2037 
2,267 
2,157 
Loan facilities (ZAR) - South Africa portfolio 
Kenhardt 
10.14% 
10/31/2041 
2,582 
- 
Loan facilities (CZK) – Czech portfolio 
4.90% 
5/11/2029 
315 
318 
Loan facilities (USD) - Gigawatt Global Rwanda Ltd 
(ASYV) 
8.23% 
1/11/2030 
116 
108 
Loan facilities (USD) – Jordan portfolio 
6.39% 
1/10/2032 
685 
644 
Loan facilities (USD) – Produccion De Energia S.A (Aqua Fria) 
7.21% 
10/31/2026 
387 
346 
Loan facilities (MYR) – Quantum Solar 
Park (Semenanjung) SDN. 
6.02% 
4/30/2035 
1,784 
1,796 
Loan facilities (MYR) – Red Sol 
4.22% 
12/23/2028 
264 
267 
Loan facilities (USD) - Aswan portfolio 
Egypt 
5.21% 
3/31/2041 
3,138 
2,847 
Loan facilities (USD) - Central Solar de Mocuba, Mozambique 
6.45% 
1/31/2035 
468 
438 
Loan facilities (EUR) - Ukraine 
6.86% 
12/31/2029 
987 
969 
Loan facilities (VND) - Vietnam 
6.00% 
1/31/2035 
356 
347 
Total non-recourse financial liabilites 
15,260 
11,854 
Of which non-current non-recourse financial liabilities 
13,297 
10,708 
Of which current non-recourse financial liabilities 
1,963 
1,147 
1) Parts of the loans in South Africa Upington are structured as CPI-linked loans where the principal loan amount is uplifted based on the yearly 
observed CPI factor. Hence, the 
effective interest including the CPI factor is higher than the nominal interest rate of the loan. For 2021 the CPI factor applied to the loans 
was 1.17%
. 
Scatec mainly uses non-recourse financing for constructing 
and/or acquiring assets, exclusively using as guarantee the 
assets and cash flows of the special purpose vehicle carrying 
out the activities financed. Compared to corporate financing, 
non-recourse financing has certain key advantages, including a 
clearly defined and limited risk profile. In this respect, the 
banks recover the financing solely through the cash flows 
generated by the projects financed. For four of the five 
companies operating in the Czech Republic, the non-recourse 
financing 
agreements include a cross default clause within the Czech 
group. Please refer to Note 24 Guarantees and commitments 
for information on the use of parent company guarantees in 
favor of power plant companies. 
The project entities’ assets are pledged as security for the non-
recourse financing. The Group’s book value of the pledged 
power plants is 
NOK 15,676 million (14,508) 
at 31 December 
2022. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
99
Repayment 
structure 
NOK million 
Loan repayment 
Interest payment 
Total 
2023 
1066 
1088 
2,154 
2024 
951 
1111 
2,062 
2025 
1010 
1031 
2,041 
2026 
1085 
966 
2,051 
2027 
1017 
892 
1,909 
2028 
1173 
821 
1,994 
2029 
996 
702 
1,698 
2030 
1010 
636 
1,646 
2031 
1111 
563 
1,674 
2032 
849 
489 
1,338 
2033 
787 
435 
1,222 
2034 
908 
377 
1,285 
2035 
852 
312 
1,164 
2036 
738 
256 
994 
2037 
713 
196 
909 
2038 
503 
148 
651 
2039 
519 
106 
625 
2040 
405 
64 
468 
2041 
469 
23 
492 
Total future loan repayment 
16,161 
10,217 
26,378 
Covenants 
Scatec has financial covenants related to the non-recourse 
financing in the different countries, for example different 
Debt Service Coverage Ratios (DSCR) and Equity ratios. 
The 
Agreements also contain further restrictions on, inter alia, 
hedging policies, subsidiaries and new activities, amendments 
to the key agreements and insurance policies, new consents, 
pledges and guarantees, financial indebtedness and giving 
financial support, capital expenditures and changes of 
shareholder structure and auditors, as well as several 
undertakings related to e.g., budgets, financial and operational 
reporting and information. 
Except for Ukraine, Scatec was in compliance with financial 
covenants for the non-recourse debt on 31 December 2022. 
Ukraine
Scatec’s power plant companies in Ukraine are not in 
compliance with covenants in the loan agreements for the 
non-recourse project debt at year-end. The situation is 
unchanged from the first quarter 2022, when NOK 603 million 
of the non-recourse financing was reclassified from non-
current to current. As of 31 December 2022, all
 
n
on-recourse 
financing (including accrued interest) in Ukraine, amounting to 
NOK 987 million, continues to be classified as current in the 
consolidated financials. Scatec has continuous and constructive 
dialogue with the lenders and the parties have agreed on a 
non-formalised “stand still”
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
100
Note 23 Project financing provided by co-investors 
In relation to the structuring and financing of the power plant companies in the Group, financial instruments are issued to both the 
controlling and non-controlling interests. Such financing can be both paid-in equity and shareholder loans. Issued capital and 
shareholder loans are considered equity instruments if repayment is on the discretion of the power plant company. 
At 31 December 2022, the following financing have been granted by co-investors to consolidated power plant companies: 
Shareholder loan recognized 
NOK million 
Country of 
incorporation 
Total 
financing 
Paid-in 
equity 
in equity 
as financial 
liability 
Scatec Solar SA 166 (Pty) Ltd (Kalkbult) 
South Africa 
54 
54 
0 
0 
Simacel 155 (Pty) Ltd (Linde) 
South Africa 
21 
21 
0 
0 
Simacel 160 (Pty) Ltd (Dreunberg) 
South Africa 
41 
41 
0 
0 
Gigawatt Global Rwanda (ASYV) 
Rwanda 
20 
5 
15 
0 
Anwar Al Ardh for Solar Energy Generation PSC (EJRE) 
Jordan 
91 
1 
90 
0 
Ardh Al Amal for Solar Energy Generation PSC (GLAE) 
Jordan 
43 
1 
42 
0 
Producción de Energía Solar y Demás Renovables, S.A. 
(Agua Fria) 
Honduras 
265 
111 
0 
155 
Los Prados 
Honduras 
207 
207 
0 
0 
Aswan Solar Power SAE (BB1) 
Egypt 
33 
33 
0 
0 
Zafarana Solar Power SAE (ZAF1) 
Egypt 
89 
37 
0 
52 
Red Sea Solar Power SAE (ZAF2) 
Egypt 
167 
33 
0 
134 
Upper Egypt Solar Power (BB2) 
Egypt 
100 
36 
0 
64 
Kom Ombo Renewable Energy SAE (BB3) 
Egypt 
97 
43 
0 
54 
Daraw Solar Power SAE (BB4) 
Egypt 
79 
40 
0 
40 
Egypt Green Hydrogen 
Egypt 
44 
0 
0 
44 
Kamianka / Chysta Energiya 
Ukraine 
59 
1 
0 
58 
Rengy Bioenergy 
Ukraine 
83 
1 
0 
82 
Central Solar de Mocuba, Mozambique 
Mozambique 
49 
29 
0 
20 
Dyason's Klip 1 
South Africa 
111 
111 
0 
0 
Dyason's Klip 2 
South Africa 
112 
112 
0 
0 
Sirius Solar PV Project One 
South Africa 
110 
110 
0 
0 
Helios Power (Private) Limited 
Pakistan 
14 
14 
0 
1 
Meridian Energy (Private) Limited 
Pakistan 
14 
14 
0 
1 
HNDS Energy (Private) Limited 
Pakistan 
14 
14 
0 
1 
Total project financing from co-investors 
1,921 
1,070 
147 
708 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
101
At 31 December 2021, the following financing have been granted by co-investors to consolidated power plant companies: 
Shareholder loan recognized 
NOK million 
Country of 
incorporation 
Total 
financing 
Paid-in 
equity 
in equity 
as financial 
liability 
Scatec Solar SA 166 (Pty) Ltd (Kalkbult) 
South Africa 
52 
52 
0 
0 
Simacel 155 (Pty) Ltd (Linde) 
South Africa 
20 
20 
0 
0 
Simacel 160 (Pty) Ltd (Dreunberg) 
South Africa 
40 
40 
0 
0 
Gigawatt Global Rwanda (ASYV) 
Rwanda 
17 
5 
12 
0 
Anwar Al Ardh for Solar Energy Generation PSC (EJRE) 
Jordan 
81 
1 
80 
0 
Ardh Al Amal for Solar Energy Generation PSC (GLAE) 
Jordan 
38 
1 
37 
0 
Producción de Energía Solar y Demás Renovables, S.A. 
(Agua Fria) 
Honduras 
226 
99 
0 
127 
Los Prados 
Honduras 
192 
192 
0 
0 
Aswan Solar Power SAE (BB1) 
Egypt 
29 
29 
0 
0 
Zafarana Solar Power SAE (ZAF1) 
Egypt 
119 
33 
0 
86 
Red Sea Solar Power SAE (ZAF2) 
Egypt 
98 
29 
0 
68 
Upper Egypt Solar Power (BB2) 
Egypt 
83 
33 
0 
50 
Kom Ombo Renewable Energy SAE (BB3) 
Egypt 
124 
38 
0 
86 
Daraw Solar Power SAE (BB4) 
Egypt 
65 
35 
0 
29 
Kamianka / Chysta Energiya 
Ukraine 
52 
1 
0 
51 
Rengy Bioenergy 
Ukraine 
85 
1 
0 
84 
Central Solar de Mocuba, Mozambique 
Mozambique 
43 
26 
0 
17 
Dyason's Klip 1 
South Africa 
107 
107 
0 
0 
Dyason's Klip 2 
South Africa 
108 
108 
0 
0 
Sirius Solar PV Project One 
South Africa 
106 
106 
0 
0 
Helios Power (Private) Limited 
Pakistan 
9 
6 
0 
3 
Meridian Energy (Private) Limited 
Pakistan 
9 
6 
0 
3 
HNDS Energy (Private) Limited 
Pakistan 
9 
6 
0 
3 
Total project financing from co-investors 
1,711 
973 
130 
610 
For the year 2022, 
interest expenses on financing from co-investors of NOK 45 million have been expensed (NOK 38 million for 2021), 
of which NOK 2 million is recognised directly in equity (NOK 1 million for 2021). 
The equity and loan financing provided by the co-investors is repaid according to a pre-determined waterfall structure, meaning that 
the financing presented above will 
be settled after external non-recourse financing, and only when distributable cash as defined by the 
financing agreements is available. Normally this would occur twice a year. 
For some of the project companies in the above table the co-investor funding has been provided indirectly through jointly owned 
holding companies.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
102
Note 24 Guarantees and commitments
Guarantee 
exposure 
The amounts specified below are total exposure on guarantees issued by Scatec ASA at each balance sheet date based on when the 
guarantees expire. The guarantees expire haphazardly during the year. The fair value of the guarantees is immaterial on a consolidated 
basis; hence no liability is recognised.
 
NOK million 
31.12.2022 
31.12.2023 
31.12.2024 
31.12.2025 
Bid Bonds 
401 
170 
170 
0 
SPV Performance / Commitments 
256 
202 
202 
156 
O&M Performance (3rd party) 
16 
- 
- 
- 
Other Payment Guarantees 
1,800 
1,620 
46 
46 
Total 
2,474 
1,992 
418 
202
Guarantees 
For projects under development, Scatec is often required to 
issue bid bonds to secure commitment during submission of 
project bids. The bid bonds are mainly related to projects 
under development in Tunisia, South Africa, India, Brazil and 
Egypt. 
Guarantees are issued to secure power plant company 
performance for plants in operations. 
This includes SPV 
performance and commitment guarantees to cover the 
obligations under PPAs and Implementation Agreements. 
These obligations are connected to project performance 
where Scatec is in 
control and hold the O&M and asset 
management agreements. SPV performance gurantee mainly 
relate to the project in Botswana and RMIPPP in South Africa. 
In addition, Scatec provides payment guarantees. This includes 
for equity injection in project companies where project lenders 
disburse debt before equity is paid in and Debt Service 
Reserve to replace cash reserves in the project companies. The 
main outstanding payment guarantees are related to the 
RMIPPP project in South Africa, as well as to Power China and 
Sukkur. The payment guarantee of NOK 264 million to Power 
China is related to the construction loan on the Progressovska 
solar plant in Ukraine. 
For four of the power plants in Ukraine, Scatec has provided 
additional corporate guarantees of NOK 58 million related to 
establishment of debt service reserve accounts and contingent 
equity.
Guarantee 
facility 
The guarantees issued by Scatec ASA and other recourse 
group entities are issued under the guarantee facility with 
Nordea Bank as agent, and Nordea Bank, BNP Paribas, 
Swedbank and DNB as guarantee instrument lenders. 
 
In addition to this facility, Scatec have guarantee facilities with 
other financial institutions in countries where Scatec operates. 
These facilities are mostly used to cover short term bid bonds.
The Norwegian Export Credit Guarantee Agency (Eksfin) 
normally counter guarantee for the guarantees issued by the 
banks. Eksfin can issue counter indemnity of 50% in favor of 
the issuing banks. The financial covenants in the Guarantee 
Facility Agreement are: 
• 
Free cash of no less than NOK 150,000,000 
• 
Debt to capitalization ratio 50% 
• 
Minimum interest coverage ratio 3.0x 
Per 31 December 2022, Scatec was in compliance with all 
covenants in the Guarantee Facility Agreement.

 
Scatec ASA - Annual Report 2022 
103
Note 25 Share capital, shareholder information and dividend
Share 
capital 
and shareholder 
information 
At year-end 2022 the total number of shareholders in Scatec 
was 
16,463 (16,487). The total number of outstanding shares 
was 158,917,275 (158,864,018) at par value NOK 0.025 per 
share as of 31 December 2022. 
In February 2022, Scatec increased the share capital by issuing 
53,257 new shares as part of the share option programme. In 
May 2022,, Scatec bought back 89,200 shares at an average 
volume weighted price per share of NOK 93.78 related to the 
employee share purchase programme. 
Refer to Note 12 – Equity and shareholder information in the 
Parent financial statement for an overview of the largest 
shareholders of Scatec ASA and shares held by Management 
and Board of Directors at 31 December 2022. 
Refer to Note 4 – Employee benefits for information on share 
options granted to the management.
Dividend 
The Company recognises a liability to make cash or non-cash 
distributions to equity holders of the parent when the 
distribution is authorised, and the distribution is no longer at 
the discretion of the Company. As per the corporate laws in 
Norway, a distribution is authorised when it is approved by the 
General Meeting. 
The Group’s objective is to pay shareholders consistent and 
growing cash dividends. On 2 February 2023, the Board of 
Directors announced its intention to propose to the Annual 
General Meeting to change the payment ratio from 25% to 
15% of free cash distributed from producing power plants, this 
to support Scatec’s growth ambitions while retaining 
the Group’s objective to pay shareholder dividends. 
On 2 February 2022, the Board of Directors announced its 
intention to propose a dividend of NOK 2.54 per share to the 
Annual General Meeting, totaling NOK 404 million. The 
amount was paid out in May 2022.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
104
Note 26 Consolidated subsidiaries 
The consolidated financial statement of Scatec comprises more 
than 200 legal companies that are controlled by Scatec
. 
The 
following table include material consolidated subsidiaries, 
including material holding companies. Consolidated economic 
interests correspond to the voting interests if not otherwise 
stated. For subsidiaries of the ultimate Parent’s subsidiaries, the 
economic interests stated is the mathematically indirect 
consolidated economic interests. For information on 
associated companies and joint venture companies, refer to 
Note 13 Investments in JV and associated companies
Company 
Registered office 
Consolidated 
economic 
interests 2022 
SN Power AS 
Oslo, Norway 
100.00% 
Scatec Solar Netherlands BV 
Amsterdam, Netherlands 
100.00% 
Release Management B.V. 
Amsterdam, Netherlands 
100.00% 
Release 
Africa B.V. 
Amsterdam, Netherlands 
100.00% 
Release 
South Africa Pty (Ltd) 
Cape Town, South Africa 
100.00% 
Release Cameroon SARL 
Douala, Cameroon 
100.00% 
Signo Solar PP01 s.r.o. 
Prague, Czech 
100.00% 
Scatec Solar s.r.o. 
Prague, Czech 
100.00% 
Signo Solar PP01 s.r.o. 
Prague, Czech 
100.00% 
Signo Solar PP02 s.r.o. 
Prague, Czech 
100.00% 
Signo Solar PP03 s.r.o. 
Prague, Czech 
100.00% 
Signo Solar PP04 s.r.o. 
Prague, Czech 
100.00% 
Signo Solar PV1 s.r.o. 
Prague, Czech 
100.00% 
Scatec Solar Solutions Ukraine LLC 
Kyiv, Ukraine 
100.00% 
Chysta Energhiaa 2011 LLC 
Kyiv, Ukraine 
60.00% 
Boguslav Energy LLC 
Bohuslav, Ukraine 
100.00% 
Greenteco SES LLC 
Kyiv, Ukraine 
100.00% 
Rengy Bioenergy LLC 
Kyiv, Ukraine 
51.00% 
PV Progressovka Gamma LLC 
Berezanka, Ukraine 
100.00% 
PV Progressovka ALpha LLC 
Berezanka, Ukraine 
100.00% 
PV Progressovka Beta LLC 
Berezanka, Ukraine 
100.00% 
Scatec Solar Jordan (EPC) 
Amman, Jordan 
100.00% 
Scatec Solar AS/ Jordan PSC 
Amman, Jordan 
100.00% 
Anwar Al Ardh For Solar Energy Generation PSC 
Amman, Jordan 
50.10% 
Ardh Al Amal For Solar Energy Generation PSC 
Amman, Jordan 
50.10% 
Scatec Solar Africa (Pty) Ltd 
Cape Town, South Africa 
100.00% 
Scatec Solar Management Services (Pty) Ltd 
Sandton, South Africa 
100.00% 
Scatec Solar SA 163 (Pty) Ltd. 
Sandton, South Africa 
92.00% 
Scatec Solar SA (pty) Ltd. 
Sandton, South Africa 
100.00% 
Scatec Solar SA 165 (Pty) Ltd. 
Sandton, South Africa 
76.60% 
Scatec Solar SA 166 (Pty) Ltd. 
Sandton, South Africa 
46.00% 
Scatec Solar SA 164 (Pty) Ltd. 
Sandton, South Africa 
80.70% 
Simacel 155 (Pty) Ltd. 
Sandton, South Africa 
44.40% 
Simacel 160 (Pty) Ltd. 
Sandton, South Africa 
44.40% 
Dyason's Klip 1 (Pty) Ltd 
Cape Town, South Africa 
45.50% 
Dyason's Klip 2 (Pty) Ltd 
Cape Town, South Africa 
45.50% 
Scatec Solar Construction R4 
Cape Town, South Africa 
51.00% 
Scatec Solar Operations R4 
Cape Town, South Africa 
51.00% 
Sirius Solar PV Project One (RF) (Pty) Ltd 
Cape Town, South Africa 
45.50% 
Scatec Hybrid EPC (Pty) Ltd 
Cape Town, South Africa 
100.00% 
Scatec Kenhardt 1 (Pty) Ltd 
Cape Town, South Africa 
100.00% 
Scatec Kenhardt 2 (Pty) Ltd 
Cape Town, South Africa 
100.00% 
Scatec Kenhardt 3 
(Pty) Ltd 
Cape Town, South Africa 
100.00% 
Continues on following page 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
105
Company 
Registered office 
Consolidated 
economic 
interests 2022 
Scatec Solar Honduras SA 
Tegucigalpa, Honduras 
100.00% 
Energias Solares S.A. 
Tegucigalpa, Honduras 
70.00% 
Fotovoltaica Los Prados S.A. 
Tegucigalpa, Honduras 
70.00% 
Fotovoltaica Surena S.A. 
Tegucigalpa, Honduras 
70.00% 
Generaciones Energeticas S.A. 
Tegucigalpa, Honduras 
70.00% 
Produccion de Energia Solar Demas Renovables S.A 
Tegucigalpa, Honduras 
40.00% 
Central Solar de Mocuba S.A. 
Maputo, Mozambique 
52.50% 
Scatec Solar Mozambique Limitada 
Maputo, Mozambique 
100.00% 
Scatec Solar Solutions Egypt LLC 
Cairo, Egypt 
100.00% 
Aswan Solar Power SAE 
Cairo, Egypt 
51.00% 
Daraw Solar Power SAE 
Cairo, Egypt 
51.00% 
Kom Ombo Renewable Energy SAE 
Cairo, Egypt 
51.00% 
Red Sea Solar Power SAE. 
Cairo, Egypt 
51.00% 
Upper Egypt Solar Power 
Cairo, Egypt 
51.00% 
Zafarana Power SAE 
Cairo, Egypt 
51.00% 
Scatec Solar Solutions Malaysia Sdn Bhd 
Kuala Lumpur, Malaysia 
100.00% 
Quantum Solar Park (Kedah) Sdn Bhd ¹⁾ 
Kuala Lumpur, Malaysia 
100.00% 
Quantum Solar Park (Melaka) Sdn Bhd ¹⁾ 
Kuala Lumpur, Malaysia 
100.00% 
Quantum Solar Park (Terengganu) Sdn Bhd ¹⁾ 
Kuala Lumpur, Malaysia 
100.00% 
Quantum Solar Park Semenanjung Sdn Bhd ¹⁾ 
Kuala Lumpur, Malaysia 
100.00% 
Red Sol 
Kuala Lumpur, Malaysia 
100.00% 
Helios Power Ltd 
Clifton Karachi, Pakistan 
100.00% 
HNDS Energy Ltd 
Clifton Karachi, Pakistan 
100.00% 
Meridian Energy Ltd 
Clifton Karachi, Pakistan 
100.00% 
Scatec Solar Pvt Ltd (Pakistan) 
Clifton Karachi, Pakistan 
100.00% 
Scatec Solar Solutions Vietnam Co. Ltd. 
Ho Chi Minh City, Vietnam 
100.00% 
Dam Nai Wind Power JSC 
Ninh Thuan, Vietnam 
100.00% 
1) The consolidated economic interest in the Malaysian project 
companies represents Scatec’s share of the contributed equity and retained earnings in the project companies 
as of the reporting date. Scatec’s average economic 
interest through the PPA tenor is estimated to be 95% based on the Group’s right to economic return obtained through shareholdings and 
other contractual arrangements. The average economic interest may 
be subject to change.
 
Note 27 Non-controlling interests
Non-controlling 
interests 
Scatec’s value chain comprises all downstream activities such 
as project development, financing, construction, operations as 
well as having an asset management role trough ownership of 
the solar power plants. Normally Scatec enter into partnerships 
for the shareholding of the power plant company owning the 
power plants while maintaining control, leading to material 
non-controlling interest. 
Consolidation of power plant companies are identified as a 
significant judgement for the consolidated financial 
statements, please refer to Note 2 for further information. 
Note 26 Consolidated subsidiaries include all material entities 
with an NCI share. The NCI share is the share of interest not 
owned by Scatec. 
Accumulated balances of non-controlling interest and the 
allocation of profit and loss are presented below by sub-
group. The change in NCI balance from year to year is driven 
by the NCIs share of profit or loss and other comprehensive 
income, capital injections from- 
and dividends paid to NCIs, as 
well as foreign exchange differences.
Accounting 
principle 
Non-controlling interests are calculated on the respective 
subsidiaries’ stand-alone reporting, before eliminations of 
intercompany transactions. Furthermore, unrealised intercom-
pany profits relating to depreciable assets (power plants) are 
viewed as being realised gradually over the remaining 
economic life of the asset. Consequently, the specification of 
non-controlling interest in the group financial statements will 
differ from the non-controlling interests calculated based on 
the respective subsidiaries’ stand-alone reporting. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
106
When recognising a non-controlling interest through an 
acquisition, the difference between the cost of the non-
controlling interest and the non-controlling interest’s share of 
the assets and liabilities is reflected in the consolidated 
statement of financial position at the date of acquisition as an 
equity transaction.
 
Total balances of material non-controlling 
interest
NOK million 
2022 
2021 
Egypt 
99 
-24 
Honduras 
323 
318 
Jordan 
183 
149 
Mozambique 
56 
-5 
Pakistan 
30 
11 
Rwanda 
5 
7 
South Africa 
-48 
178 
Ukraine 
-108 
14 
Total non-controlling interests 
540 
649
Profit/(loss) allocated to material non-controlling interest
NOK million 
2022 
2021 
Egypt 
-6 
-41 
Honduras 
4 
8 
Jordan 
13 
10 
Mozambique 
12 
-1 
Pakistan 
-4 
-6 
Rwanda 
-2 
-3 
South Africa 
188 
82 
Ukraine 
-97 
18 
Total non-controlling interests 
106 
68
Financial information of subsidiaries that have material non-controlling interests is provided below: 
Summarised statement of profit or loss for 2022 (before group eliminations)
NOK million 
Revenues 
Operating 
expenses 
Operating 
profit 
Net financial 
expenses 
Profit before 
income tax 
Profit/(loss) for 
the period 
Profit/loss 
attributable to 
non-controlling 
interest 
Dividends paid 
to non-
controlling 
interest 1) 
#REF! 
Egypt 
637 
(281) 
356 
(353) 
3 
(13) 
(6) 
- 
Honduras 
200 
(132) 
68 
(52) 
16 
16 
4 
- 
Jordan 
121 
(62) 
59 
(33) 
27 
25 
13 
- 
Mozambique 
91 
(43) 
48 
(3) 
46 
26 
12 
- 
Pakistan 
- 
(4) 
(4) 
(11) 
(15) 
(15) 
(4) 
- 
Rwanda 
23 
(13) 
10 
(15) 
(5) 
(5) 
(2) 
- 
South Africa 
1,842 
(1,154) 
688 
(84) 
602 
584 
188 
526 
Ukraine 
47 
(176) 
(129) 
(89) 
(217) 
(221) 
(97) 
- 
1) Excluding repayments of shareholders loans
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
107
Summarised statement of profit or loss for 2021 (before group eliminations)
NOK million 
Revenues 
Operating 
expenses 
Operating 
profit 
Net financial 
expenses 
Profit before 
income tax 
Profit/(loss) for 
the period 
Profit/loss 
attributable to 
non-controlling 
interest 
Dividends paid 
to non-
controlling 
interest 1) 
#REF! 
Egypt 
596 
(250) 
345 
(215) 
130 
(85) 
(42) 
- 
Honduras 
196 
(128) 
68 
(44) 
24 
24 
8 
- 
Jordan 
109 
(56) 
54 
(32) 
22 
20 
10 
- 
Mozambique 
82 
(40) 
42 
(41) 
1 
(2) 
(1) 
- 
Pakistan 
- 
(34) 
(34) 
(1) 
(34) 
(25) 
(6) 
- 
Rwanda 
20 
(12) 
8 
(14) 
(5) 
(5) 
(3) 
- 
South Africa 
1,245 
(628) 
617 
(369) 
248 
217 
83 
209 
Ukraine 
119 
(47) 
73 
(22) 
50 
38 
18 
- 
1) Excluding repayments of shareholders loans
Summarised statement of financial position as at 31 December 2022
Attributable to 
NOK million 
Property, 
plant and 
equipment 
Other non-
current asstes 
Cash and 
cash 
equivalent 
Other current 
assets 
Non-resource 
financing 
Other non-
current 
liabilities 
Current 
liabilities 
Total equity 
Non-
controlling 
interests 
Equity 
holders of 
the parent 
#REF! 
Egypt 
3,360 
1,712 
485 
114 
(3,138) 
(2,078) 
(160) 
296 
99 
197 
Honduras 
1,287 
9 
268 
103 
(387) 
(325) 
(27) 
929 
323 
605 
Jordan 
888 
(0) 
373 
22 
(685) 
(78) 
(93) 
427 
183 
244 
Mozambique 
555 
8 
135 
17 
(468) 
(80) 
(68) 
100 
56 
44 
Pakistan 
363 
11 
97 
18 
- 
(161) 
(209) 
120 
30 
90 
Rwanda 
139 
1 
11 
4 
(116) 
(55) 
(3) 
(20) 
5 
(25) 
South Africa 
4,048 
1,143 
762 
3,257 
(6,759) 
(731) 
(2,297) 
(577) 
(48) 
(531) 
Ukraine 
414 
387 
17 
(11) 
(377) 
(937) 
242 
(265) 
(108) 
(157)
Summarised statement of financial position as at 31 December 2021
Attributable to 
NOK million 
Property, 
plant and 
equipment 
Other non-
current asstes 
Cash and 
cash 
equivalent 
Other current 
assets 
Non-resource 
financing 
Other non-
current 
liabilities 
Current 
liabilities 
Total equity 
Non-
controlling 
interests 
Equity 
holders of 
the parent 
#REF! 
Egypt 
3,035 
1,226 
316 
94 
(2,847) 
(1,854) 
(84) 
(113) 
(24) 
(89) 
Honduras 
1,194 
3 
40 
186 
(346) 
(271) 
(15) 
791 
318 
473 
Jordan 
792 
- 
298 
21 
(658) 
(49) 
(79) 
325 
149 
176 
Mozambique 
478 
4 
99 
11 
(438) 
(84) 
(105) 
(35) 
(5) 
(29) 
Rwanda 
137 
- 
5 
4 
(108) 
(56) 
(1) 
(19) 
7 
(26) 
South Africa 
3,819 
774 
466 
503 
(3,773) 
(807) 
(325) 
657 
178 
479 
Ukraine 
578 
361 
63 
77 
(404) 
(639) 
(22) 
14 
14 
(0)
 
Note 28 Transactions 
with related parties
Related parties include affiliates, associates, joint ventures, and other companies where the Group have significant influence, as well as 
the Executive Management and the Board of Directors. All related party transactions have been carried out as part 
of the normal course 
of business and at arm’s length terms. 
See Note 26 for information about consolidated subsidiaries. Intercompany balances and transactions between consolidated companies 
are eliminated in the consolidated accounts. 

 
 
 
 
 
 
 
 
 
108
See Note 13 Investments in JV and associated companies for overview of the companies included and further information about the 
investments. Transactions with joint ventures and associates are primarily financing provided to the companies and dividends received 
from the companies. Transactions also include sale of development rights, asset management and OM services from consolidated 
entities to equity consolidated entities. 
For remuneration to Management, see Note 4 Employee benefits and further 
details in Note 4 - Personnel expenses in the Parent 
financial statement. The Note also includes remuneration to Board of Directors. The company has no significant agreements with 
companies in which a board member has a material interest. Scatec has loans to Executive Management given in relation to the long-
term incentive programme amounting to NOK 0.2 million (0.2) as of 31 December 2022.
Note 29 Change in accounting policies
Presentation 
of external 
revenues 
and cost 
of sales 
in the 
proportionate 
segment 
financials 
The hydropower companies in the Philippines are presented in 
the condensed interim consolidated financial statements as 
investments in JVs and associated companies which are 
accounted for using the equity method. The companies were 
acquired as part of the business combination of 100% of the 
shares of SN Power AS, which effectively took place on 29 
January 2021. 
The Group has re-assessed its accounting policy for the 
presentation of external revenues and cost of sales in the 
proportionate financials. The power market settlement 
mechanism for bilateral contracts in the Philippines applies net 
settlement within the settlement period although all volumes 
are reported gross. 
On 1 January 2022, the Group elected to voluntarily change 
the method of accounting for external revenues and cost of 
sales related to electricity sold on bilateral contracts in the 
proportionate financials. 
The Group had previously accounted for such external 
revenues and cost of sales on a gross basis in accordance with 
the reported volumes. Going forward the Group will present 
the figures net in accordance with the financial settlement 
mechanism. The change has no impact on net revenues or 
EBITDA. 
The Group believes that the net presentation provides more 
relevant information to the users of the proportionate 
financials as it will reduce the fluctuation in external revenues 
from the business in the Philippines and is more aligned to the 
practices adopted by its peers. 
The Group applied the change retrospectively to the 
proportionate financials. The change is not applicable to the 
consolidated financials as the investment in JVs are accounted 
for using the equity method.
 
The voluntary change in accounting policies is applied retrospectively in 2021 as follows 
Proportionate financials - NOK million 
Reported 
FY 2021 
Adjustment 
Adjusted 
FY 
2021 
External revenues - Power Production 
4,176 
-287 
3,890 
Cost of sales - Power Production 
-556 
287 
-269 
EBITDA - Power Production 
2,949 
- 
2,949
New standards 
and interpretations
The Group have elected early adoption of the amendments to IAS 1 and IFRS Practice Statement 2 compromising accounting policy 
information. The material accounting principles in the Annual Report 
are largely incorporated into the individual notes. 
The Group have not elected to early adopt Amendments to IAS 1 
Presentation of Financial Statements
 
effective from 1 January 2024. 
Requirements related to classification and disclosed of non-current and current liabilities with covenants is not expected to have 
material effect on the Group in 2022. 
There are no other new standards, not yet adopted, expected to have material effect for the Group in 2022.

 
Scatec ASA - Annual Report 2022 
109
Note 30 Subsequent events
Accounting 
principle 
Subsequent events are viewed as new information on the Groups financial position that becomes known after the reporting period. In 
evaluating such, the Group distinguishes between 
adjusting 
and 
non-adjusting 
events after the reporting period. Adjusting events refer 
to those that provide evidence of conditions that existed at the end of the reporting period, whereas non-adjusting events refer to 
those that are indicative of conditions that arose after the reporting period. Events after the reporting 
period that do not affect the 
Groups financial position at the end of the reporting period, but which will affect the Groups financial position in the future, are 
disclosed if significant. 
Adjusting 
subsequent 
events 
No adjusting events have occurred after the balance sheet date. 
Non-adjusting 
subsequent 
event 
Refinancing of Bridge-to-Bond USD 193 million 
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193 million Bridge-to-Bond facility with a 
new USD 100 million term 
loan with maturity in the fourth quarter 
2027 provided by DNB, Nordea and Swedbank. The new term loan is amortised through 
semiannual repayments of USD 5 million starting from 2024. 
The existing USD 180 million Revolving Credit Facility, provided by the 
same banks and BNP Paribas, is further extended by 1.5 years with maturity in the third quarter 
of 2025. 
On 10 February 2023, Scatec placed 
NOK 1,000 million in new unsecured green bonds to refinance the remaining USD 93 million of the 
Bridge-to-Bond facility established when Scatec acquired SN Power in 2021. The new bonds have maturity in February 2027 and carries 
a coupon rate of 3-month NIBOR plus 6.60%. 
Sale of Upington in South Africa 
On 2 February 2023, Scatec signed 
an agreement with a subsidiary of STANLIB Infrastructure Fund II, managed by STANLIB Asset 
Management Proprietary Limited (“Stanlib”), to sell its 42% equity share in the 258 MW Upington 
solar power plant for a gross 
consideration of ZAR 979 million (NOK 569 million). The transaction is in line with Scatec’s strategy to optimise the portfolio as 
presented at the Capital Markets Update in September 2022 and will release capital for new investments in renewable energy. 
The solar plant in Upington reached COD in 2020 and were awarded in the fourth bidding round under the Renewable Energy 
Independent Power Producer Programme. The plant generates approximately one third of the proportionate power production EBITDA 
in South Africa for Scatec. Scatec will continue to provide Operations & Maintenance and Asset Management services to the Upington 
power plant. South Africa remains a focus market for Scatec, and the Company continues to build scale by investing into new projects, 
including the Kenhardt and Grootfontein projects. 
The transaction is expected to generate a net accounting gain of approximately NOK 760 million on a consolidated basis and NOK 310 
million on a proportionate basis. The difference is primarily explained by the D&C margin related to the projects which has been 
eliminated in the consolidated statement of financial positions. The final accounting effects will be determined on closing of the 
transaction. Norfund is also selling its 18% equity share to Stanlib as part 
of the same transaction. The transaction is subject to the 
customary consents and is expected to close in the first 
half of 2023.

110
Parent company 
financial statements 

Scatec ASA - Annual Report 2022 
111
Statement of income 
112 
Statement of financial position - assets 
113 
Statement of financial position – equity and liabilities 
114 
Statement of cash flow 
115 
Notes to the parent company financial statements 
116 
Note 1 
General information 
116 
Note 2 
Accounting principles 
116 
Note 3 
Revenues 
118 
Note 4 
Personnel expenses, number of employees and auditor’s fee 
119 
Note 5 
Other operating expenses 
121 
Note 6 
Provision for bad debt 
121 
Note 7 
Financial income and expenses 
122 
Note 8 
Tax 
123 
Note 9 
Property, plant and equipment 
124 
Note 10 
Investments in subsidiaries, joint ventures and 
associated companies 
124 
Note 11 
Inventory 
125 
Note 12 
Cash and cash equivalents 
125 
Note 13 
Equity and shareholder information 
126 
Note 14 
Corporate financing 
127 
Note 15 
Other current liabilities 
128 
Note 16 
Guarantees, contractual obligations and contingent liabilities 
128 
Note 17 
Transactions with related parties 
129 
Note 18 
Subsequent events 
130 
 

 
112
Statement 
of income 
1 JANUARY – 31 DECEMBER 
NOK million 
Note 
2022 
2021 
Revenues 
3 
751 
166 
Total revenues 
751 
166 
Costs of sales 
-797 
-104 
Personnel expenses 
4 
-268 
-209 
Other operating expenses 
5, 6, 17 
-201 
-143 
Depreciation, amortisation and impairment 
9, 11 
-150 
-53 
Operating profit/(loss) 
-665 
-343 
Interest and other financial income 
7, 17 
1,570 
402 
Interest and other financial expenses 
6, 7, 17 
-1,311 
-262 
Net foreign exchange gain/(loss) 
-5 
33 
Profit/(loss) before tax 
-411 
-171 
Income tax (expense)/benefit 
8 
-68 
97 
Profit/(loss) for the period 
-480 
-74 
Allocation of profit/(loss) for the period 
Dividend 
13 
308 
404 
Transfer to/(from) other equity 
13 
-788 
-478 
Total allocation of profit/(loss) for the period 
-480 
-74

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
113
Statement 
of financial 
position 
1 JANUARY – 31 DECEMBER 
NOK million 
Note 
2022 
2021 
Non-current assets 
Deferred tax assets 
8 
226 
261 
Property plant and equipment 
9 
73 
60 
Investments in subsidiaries, joint ventures and associated 
companies 
10 
15,000 
14,666 
Loan to group companies 
17 
2,327 
2,633 
Interest rate swap (cash flow hedge) 
14 
115 
26 
Other non-current receivables 
63 
57 
Total non-current assets 
17,804 
17,702 
Current assets 
Inventory 
11 
1,390 
311 
Trade and other receivables 
6 
42 
49 
Trade and other receivables group companies 
3, 17 
498 
301 
Other current assets 
46 
64 
Cash and cash equivalents 
12 
811 
1,620 
Total current assets 
2,787 
2,345 
Total assets 
20,591 
20,048 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
114
Statement 
of financial 
position 
AS OF 31 DECEMBER 
NOK million 
Note 
2022 
2021 
Paid in capital 
Share capital 
13 
5 
4 
Share premium 
13 
11,378 
10,122 
Total paid in capital 
11,382 
10,126 
Other equity 
Other equity 
13 
-1,203 
-385 
Reserve for valuation variances 
85 
20 
Total other equity 
-1,117 
-365 
Total equity 
10,265 
9,761 
Non-current liabilities 
Corporate financing 
14 
7,987 
7,264 
Liabilities to group companies 
17 
350 
549 
Other non-current liabilities 
3 
4 
Total non-current liabilities 
8,339 
7,818 
Current liabilities 
Trade and other payables 
431 
16 
Trade payables group companies 
60 
127 
Public duties payable 
18 
19 
Dividend 
13 
308 
404 
Other current liabilities 
15 
1,170 
1,903 
Total current liabilities 
1,987 
2,469 
Total liabilities 
10,326 
10,287 
Total equity and liabilities 
20,591 
20,048 
Oslo, 
21 March 
2023 
The Board of Directors Scatec ASA 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
115
Statement 
of cash 
flow 
1 JANUARY – 31 DECEMBER 
NOK million 
Notes 
2022 
2021 
Cash flow from operating activities 
Profit/(loss) before tax 
-411 
-171 
Depreciation, amortisation and impairment 
9 
150 
53 
Interest and other financial income 
7 
-1,570 
-402 
Interest and other financial expenses 
7 
1,311 
262 
Foreign exchange gain/(loss) 
5 
-33 
Increase)/decrease in inventories 
11 
-1,079 
-125 
(Increase)/decrease in trade and other receivables 
-285 
-22 
Increase/(decrease) in trade and other payables 
147 
146 
Taxes paid 
8 
- 
- 
(Increase)/decrease in current assets and current liabilities / other adjustments 
1,067 
261 
Net cash flow from operating activities 
-665 
-31 
Cash flows from investing activities 
Investments in property, plant and equipment 
9 
16 
-56 
Net increase in loans to subsidiaries 
17 
-301 
-100 
Interest received 
175 
127 
Investments in subsidiaries and associated companies 
10 
-675 
-8,577 
Dividends from and capital decrease in subsidiaries 
7 
1,384 
277 
Net cash flow used in investing activities 
599 
-8,329 
Cash flow from financing activities 
Proceeds from share capital increase 
13 
5 
41 
Dividends paid to equity holders 
13 
-404 
-173 
Interest paid 
-344 
-251 
Proceeds from corporate financing 
14 
- 
4,699 
Net cash flow from financing activities 
-743 
4,316 
Net increase/(decrease) in cash and cash equivalents 
Cash and cash equivalents at beginning of period 
1,620 
5,664 
Cash and cash equivalents at end of period 
811 
1,620 
Net increase/(decrease) in cash and cash equivalents 
-809 
-4,044 

 
 
116
Notes 
to 
the 
parent 
company 
financial statements 
Note 1 General information
Scatec ASA is incorporated and domiciled in Norway. The 
address of its registered office is Askekroken 11, NO-0277 
OSLO, Norway. Scatec was established on 2 February 
2007. 
Scatec ASA (“the Company”), its subsidiaries and investments 
in associated companies and joint ventures (“the Group” or 
“Scatec”) is a leading renewable power producer, delivering 
affordable and clean energy worldwide. As a long-term player, 
Scatec develops, builds, owns and operates solar, wind and 
hydro power plants and storage solutions. 
The Company is listed on the Oslo Stock Exchange. 
The consolidated financial statements for the full year 2022 
were authorized for issue in accordance with a resolution by 
the Board of Directors on 21 March 2022.
Note 2 Accounting principles 
Basis 
for preparation 
The financial statements of Scatec ASA are prepared in 
accordance with the Norwegian Accounting Act of 1998 and 
Norwegian Generally Accepted Accounting Principles 
(NGAAP). The financial statements have been prepared on a 
historical cost basis. 
Accounting 
estimates 
and judgements 
In preparing the financial statements, management has made 
assumptions and estimates about future events and applied 
judgements that affect the reported values of assets, liabilities, 
revenues, expenses, and related disclosures. Therefore, future 
actual results may differ from current figures. 
Foreign 
currency 
translation 
The functional currency of the Company is US dollar (USD). 
USD is the currency which primarily affects the financials 
including corporate financing, income from dividends and 
revenue from construction activities. The financial statements 
are presented in NOK. The assets and liabilities are translated 
into NOK at the rate of exchange prevailing at the end of 
reporting period and their income statement is translated at 
average exchange rates. The exchange differences arising on 
translation are recognised in equity. 
Revenues 
and cost 
of sales 
Scatec ASA develops project rights that are the basis for 
construction of power plants. Revenues from sale of project 
rights are recognised upon the transfer of title. Projects in work 
in progress are expensed as cost of sale upon the transfer of 
title or when a project is abandoned and impaired. 
Revenues from construction services are based on fixed price 
contracts and are accounted for using the percentage of 
completion method. The stage of completion of a contract is 
determined by actual cost incurred over total estimated costs 
to complete. Incurred costs include all direct materials, costs 
for modules, labour, subcontractor costs, and other direct 
costs related to contract performance. Scatec recognises direct 
material costs as incurred costs when the direct materials have 
been installed when they are permanently attached or fitted to 
the power systems as required by engineering designs. 
Scatec ASA periodically revise contract margin estimates and 
immediately recognises any losses on onerous contracts. Some 
construction contracts include product warranties. The 
expected warranty amounts are expensed 
at the time of sale 
and are adjusted for subsequent changes in assumptions or 
actual outcomes. 
Further, Scatec ASA derives revenues from the allocation of 
headquarter costs to its subsidiaries. Revenues from the sale of 
intercompany services are recognised when the services are 
delivered. 
Employee 
benefits 
Wages, salaries, bonuses, pension and social security 
contributions, paid annual leave and sick leave are accrued in 
the period in which the associated services are rendered by 

Scatec ASA - Annual Report 2022 
117
employees of the Company. The Company has pension plans 
for employees that are classified as defined contribution plans. 
Contributions to defined contribution schemes are recognised 
in the statement of profit or loss in the period in which the 
contribution amounts are earned by the employees. 
The Board of Directors has established an option program for 
leading employees of the company. The cost of equity-settled 
transactions is determined by the fair value at the date when 
the grant is made using an appropriate valuation model. That 
cost is recognised in personnel expenses, together with a 
corresponding increase in equity over the vesting period. 
For further information on accounting principle and share 
options refer to Note 4 – Employee benefits in the 
consolidated financials. 
For further information refer Note 4 – Personnel expenses, 
number of employees and auditor’s fee. 
Interest 
income 
and expenses 
Interest income and expenses are recognised in the income 
statement as they accrue, based on the effective interest 
method. 
Income 
tax expense 
Income tax expense comprises current tax and changes in 
deferred tax. Current tax is the expected tax payable on the 
taxable income for the year and any adjustment to tax payable 
in respect of previous years. Deferred tax assets and liabilities 
are recognised for the future tax consequences attributable to 
differences between the carrying amounts of existing assets 
and liabilities and their respective tax bases. 
A deferred tax asset is recognised only to the extent that it is 
probable that future taxable profits will be available against 
which the asset can be utilised. In order for a deferred tax 
asset to be recognised based on future taxable profits, 
convincing evidence is required. 
Balance 
sheet 
classification 
Current assets and liabilities consist of receivables and 
payables due within one year, as well as project rights. Other 
balance sheet items are classified as non-current assets and 
liabilities. 
Property, 
plant 
and equipment 
Property, plant and equipment are stated at cost, less 
accumulated depreciation and accumulated impairment losses. 
Property, plant and equipment are depreciated on a straight-
line basis over their expected useful life, from the date the 
assets are taken into use. 
Subsidiaries 
and investment 
in associated 
companies 
Subsidiaries are entities controlled by Scatec ASA. Subsidiaries 
and investment in associated companies are accounted for 
using the cost method and are recognised at cost less 
impairment. The cost is increased when funds are added 
through capital increases. Dividends to be received are 
recognised at the date the dividend is declared by the general 
meeting of the subsidiary. To the extent that the dividend 
relates to distribution of results from the period Scatec ASA 
has owned the subsidiary, it is recognised as income. 
Dividends which are repayment of invested capital are 
recognised as a reduction of the investment in the subsidiary. 
Inventories 
Inventories are measured at the lower of cost and net 
realisable value. Inventories consist primarily of project assets 
in various stages of development. Capitalised development 
costs include legal, consulting, permitting, and other similar 
costs such as interconnection or transmission upgrade costs as 
well as directly attributable payroll expenses, travel expenses 
and other expenses related to developing the project rights. 
Scatec reviews project assets for impairment whenever events 
or changes in circumstances indicate that the carrying amount 
may not be recoverable. The Company considers a project 
commercially viable if it is anticipated to be realised with a 
margin once it is either fully developed or fully constructed. 
Scatec considers a partially developed project commercially 
viable if the anticipated selling price is higher than the carrying 
value of the related project assets. A number of factors are 
assessed to determine if the project will be profitable, the most 
notable is whether there are any changes in environmental, 
ecological,
permitting, or regulatory conditions that impact the 
project. 
Cash and 
cash equivalents 
Cash includes cash in hand and at bank. Cash equivalents are 
short-term liquid investments that can be immediately 
converted into a known amount of cash and have a maximum 
term to maturity of three months. In the statement of cash 
flows, the overdraft facility is presented gross as part of 
changes in current liabilities. 
Financial 
liabilities 
Interest-bearing borrowings are initially recognised at cost. 
After initial recognition, such financial liabilities are measured 
at amortised costs using the effective interest method. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
118
Transaction costs are taken into account when calculating 
amortised cost. Trade payables are carried at cost. 
Dividends 
Distribution of dividends is resolved by a majority vote at the 
Annual General Meeting of the shareholders of Scatec ASA, 
based on a proposal from the Board of Directors. 
Dividends are recognised as a liability at the reporting date of 
the financial year that the proposal of dividend relates to. 
Additional proposed dividends based on the previous fiscal 
year approved financial statements (i.e. between 1 January and 
the date that the current year financial statements will be 
approved) are recognised as a liability at the balance sheet 
date. 
Events 
after 
the reporting 
period 
New information on the Company’s financial position on the 
end of the reporting period which becomes known after the 
reporting period, is recorded in the annual accounts. Events 
after the reporting period that do not affect the Company’s 
financial position on the end of the reporting period, but 
which will affect the Company’s financial position in the future, 
are disclosed if significant. 
Statement 
of cash 
flow 
The cash flow statement is prepared using the indirect 
method.
Note 3 Revenues 
Revenue by business area 
NOK million 
2022 
2021 
Services 
732 
153 
Other revenue 
19 
13 
Sum 
751 
166 
Services comprise EPC services, sale of project rights and management services – all rendered to Group companies and associates. 
Revenue by geographical distribution 
NOK million 
2022 
2021 
Pakistan 
153 
67 
Netherlands 
63 
25 
South-Africa 
459 
22 
Ukraine 
3 
15 
Egypt 
6 
7 
Brazil 
31 
6 
Argentina 
4 
5 
Malaysia 
4 
3 
Honduras 
1 
2 
Mozambique 
1 
1 
France 
1 
- 
India 
1 
- 
Phillipines 
1 
- 
Rwanda 
4 
- 
Sum 
732 
153 
Refer to Note 14 - Transactions with related parties for further information. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
119
Note 4 Personnel expenses, number of employees 
and auditor’s fee 
Personnel expenses 
NOK million 
2022 
2021 
Salaries 
216 
171 
Share-based payment 
39 
27 
Payroll tax 
31 
19 
Pension costs 
18 
14 
Other benefits and personnel costs 
3 
6 
Capitalised to inventory 
-39 
-28 
Total personnel expenses 
268 
209 
The average number of FTEs that has been employed in the company through 2022 was 146 (116). 
Pension 
costs 
The Company has a defined contribution plan in line with the requirement of the law. NOK 18 million (14) is expensed related to the 
defined contribution plan in 2022. 
Paid salaries and personnel expenses for the management of Scatec ASA 
2022 
Annual 
bonus 
accrued 
2)
Number 
of options 
awarded 
Exercise 
of share 
options 
Out-
standing 
share 
options 
Loans 
out- 
standing 
NOK thousand 
Title 
Salary 
1)
Other 
benefits
 
3)
Pension 
cost 
Raymond Carlsen 
4)
Chief Executive Officer 
2,418 
- 
43 
- 
- 
4,678 
a)
80 
- 
Terje Pilskog 
5)
Chief Executive Officer 
3,460 
1,163 
39 
- 
84 
15 
170 
23 
Mikkel Tørud 
Chief Financial Officer 
2,939 
936 
30 
- 
80 
15 
169 
23 
Snorre 
Valdimarsson 
EVP General Counsel 
2,483 
- 
26 
- 
66 
15 
169 
23 
Roar Haugland 
EVP Sustainable Business & HSSE 
2,244 
720 
23 
- 
62 
15 
172 
23 
Torstein Berntsen
 
6)
EVP MENA/Green H2 
2,575 
840 
27 
- 
68 
15 
174 
23 
Pål Helsing 
EVP Solutions 
2,568 
828 
27 
- 
68 
15 
169 
23 
Toril Haaland 
EVP People & Organisation 
2,104 
684 
22 
- 
57 
2,086 
b)
170 
23 
Ann Mari Lillejord 
7)
EVP Latam/Europe 
1,266 
443 
14 
- 
14 
10 
112 
23 
Kate Bragg 
7)
EVP People, Strategy & Digital 
1,560 
522 
10 
- 
10 
15 
162 
23 
Pål Strøm 
8)
EVP Operations & Maintenance 
1,781 
597 
12 
-4 
26 
15 
166 
- 
Jarl Arve Korberg 
9)
EVP Project Development Hydropower 
628 
- 
- 
- 
- 
1 
18 
- 
2021 
NOK thousand 
Title 
Salary 
1)
Annual 
bonus 
accrued 
2)
Number 
of options 
awarded 
Exercise 
of share 
options 
Out-
standing 
share 
options 
Other 
benefits 
3)
Pension 
cost 
Loans 
out- 
standing 
Raymond Carlsen 
Chief Executive Officer 
3,995 
1,345 
18 
-59 
68 
15 
157 
22 
Mikkel Tørud 
Chief Financial Officer 
2,718 
949 
13 
-43 
50 
15 
165 
22 
Snorre 
Valdimarsson 
EVP General Counsel 
2,292 
799 
11 
-34 
40 
15 
162 
22 
Terje Pilskog 
EVP Project Development & Project 
Finance 
2,594 
901 
12 
-38 
45 
15 
162 
22 
Roar Haugland 
EVP Sustainable Business & HSSE 
2,105 
732 
10 
-34 
38 
15 
164 
22 
Torstein Berntsen 
EVP Power Production & Asset 
Management 
2,383 
827 
11 
-36 
41 
15 
172 
22 
Pål Helsing 
EVP Solutions 
2,396 
829 
11 
-21 
41 
15 
160 
22 
Toril Haaland 
EVP People & Organisation 
1,978 
689 
9 
-18 
35 
15 
161 
22 
Jarl Arve Kosberg 
EVP Hydropower Project Development 
1,943 
647 
13 
- 
13 
13 
143 
22 
1) Including paid out holiday allowance and car allowance. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
120
2) Changed to accrued bonus. 2021 report showed actual paid out bonus. 
3) Other benefits include benefits such as insurance and free phone. 
 
a) Including severance package (3 800) and vested stock Options converted to cash payment (839), 
 
b) Including severance package 
4) Until 30.04.22, 
5) CEO from 01.05.22. EVP Project Development before CEO 
6) Interim EVP Mena/Green H2 from 21.11.22 
7) Joined EMT 01.05.2022 
8) Joined EMT 21.11.2022 
9) Left EMT 31.01.2022 
Remuneration for the Board of Directors 
1) 
2022 
2021 
NOK thousand 
Board 
remuner- 
ation 
Audit 
committee 
Remuner- 
ation 
committee 
Nominatio
n 
committee 
Board 
remuner- 
ation 
Audit 
committee 
Remuner- 
ation 
committee 
Nomination 
committee 
John Andersen jr. 
557 
90 
75 
- 
530 
65 
50 
- 
Jan Skogseth 
357 
- 
55 
- 
340 
- 
35 
- 
Gisele Marchand 
357 
150 
- 
- 
340 
90 
- 
- 
Maria Moræus 
Hanssen 
357 
- 
55 
- 
340 
- 
35 
- 
Jørgen Kildahl 
357 
90 
- 
- 
340 
65 
- 
- 
Mette Krogsrud 
357 
- 
55 
- 
- 
- 
- 
- 
Espen Gundersen 
357 
90 
- 
- 
- 
- 
- 
- 
Kristine Ryssdal 
- 
- 
- 
60 
- 
- 
- 
57 
Svein Høgseth 
- 
- 
- 
40 
- 
- 
- 
39 
Mats Holm 
- 
- 
- 
40 
- 
- 
- 
39 
Annie Bersagel 
- 
- 
- 
40 
- 
- 
- 
39 
1) Annual fees paid for 2021 and accrued for 2022 respectively. 
For more information about remuneration to management, refer to Note 4 Employee benefits in the consolidated financial statement of 
the Group and the Remuneration Report for 2022. 
Audit 
NOK million 
2022 
2021 
Audit fees 
2 
3 
Other attestation services 
- 
- 
Tax services 
2 
2 
Other services 
- 
- 
Total 
4 
5 
PwC replaced Ernst & Young as the Company`s auditor in 2022. The audit fee for 2022 is related to both former auditor Ernst 
& Young 
and current auditor PwC. 
VAT is not included in the numbers above. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
121
Note 5 Other operating expenses 
NOK million 
2022 
2021 
Facilities 
27 
23 
Professional fees 
100 
51 
IT and communications 
43 
36 
Travel costs 
11 
4 
O&M costs 
- 
1 
Other costs 
20 
28 
Total other operating expenses 
201 
143 
Note 6 Provision for bad debt 
The Company has during 2022 recognised NOK 6.8 million in realised bad debt losses on receivables related to discontinued 
development projects. 
Per 31 December 2022 the Company recognised an impairment loss of NOK 607 million for receivables to group companies in Ukraine 
as a result of increased collection risk associated with Russia’s invasion in Ukraine. The situation 
in Ukraine at the end of December 2022 
is still very challenging and highly uncertain. 
The outcome of the situation and the impact of Scatec’s assets are highly uncertain.
 
Refer 
to Note 12 in the consolidated financial statement of the Group for details related to the impairment testing. 
No further provision for bad debt has been made as the collection risk of the outstanding receivables is considered low. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
122
Note 7 Financial income and expenses 
Interest and other financial income 
NOK million 
2022 
2021 
Interest income from group companies 
156 
114 
Other interest income 
19 
13 
Gain/(loss) on sale of financial investments 
7 
-2 
Dividend from group companies 
1,384 
277 
Gain from financial investment 
3 
- 
Total interest and other financial income 
1,570 
402 
Interest and other financial expenses 
NOK million 
2022 
2021 
Interest expenses from group companies 
- 
-1 
Other interest expenses 
-346 
-250 
Impairment of financial assets 
-949 
- 
Other financial expenses 
-17 
-11 
Total interest and other financial expenses 
-1,311 
-262 
The write down of financial assets in 2022 is related to Scatec Solar Netherlands BV investments in Ukraine. The write-down is related to 
both impairment of shares (NOK 341 million) and impairment of receivables to group companies in Ukraine (NOK 607 million). Refer to 
Note 12 in the consolidated financial statement of the Group for details related to the impairment testing. 
During 2022, interest amounting to NOK 346 million (250) was expensed for corporate financing, refer to Note 21 Corporate Financing 
in the consolidated financial statement of the Group for further details. 
The increase in interest expenses is 
primarily explained by 
increase in interest rates. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
123
Note 8 Tax 
NOK million 
2022 
2021 
Income tax expense: 
Current taxes 
- 
- 
Withholding tax on received dividends 
21 
10 
Change in deferred tax 
34 
-104 
Taxes related to previous years 
13 
-3 
Total tax expense/(income) 
68 
-97 
Tax basis: 
Profit before taxes 
-411 
-171 
Permanent differences 
1)
-434 
-297 
Changes in temporary differences 
-2 
-16 
Increase of tax losses carried forward 
846 
484 
Tax base 
- 
- 
Current taxes according to statutory tax rate 
(22%) 
- 
- 
1) Net permanent differences are related to non-taxable dividends partly offset by non-deductible impairment loss on investments and receivables in Ukraine 
and share based 
payment expenses. 
Reconciliation of nominal statutory tax rate to effective tax rate 
NOK million 
2022 
2021 
Expected income tax expense according to statutory 
tax rate (22%) 
-90 
-38 
Non-taxable expense/ (income) 
-85 
-65 
Allowance for losses carried forward 
219 
25 
Withholding tax on received dividends 
21 
10 
Taxes related to previous years 
13 
-3 
Foreign exchange variations between functional and tax 
currency 
-10 
-26 
Income tax expense/(income) 
68 
-97 
Effective tax rate (%) 
16.55% 
56.71% 
Temporary differences as of 31 December 
NOK million 
2022 
2021 
Change 
Tax loss carried forward 
-2,146 
-1,301 
846 
Allowance for deferred tax assets 
1,106 
114 
-992 
Work in progress 
- 
6 
6 
Shared based payments and amortised Interests on corporate 
financing 
4 
-4 
-8 
Total temporary differences 
-1,037 
-1,185 
-148 
Recognised tax liability/(asset) 
-226 
-261 
-34 
The change in deferred tax asset is recognised in tax expense, except for changes which are related to transaction cost from capital 
increases which are booked directly to equity. 
Significant management judgement is required to determine the amount of deferred tax assets that can be recognised based upon the 
likely timing and the level of future taxable profits. Reference is made to Note 7 in the Consolidated financial statements for the 
assessment of estimation uncertainty. We assessed the probability of utilising the tax losses to ensure that deferred taxare recognised to 
the extent that Scatec ASA expects there will be sufficient future taxable profits available to utilise the losses. The tax losses in Norway 
can be carried forward indefinitely. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
124
Note 9 Property, plant and equipment 
Office equipment 
NOK million 
2022 
2021 
Accumulated cost at 1 January 
87 
75 
Additions 
16 
11 
Foreign currency translation 
10 
2 
Accumulated cost at 31 December 
114 
87 
Accumulated depreciation at 1 January 
28 
19 
Depreciations for the year 
10 
7 
Foreign currency translation 
4 
2 
Accumulated depreciation at 31 December 
42 
28 
Carrying amount at 31 December 
73 
60 
Estimated useful life (years) 
3-10 
3-10 
Note 10 Investments in subsidiaries, joint ventures and associated companies 
The table below include material subsidiaries of Scatec ASA. Ownership interest corresponds to voting interest if not otherwise stated. 
NOK million 
Company 
Registered office 
Ownership 
interest 
Carryring 
value 2022 
Carryring 
value 2021 
SN Power AS 
Norway 
100.00% 
1,050 
2,595 
Scatec Solar Netherlands BV 
Netherlands 
100.00% 
12,268 
10,933 
Release Management BV 
Netherlands 
100.00% 
623 
409 
Scatec Solar SA (pty) Ltd. 
Sandton, South-Africa 
100.00% 
3 
- 
Scatec Solar SA 163 (Pty) Ltd. 
South-Africa 
100.00% 
18 
1 
Scatec Solar SA 164 (Pty) Ltd. 
Sandton, South-Africa 
80.70% 
82 
5 
Scatec Solar SA 165 (Pty) Ltd. 
Sandton, South-Africa 
76.60% 
110 
7 
Gigawatt Global Rwanda Ltd 
Rwanda 
54.00% 
8 
7 
Scatec Solar Mozambique Limitada 
Mozambique 
0.50% 
9 
9 
Scatec Solar SAS 
Paris, France 
100.00% 
82 
- 
Scatec Solar Jordan 
Amman, Jordan 
100.00% 
39 
44 
Anwar Al Ardh For Solar Energy Generation 
PSC 
Amman, Jordan 
50.10% 
95 
86 
Ardh Al Amal For Solar Energy Generation PSC 
Amman, Jordan 
50.10% 
42 
38 
Aswan Solar Power SAE (BB1) 
Egypt 
- 
- 
2 
Scatec Solar Honduras S.A. 
Honduras 
100.00% 
3 
3 
Produccion de Energia Solar Demas 
Renovables S.A 
Honduras 
40.00% 
69 
62 
Fotovoltaica Los Prados 
Honduras 
70.00% 
82 
74 
Fotovoltaica Surena 
Honduras 
70.00% 
159 
150 
Generaciones Energeticas S.A 
Honduras 
70.00% 
152 
144 
Energias Solares S.A 
Honduras 
70.00% 
94 
88 
Foto Sol S.A 
Honduras 
70.00% 
6 
6 
Scatec Solar PV1 S.R.O 
Prague, Czech 
100.00% 
2 
- 
Scatec Solar S.R.O 
Prague, Czech 
100.00% 
1 
- 
15,000 
14,666 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
125
Per 31 December 2022, carrying value of the investment in Scatec Solar Netherlands B.V. has been impaired by NOK 341 million related 
to the Company`s investments in Ukraine. For details of the assessment and significant assumptions reference is made to Note 12 
Impairment testing in the Consolidated financial statements. 
A list of all material companies in the Scatec Group is listed in Note 26 Consolidated subsidiaries of the Consolidated financial 
statements. 
NOK million 
Associates and joint ventures 
Office 
Ownership 
Carrying value 2022 
Carrying value 2021 
Kube Energy AS 
Oslo, Norway 
25% 
2 
2 
Total 
2 
2 
Note 11 Inventory 
The carrying value of projects under development are presented as inventories and are stated at the lower of cost and net realisable 
value. The project assets are related to solar, hydro and wind power plants under development and construction. The increase from last 
year is mainly explained by construction in South Africa and Pakistan. 
Project geography 
NOK million 
2022 
2021 
Asia 
303 
149 
Europe 
12 
38 
West Africa 
8 
34 
South Africa 
990 
49 
North Africa 
56 
24 
South America 
18 
16 
East Africa 
2 
- 
Carrying value of inventory 
at 31 December 2021 
1,390 
311 
Impairment charges in 2022 were NOK 140 million (45) for development projects in Ukraine, Mali, Bangladesh and India. 
Note 12 Cash and cash equivalents 
NOK million 
2022 
2021 
Restricted cash 
58 
37 
Free cash 
753 
1,584 
Total cash and cash equivalents 
811 
1,620 
Scatec ASA has not drawn on the revolving credit facility per 31 December 2022. 
For more information about external financing and facilities, refer to Note 21 Corporate Financing in the consolidated financial 
statement of the Group. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
126
Note 13 Equity and shareholder information 
Nok million 
Issued capital 
Share premium 
Other equity 
Total equity 
Equity as of 31 December 2021 
4 
10,122 
-365 
9,761 
Profit/(loss) for the period 
- 
- 
-480 
-480 
Share-based payment 
- 
39 
- 
39 
Capital increase from exercised employee share 
options, net of transaction cost after tax 
1)
- 
5 
- 
5 
Accrued dividend 
- 
- 
-308 
-308 
Reserve for valuation variances 
- 
- 
70 
70 
Foreign currency translation 
1 
1,212 
-35 
1,177 
Equity as of 31 December 2022 
5 
11,378 
-1,118 
10,265 
1) On 9 February 2022 as part of the Group’s incentive program, NOK 5 million was raised in a share capital net of transaction cost after tax, through an exercise of employee 
share options consisting of 30 379 new shares at a price of NOK 69,99 per share, 22 878 new shares 
at a price of NOK 112,79 per share. 
At 31 December 2022, the share capital 
amounted to NOK 3,972 million. All shares rank in parity with one another and carry one vote per share. 
On 2 February 2023, the Board of Directors announced its intention to propose a dividend of NOK 1,94 per share to the Annual General 
Meeting. 
On 29 April 2022, the Annual General Meeting of Scatec ASA resolved to pay a dividend of NOK 2,54 per share, totaling NOK 404 
million. The dividend was paid to the shareholders on 10 May 2022. This equal to amount accrued for in 2021. 
The table below show the largest shareholders of Scatec ASA at 31 December 2022. 
Shareholder 
Number of shares 
Ownership 
EQUINOR ASA 
20,776,200 
13.07% 
SCATEC INNOVATION AS 
19,482,339 
12.26% 
FOLKETRYGDFONDET 
13,521,678 
8.51% 
State Street Bank and Trust Comp 
3,618,391 
2.28% 
CLEARSTREAM BANKING S.A. 
3,399,872 
2.14% 
The Bank of New York Mellon 
3,267,711 
2.06% 
VERDIPAPIRFONDET DNB MILJØINVEST 
3,099,748 
1.95% 
J.P. Morgan SE 
2,875,587 
1.81% 
RAIFFEISEN BANK INTERNATIONAL AG 
2,622,845 
1.65% 
Euroclear Bank S.A./N.V. 
2,546,789 
1.60% 
Pictet & Cie (Europe) S.A. 
2,525,354 
1.59% 
State Street Bank and Trust Comp 
2,414,283 
1.52% 
JPMorgan Chase Bank 
2,384,753 
1.50% 
State Street Bank and Trust Comp 
2,310,681 
1.45% 
The Bank of New York Mellon SA/NV 
2,197,886 
1.38% 
Citibank Europe plc 
2,158,187 
1.36% 
ARGENTOS AS 
2,000,000 
1.26% 
VERDIPAPIRFONDET STOREBRAND NORGE 
1,517,574 
0.95% 
VPF DNB AM NORSKE AKSJER 
1,514,033 
0.95% 
VERDIPAPIRFONDET DNB NORGE 
1,508,210 
0.95% 
Total 20 largest shareholders 
95,742,121 
60.25% 
Total other shareholders 
63,175,154 
39.75% 
Total shares outstanding 
158,917,275 
100% 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Scatec ASA - Annual Report 2022 
127
The tables below show shares held by Management and Board of Directors at 31 December 2022. 
Board of Directors 
Number of shares 
Ownership 
John Andersen, Jr. 
1)
- 
0.00% 
Jan Skogseth 
23,000 
0.01% 
Gisele Marchand 
3,586 
0.00% 
Maria Moræus Hanssen 
2)
5,510 
0.00% 
Jørgen Kildahl 
3,000 
0.00% 
Mette Krogsrud 
1,000 
0.00% 
Espen Gundersen 
10,000 
0.01% 
Total at 31 December 2022 
46,096 
0.03% 
1) Related parties control 19,482,339 shares through Scatec Inovation AS. 
2) Held through the controlled company MMH Nysteen Invest AS. 
Management 
Number of shares 
Ownership 
Raymond Carlsen 
1)
2,000,593 
1.26% 
Terje Pilskog 
2)
542,204 
0.34% 
Mikkel Tørud 
227,544 
0.14% 
Roar Haugland 
3)
79,566 
0.05% 
Torstein Berntsen 
4)
711,813 
0.45% 
Snorre Valdimarsson 
12,025 
0.01% 
Pål Helsing 
6,204 
0.00% 
Toril Haaland 
4,904 
0.00% 
Jarl Kosberg 
419 
0.00% 
Ann-Mari Lillejord 
10,129 
0.01% 
Kate Bragg 
920 
0.00% 
Pål Strøm 
1,844 
0.00% 
Total at 31 December 2022 
3,598,165 
2.26% 
1) End date 31.04.2022. Held through the controlled company Argentos AS, whereof 593 shares held by Raymond Carlsen 
directly 
2) Held through the controlled company Océmar AS, whereof 2,204 shares held by Terje Pilskog directly 
3) Held through the controlled company Buzz Aldrin AS, whereof 2,204 shares held by Roar Haugland 
directly 
4) Held through the controlled company Belito AS, whereof 19,204 shares held by Torstein Berntsen directly. 
In addition, 895 shares are held by held by Torstein Berntsen’s 
spouse. These are not included in the total presented in the table above. 
Refer to Note 4 – Personnel expenses, number of employees and auditor’s fee for information on share options granted to the 
management. 
Note 14 Corporate financing 
For information about Corporate financing refer to Note 21 Corporate financing in the consolidated financial statement of the Group. 
For information about interest rate swap refer to Note 20 Derivative financial instruments in the consolidated financial statement of the 
Group. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
128
Note 15 Other current liabilities 
Nok million 
2022 
2021 
Deferred income EPC projects 
997 
128 
Liabilities to co-developers 
- 
19 
Accrued interest expenses 
118 
52 
Vacation allowances, bonus accruals etc. 
49 
41 
Other 
7 
43 
Liability to Norfund 
1)
- 
1,620 
Total current liabilities 
1,170 
1,903 
1) Norfund’s 49% ownership stake in SN Power’s Sub-Saharan Africa hydro assets which will be exchanged for shares in the Sub-Saharan Africa JV without cash impact after 
completion of agreed restructuring activities. 
Note 16 Guarantees, 
contractual obligations and contingent liabilities 
Scatec ASA issue certain guarantees on behalf of the Group. The amounts specified below are total exposure on guarantees issued by 
Scatec ASA at each balance sheet date based on when the guarantees expire. The guarantees expire haphazardly during the year. 
NOK million 
31.12.2022 
31.12.2023 
31.12.2024 
31.12.2025 
Advance Payment guarantees 
81 
- 
- 
- 
Performance guarantees 
1,629 
- 
- 
- 
Warranty Guarantees 
352 
176 
- 
- 
Bid Bonds 
401 
170 
170 
0 
SPV Performance / Commitments 
256 
202 
202 
156 
O&M Performance (3rd party) 
16 
- 
- 
- 
Other Payment Guarantees (including 25 MEUR to Power China) 
1,838 
1,658 
46 
46 
Total 
4,574 
2,205 
418 
202 
The guarantees are mainly related to EPC performance, EPC payments, plant performance, 
bid bonds related to bid performance and 
payment guarantees. Guarantees issued as security for performance on EPC contracts entered between project companies and 
construction companies include: 
●
Advance Payment Guarantees in exchange for advance payment under the EPC contract (typically represents 15%- 20% of the 
contract value), 
●
Performance Guarantees to cover contract obligations (typically represents 10%-15% of the contract value) 
●
Warranty Bonds (typically 5%-10% of the contract value) to cover operational performance for the first two years of operation. 
The performance guarantees issued by Scatec ASA mainly relate to the RMIPPP project in South Africa that expire in Q4 2023. 
See note 24 Guarantee and commitments in the consolidated financial statement of the Group for more information on the other 
guarantees issued to third parties. 
Contractual 
obligations 
Scatec ASA has contractual obligations primarily through office lease. 
NOK million 
2023 
2024 
2025 
>2025 
Leases (office rental) 
14 
14 
14 
60 
Total contractual oblications 
14 
14 
14 
60 

 
Scatec ASA - Annual Report 2022 
129
Further, as an EPC contractor Scatec ASA may enter into purchase commitments with suppliers of equipment and sub-EPC services 
related to the plants under construction. 
Contingent 
liabilities 
Scatec ASA have no material contingent liabilities. 
Note 17 Transactions 
with related parties 
Related parties 
Subsidiaries, joint ventures and associates 
Key management personnel 
Board of Directors 
Transactions 
Management, development and EPC services and financing 
Loan and payroll 
Board remuneration 
Transactions 
with 
related 
parties 
All related party transactions have been carried out as part of the normal course 
of business and at arm’s length. The most significant 
transactions in 2022 and 2021 are: 
Subsidiaries – EPC services 
In 2022 Scatec ASA sold EPC services amounting to NOK 572 million. The company has been EPC contractor for the construction of 
power plants in South-Africa and Pakistan. During 2022 total revenue on these contracts amounted to NOK 543 million. 
Scatec ASA sold EPC services amounting to NOK 76 million in total during 2021. Scatec ASA has been EPC contractor for the 
construction of power plants in Ukraine, Egypt, Malaysia and Pakistan. During 2021 total revenue on these contracts amounted to NOK 
73 million. 
Subsidiaries – development services 
During 2022 the company sold development project rights amounting to NOK 26 million, of which NOK 16 million relates to the transfer 
of rights for the Pakistan projects. 
Subsidiaries - management service income 
Scatec ASA has during 2022 charged NOK 48 million (31) for corporate 
services provided to its subsidiaries and associates. 
Subsidiaries and associates – financing 
In the course of the ordinary business, inter-company financing is provided from Scatec ASA to its subsidiaries. Long-term financing is 
interest bearing and priced at arm’s length. Refer to Note 6 for specification of interest income/expenses from/to subsidiaries and Note 
9 Investments in subsidiaries, joint ventures and associated companies. 
Refer to Note 4 – Personnel expenses, number of employees and auditor’s fee for information regarding transactions with key 
management personnel and board members. 

 
130
Note 18 Subsequent events 
Adjusting 
subsequent 
events 
No adjusting events have occurred after the balance sheet date. 
Non-adjusting 
subsequent 
event 
Refinancing of Bridge-to-Bond USD 193 million 
On 2 February 2023, Scatec refinanced USD 100 million of the USD 193 million Bridge-to-Bond facility and on 
10 February 2023, Scatec 
placed NOK 1,000 million in new unsecured green bonds to refinance the remaining 
USD 93 million of the Bridge-to-Bond facility. Refer 
to note 30 Subsequent events in the 
consolidated financial statement of the Group 
Sale of Upington in South Africa 
On 2 February 2023, Scatec signed 
an agreement to sell its 42% equity share in the 258 MW Upington solar power plant for a gross 
consideration of ZAR 979 million (NOK 569 million). Refer to note 30 Subsequent events in the 
consolidated financial statement of the 
Group. 

Scatec ASA - Annual Report 2022 
131
Responsibility statement 
We confirm to the best of our knowledge, that the consolidated financial statements for 2022 has been prepared in accordance with 
IFRS as adopted by EU, and that the information gives a true and fair view of the Group’s assets, liabilities, financial position and result 
for the period. We also confirm that presented information provides a fair overview of important events that have occurred during the 
period and their impact on the financial statements, key risk and uncertainty 
factors that Scatec is facing during the next accounting 
period.
Oslo, 
21 March 
2023 
The Board of Directors Scatec ASA 
 

132
Alternative 
Performance 
Measures 
Scatec discloses alternative performance measures (APMs) in 
addition to those normally required by IFRS. This is based on the 
Group’s experience that APMs are frequently used by analysts, 
investors and other parties for supplemental information. 
The purpose of APMs is to provide an enhanced insight into the 
operations, financing and future prospect of the Group. 
Management also uses these measures internally to drive 
performance in terms of long-term target setting. APMs are 
adjusted IFRS measures that are defined, calculated and used in a 
consistent and transparent manner over the years and across the 
Group where relevant. 
Financial APMs should not be considered as a substitute for 
measures of performance in accordance with IFRS. Disclosures of 
APMs are subject to established internal control procedures. 
Definition of alternative performance measures used by the 
Group for enhanced financial information 
Cash flow to equity:
 
is a measure that seeks to estimate value 
creation in terms of the Group’s ability to generate funds for 
equity investments in new power plant projects and/or for 
shareholder dividends over time. Management believes that the 
cash flow to equity measure provides increased understanding of 
the Group’s ability to create funds from its investments. The 
measure is defined as EBITDA less net interest expense, 
normalised loan repayments and normalised income tax 
payments, plus any proceeds from refinancing. The definition 
excludes changes in net working capital, investing activities and 
fair value adjustment of first-time recognition of joint venture 
investments. Normalised loan repayments are calculated as the 
annual repayment divided by four quarters for each calendar 
year. However, loan repayments are normally made bi-annually. 
Loan repayments will vary from year to year as the payment plan 
is based on a sculpted annuity. Net interest expense is here 
defined as interest income less interest expenses, excluding 
shareholder loan interest expenses, non-recurring fees and 
accretion expenses on asset retirement obligations. Normalised 
income tax payment is calculated as operating profit (EBIT) less 
normalised net interest expense multiplied with the nominal tax 
rate of the jurisdiction where the profit is taxed. 
EBITDA:
 
is defined as operating profit adjusted for depreciation, 
amortisation and impairments. 
EBITDA margin:
 
is defined as EBITDA divided by total 
revenues and other income. 
EBITDA and EBITDA margin are used for providing consistent 
information of operating performance which is 
comparable to other companies and frequently used by 
other stakeholders. 
Gross profit: 
is defined as total sales revenue including 
net gain/loss from sale of project assets and net gain/ 
loss from associates minus the cost of goods sold (COGS). 
Gross profit is used to measure project profitability in 
the D&C segment. 
Net revenues: 
include energy sales revenues net of significant 
cost items directly linked to the energy sales volume (such as cost 
of energy purchase) in the PP segment. Refer to note 3 Operating 
segments for further details. 
Gross interest-bearing debt:
 
is defined as the Group’s 
total debt obligations and consists of non-current and 
current external non-recourse financing and external 
corporate financing and other interest-bearing liabilities, 
irrespective of its maturity as well as 
bank overdraft. 
Net interest-bearing debt (NIBD):
 
is defined as gross 
interest-bearing debt, less cash and cash equivalents. NIBD 
does not include shareholder loans. 
Net working capital
 
includes trade- 
and other receivables, 
other current assets, trade- and other payables, income tax 
payable and other current liabilities. 

Scatec ASA - Annual Report 2022 
133
Proportionate 
Financials 
The group’s segment financials are reported on a proportionate 
basis. The consolidated revenues and profits are mainly 
generated in the Power Production segment. Activities in Services 
and Development & Construction segment mainly reflect 
deliveries to other companies controlled by Scatec (with from 
39% to 100% economic interest), for which revenues and profits 
are eliminated in the Consolidated Financial Statements. With 
proportionate financials Scatec reports its share of revenues, 
expenses, profits and cash flows from all its subsidiaries without 
eliminations based on Scatec’s economic interest in the 
subsidiaries. The Group introduced Proportionate Financials as 
the Group is of the opinion that this method improves earnings 
visibility. The key differences between the proportionate and the 
consolidated IFRS financials are that; 
•
Internal gains are eliminated in the consolidated financials 
but are retained in the proportionate financials. These 
internal gains primarily relate to gross profit on D&C 
goods and services delivered to project companies which 
are eliminated as a reduced group value of the power 
plant compared to the stand-alone book value. Similarly, 
the consolidated financials have lower power plant 
depreciation charges than the proportionate financials 
since the proportionate depreciations are based on 
power plant values without elimination of internal gain. 
Internal gain eliminations also include profit on Services 
delivered to project companies. 
•
The consolidated financials are presented on a 100% 
basis, while the proportionate financials are presented 
based on Scatec’s ownership percentage/economic 
interest. 
•
In the consolidated financials joint venture companies are 
equity consolidated and are presented with Scatec’s share 
of the net profit on a single line in the statement of profit 
or loss. In the proportionate financials the joint venture 
companies are presented in the same way as other 
subsidiaries on a gross basis in each account in the 
statement of profit or loss. 
In 2022 Scatec reports a proportionate operating profit of NOK 
460 million compared with an operating profit of NOK 723 million 
in the consolidated financials. To arrive at the proportionate 
operating profit from the consolidated operating profit the Group 
has; 
1.
added back 
to the proportionate statement of profit or loss the 
internal gain on transactions between group companies with a 
negative amount of NOK 80 million. 
Where NOK 106 million 
comprise Scatec’s share of gross profit on D&C contracts, NOK 
-146 million comprise increased depreciation charges from 
internal gains and NOK -41 million comprise other items. 
2.
removed the non-controlling interests share of the operating 
profit of NOK 519 million to only leave the portion 
corresponding to Scatec’s ownership share, 
3.
replaced the consolidated net profit from joint venture 
companies of NOK 749 million with Scatec’s share of the 
Operating profit from the joint venture companies with NOK 
1,086 million. 
See Note 3 for further information on the reporting 
of 
proportionate financial figures, including reconciliation of the 
proportionate financials against the consolidated financials. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
134
Consolidated 
Financials 
NOK million 
2022 
2021 
EBITDA 
Operating profit (EBIT) 
723 
2,012 
Depreciation, amortisation and impairment 
1,832 
892 
EBITDA 
2,555 
2,903 
Total revenues and other income 
3,751 
3,803 
EBITDA margin 
68% 
76% 
Gross profit 
Total revenues and other income 
3,751 
3,803 
Cost of sales 
- 
- 
Gross profit 
3,751 
3,803 
Gross interest-bearing debt 
Non-recourse project financing 
13,297 
10,708 
Bonds 
7,987 
7,264 
Non-recourse project financing - current 
1,963 
1,147 
Other non-current interest-bearing liabilities 
231 
- 
Other current interest-bearing liabilities 
231 
- 
Gross interest-bearing debt 
23,709 
19,120 
Net interest-bearing debt 
Gross interest-bearing debt 
23,709 
19,120 
Cash and cash equivalents 
4,132 
4,171 
Net interest-bearing debt 
19,578 
14,949 
Net working capital 
Trade and other receivables 
497 
740 
Other current assets 
1,863 
734 
Trade and other payable 
-594 
-812 
Income tax payable 
-37 
-24 
Other current liabilities 
-1,106 
-841 
Non-recourse project financing-current 
-1,963 
-1,147 
Other current interest-bearing liabilitie 
-231 
- 
Net working capital 
-1,571 
-1,351 
Break-down of proportionate cash flow to equity 
FY 2022 
NOK million 
Power Production 
Services 
Development 
& 
Construction 
Corporate 
Total 
EBITDA 
2,835 
74 
-221 
-138 
2,550 
Net interest expenses 
-780 
-1 
-5 
-316 
-1,101 
Normalised loan repayments 
-815 
- 
- 
- 
-815 
Proceeds from refinancing 
363 
- 
- 
- 
363 
Normalised income tax payment 
-116 
-15 
78 
106 
53 
Cash flow to equity 
1,487 
58 
-149 
-347 
1,050 
1
FY 2021 
NOK million 
Power Production 
Services 
Development 
& 
Construction 
Corporate 
Total 
EBITDA 
2,949 
75 
-223 
-114 
2,686 
Net interest expenses 
-776 
1 
-8 
-217 
-1,000 
Normalised loan repayments 
-790 
- 
- 
- 
-790 
Proceeds from refinancing 
397 
- 
- 
- 
397 
Normalised income tax payment 
-140 
-16 
68 
78 
-9 
Cash flow to equity 
1,640 
60 
-164 
-252 
1,284 

Scatec ASA - Annual Report 2022 
135
Other definitions 
Backlog 
Project backlog is defined as projects with a secure off-take 
agreement assessed to have more than 90% probability of 
reaching financial close and subsequent realisation. 
Pipeline 
The pipeline projects are in different stages of development 
and maturity, but they are all typically in markets with an 
established government framework for renewables and for 
which project finance is available (from commercial banks or 
multilateral development banks). The project sites and 
concessions have been secured and negotiations related 
power sales and other project implementation agreements are 
in various stages of completion. 
Lost time 
injury 
(LTI) 
An occurrence that results in a fatality, permanent disability or 
time lost from work of one day/shift or more. 
Scatec’s 
economic 
interest 
Scatec’s share of the total estimated economic return from its 
subsidiaries. For projects in development and construction the 
economic interest is subject to change from the development 
of the financial model. 
Cash 
in power 
plant 
companies 
in operation 
Comprise restricted cash in proceed accounts, debt service 
reserve accounts, disbursements accounts, maintenance and 
insurance reserve accounts and similar. These cash and cash 
equivalents are only available to the Group through 
distribution as determined by shareholder and non-recourse 
financing agreements. 
Cash 
in power 
plant 
companies 
under 
development/construction 
Comprise shareholder financing and draw down on term loan 
facilities by power plant companies to settle outstanding 
external EPC invoices. 
Project 
equity 
Project equity comprise of equity and shareholder loans in 
power plant companies. 
Recourse 
Group 
Recourse Group means all entities in the Group, excluding 
renewable energy companies (each a recourse group 
company). 
Definition 
of project 
milestones 
Commercial Operation Date (COD):
 
A scheduled date when 
certain formal key milestones have been reached, typically 
including grid compliance, approval of metering systems and 
technical approval of plant by independent engineers. 
Production volumes have reached normalised levels sold at 
the agreed off-taker agreement price. This milestone is 
regulated by the off-taker agreement with the power off-taker. 
In the quarterly report grid connection is used as a synonym 
to 
COD. 
Financial close (FC):
 
The date on which all conditions 
precedent for drawdown of debt funding has been achieved 
and equity funding has been subscribed for, including 
execution of all project agreements. Notice to proceed for 
commencement of construction of the power plant will 
normally be given directly thereafter. Projects in Scatec defined 
as “backlog” are classified as “under construction” upon 
achievement of financial close. 
Start of Production (SOP):
 
The first date on which the power 
plant generates revenues through sale of power under the off-
take agreement. Production volumes and/or the price of the 
power may be lower than when commercial operation date 
(COD) is reached. This milestone is regulated by the off-take 
agreement with the power off-taker. This milestone may be 
reached prior to COD if the construction of a power plant is 
completed earlier than anticipated in the off-take agreement. 
Take Over 
Date (TOD):
 
The date on which the EPC contractor 
hands over the power plant to the power plant company. COD 
must have been reached, in addition to delivery of training 
and all technical documentation before TOD takes place. The 
responsibility for Operations & Maintenance (O&M) of the 
plant is handed over from the EPC contractor to the O&M 
contractor at the TOD. This milestone will normally occur 
shortly after the COD date. 

136
Auditor’s 
Report 
 

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138

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140

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142