Joint Lead Managers and Joint Bookrunners. ABG Sundal Collier Norge ASA

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1 SCATEC SOLAR ASA Initial public offering of New Shares with gross proceeds of MNOK 500 and up to 19,835,413 Secondary Shares Indicative Price Range of NOK 28 to NOK 36 per Share Listing of the Company's Shares on Oslo Børs This Prospectus (the "Prospectus") has been prepared by Scatec Solar ASA (the "Company" or "Scatec Solar", and together with its consolidated subsidiaries, the "Group") solely for use in connection with the initial public offering (the "Offering") and listing (the "Listing") of the Company's shares (the "Shares") on Oslo Børs. The Offering consists of a primary offering of a number of new Shares in the Company with gross proceeds of NOK 500 million, each with a nominal value of NOK (the "New Shares") offered by the Company and a secondary sale of up to 19,835,413 existing Shares in the Company, each with a nominal value of NOK (the "Secondary Shares") offered by Scatec AS, Scatec Invest AS, Scatec Solar Ansatte AS, ITOCHU Corporation, ITOCHU Europe PLC, Argentos AS, Rearden AS and the Selling Employees as defined in Section 18 (the "Selling Shareholders") (the New Shares together with the Secondary Shares, the "Offer Shares"), in connection with (i) an institutional offering in which Offer Shares are offered (a) to institutional and professional investors in Norway, (b) to investors outside Norway and the United States, pursuant to applicable exemptions from local prospectus requirements and other filing requirements, and (c) in the United States to qualified institutional buyers ("QIBs") as defined in Rule 144A ("Rule 144A") under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") in a transaction exempt from or not subject to the registration requirements of the U.S. Securities Act, in each case subject to a minimum application of NOK 1,000,000 (the "Institutional Offering"), (ii) a retail offering to the public in Norway subject to a minimum application amount of NOK 10,500 and a maximum application amount of NOK 999,999 (the "Retail Offering"), and (iii) an employee offering to eligible employees of the Group, subject to a minimum application amount of NOK 10,500 (NOK 2,000 for eligible employees of the Company's South African consolidated subsidiaries) and a maximum application amount of NOK 999,999 (the "Employee Offering"). ABG Sundal Collier Norge ASA ("ABG Sundal Collier") and Carnegie AS ("Carnegie") are acting as joint lead managers and joint bookrunners in the Offering (the "Managers"). On behalf of the Managers, Carnegie, acting as Stabilisation Manager in the Offering, may elect to over-allot a number of additional Shares equalling up to 15% of the number of Offer Shares (the "Additional Shares"). In this respect, Scatec AS, Scatec Invest AS, Scatec Solar Ansatte AS and ITOCHU Corporation (the "Principal Shareholders") have granted Carnegie, on behalf of the Managers, an option to lend a number of Shares equal to the number of Additional Shares in order to facilitate such over-allotment (the "Lending Option"). The Principal Shareholders have granted the Managers an option to buy a number of Shares equal to the number of Additional Shares at a price per share equal to the final Offer Price (the "Greenshoe Option"). The price (the "Offer Price") at which the Offer Shares are expected to be sold is indicatively set to be between NOK 28 and NOK 36 per Offer Share (the "Indicative Price Range"). The Offer Price may be set within, below or above the Indicative Price Range. The Offer Price will be determined through a bookbuilding process and will be set by the Board of Directors in consultation with the Managers. Investors in the Retail Offering and the Employee Offering will receive a discount of NOK 1,500 (14.30% per share allocated to eligible employees of the Company's South African consolidated subsidiaries, limited to a maximum amount of NOK 1,500) on their aggregate amount payable for the Offer Shares allocated to such investors. The Offer Price, and the number of Offer Shares sold in the Offering, is expected to be announced through a stock exchange notice on or before 26 September 2014 at 09:00 hours (CET). The offer period for the Institutional Offering (the "Bookbuilding Period") will commence at 09:00 hours (CET) on 15 September 2014 and close at 16:30 hours (CET) on 25 September The application period for the Retail Offering and the Employee Offering (the "Application Period") will commence at 09:00 hours (CET) on 15 September 2014 and close at 12:00 hours (CET) on 25 September The Bookbuilding Period and/or the Application Period may, at the Company's sole discretion and for any reason, be shortened or extended beyond the set times, but will in no event be shortened to expire prior to 12:00 hours (CET) on 23 September 2014 or extended beyond 16:30 hours (CET) on 2 October All of the Shares are, and the New Shares will be, registered in the Norwegian Central Securities Depository (the "VPS") and will be in book-entry form. All of the Shares rank pari passu with one another and will each carry one vote. Except where the context otherwise requires, references in this Prospectus to the Shares will be deemed to include the New Shares. The Offer Shares have not been and will not be registered under the U.S. Securities Act, and may not be offered or sold except (i) within the United States to QIBs in reliance on Rule 144A or another applicable exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act or (ii) to certain persons in offshore transactions in compliance with Regulation S under the U.S. Securities Act, and in accordance with any applicable securities laws of any state or territory of the United States or any other jurisdiction. Accordingly, the Managers have represented and agreed that it has not offered or sold, and will not offer or sell, any of the Offer Shares as part of its allocation at any time other than to QIBs in the United States in accordance with Rule 144A or outside of the United States in compliance with Rule 903 of Regulation S. Transfer of the Offer Shares will be restricted and each purchaser of the Offer Shares in the United States will be required to make certain acknowledgements, representations and agreements, as described under Section 16.2 "Transfer restrictions". Prior to the Offering, the Shares have not been publicly traded. On 27 August 2014, the Company applied for admission to trading of its Shares on Oslo Børs. It is expected that the board of directors of Oslo Børs will consider the listing application on 24 September Completion of the Offering is subject inter alia to the approval of the listing application by the board of directors of Oslo Børs and the Company fulfilling all listing conditions set by Oslo Børs. The due date for the payment of the Offer Shares is expected to be on or about 30 September Provided timely payment, delivery of the Offer Shares is expected to take place on or about 1 October 2014 for the Retail Offering and the Employee Offering, and on or about 30 September 2014 for the Institutional Offering, through the facilities of the VPS. Trading in the Shares on Oslo Børs is expected to commence on or about 29 September 2014 under the ticker code "SSO". Joint Lead Managers and Joint Bookrunners ABG Sundal Collier Norge ASA Carnegie AS The date of this Prospectus is 12 September 2014

2 IMPORTANT INFORMATION This Prospectus has been prepared solely for use in connection with the Offering of the Offer Shares and Listing of the Shares on Oslo Børs. Please see Section 18 "Definitions and glossary" for definitions of terms used throughout this Prospectus. The Prospectus has been prepared to comply with the Norwegian Securities Trading Act of 29 June 2007 No. 75 (the "Norwegian Securities Trading Act") and related secondary legislation, including the Commission Regulation (EC) No. 809/2004 implementing Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 regarding information contained in Prospectuses, as amended, and as implemented in Norway (the "Prospectus Directive"). This Prospectus has been prepared solely in the English language. The Financial Supervisory Authority of Norway (the "Norwegian FSA") has reviewed and approved this Prospectus in accordance with sections 7-7 and 7-8 of the Norwegian Securities Trading Act. The Norwegian FSA has not controlled or approved the accuracy or completeness of the information given in this Prospectus. The approval given by the Norwegian FSA only relates to the information included in accordance with pre-defined disclosure requirements. The Norwegian FSA has not made any form of control or approval relating to corporate matters described or referred to in this Prospectus. The Company has engaged ABG Sundal Collier and Carnegie as Joint Lead Managers and Joint Bookrunners. No person is authorised to give information or to make any representation concerning the Group or in connection with the Offering or sale of the Offer Shares other than as contained in this Prospectus. If any such information is given or made, it must not be relied upon as having been authorised by the Company or the Managers or by any of the affiliates, advisors or selling agents of any of the foregoing. The distribution of this Prospectus and the offer and sale of the Offer Shares in certain jurisdictions may be restricted by law. This Prospectus does not constitute an offer of, or an invitation to purchase, any of the Offer Shares in any jurisdiction in which such offer or sale would be unlawful. Neither this Prospectus nor any advertisement or any other offering material may be distributed or published in any jurisdiction except under circumstances that will result in compliance with applicable laws and regulations. Persons in possession of this Prospectus are required to inform themselves about and to observe any such restrictions. In addition, the Shares are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. For further information on the sale and transfer restrictions of the Offer Shares, see Section 16 "Selling and transfer restrictions". The information contained herein is current as at the date hereof and subject to change, completion and amendment without notice. In accordance with section 7-15 of the Norwegian Securities Trading Act, significant new factors, material mistakes or inaccuracies relating to the information included in this Prospectus, which are capable of affecting the assessment of the Offer Shares between the time of approval of this Prospectus by the Norwegian FSA and the Listing of the Offer Shares on Oslo Børs, will be included in a supplement to this Prospectus. Neither the publication nor distribution of this Prospectus, nor any sale of Offer Shares made hereunder, shall under any circumstances create any implication that there has been no change in the Group's affairs or that the information herein is correct as of any date subsequent to the date of this Prospectus. In making an investment decision, each investor must rely on their own examination, and analysis of, and enquiry into the Group and the terms of the Offering, including the merits and risks involved. None of the Company, the Selling Shareholders or the Managers, or any of their respective representatives or advisers, is making any representation to any offeree or purchaser of the Offer Shares regarding the legality or suitability of an investment in the Offer Shares by such offeree or purchaser under the laws applicable to such offeree or purchaser. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of a purchase of the Offer Shares. This Prospectus and the terms and conditions of the Offering as set out herein shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the Offering or this Prospectus. All Sections of the Prospectus should be read in context with the information included in Section 0 "General information". NOTICE TO NEW HAMPSHIRE RESIDENTS NEITHER THE FACT THAT A REGISTRATION STATEMENT OR AN APPLICATION FOR A LICENSE HAS BEEN FILED UNDER CHAPTER 421-B OF THE NEW HAMPSHIRE REVISED STATUTES WITH THE STATE OF NEW HAMPSHIRE NOR THE FACT THAT A SECURITY IS EFFECTIVELY REGISTERED OR A PERSON IS LICENSED IN THE STATE OF NEW HAMPSHIRE CONSTITUTES A FINDING BY THE SECRETARY OF STATE OF NEW HAMPSHIRE THAT ANY DOCUMENT FILED UNDER RSA 421-B IS TRUE, COMPLETE AND NOT MISLEADING. NEITHER ANY SUCH FACT NOR THE FACT THAT AN EXEMPTION OR EXCEPTION IS AVAILABLE FOR A SECURITY OR A TRANSACTION MEANS THAT THE SECRETARY OF STATE HAS PASSED IN ANY WAY UPON THE MERITS OR QUALIFICATIONS OF, OR RECOMMENDED OR GIVEN APPROVAL TO, ANY PERSON, SECURITY OR TRANSACTION. IT IS UNLAWFUL TO MAKE, OR CAUSE TO BE MADE, TO ANY PROSPECTIVE PURCHASER, CUSTOMER OR CLIENT ANY REPRESENTATION INCONSISTENT WITH THE PROVISIONS OF THIS PARAGRAPH. NOTICE TO INVESTORS IN THE UNITED STATES Because of the following restrictions, prospective investors are advised to consult legal counsel prior to making any offer, resale, pledge or other transfer of the Shares. The Offer Shares have not been and will not be registered under the U.S. Securities Act or with any securities regulatory authority of any state or other jurisdiction in the United States and may not be offered, sold, pledged or otherwise transferred within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and in compliance with any applicable state securities laws. Accordingly, the Offer Shares will not be offered or sold within the United States, except in reliance on an exemption from the registration requirements of the U.S. Securities Act. The Offer Shares will be offered outside the United States in compliance with Regulation S. Prospective purchasers are hereby notified that sellers of Offer Shares may be relying on the exemption from the provisions of section 5 of the U.S. Securities Act provided by Rule 144A under the U.S. Securities Act. See Section 16.1 "Selling restrictions." Any Shares offered or sold in the United States will be subject to certain transfer restrictions as set forth under Section 16.2 "Transfer restrictions." The securities offered hereby have not been recommended by any United States federal or state securities commission or regulatory authority. Furthermore, the foregoing authorities have not passed upon the merits of the Offering or confirmed the accuracy or determined the adequacy of this Prospectus. Any representation to the contrary is a criminal offense under the laws of the United States.

3 In the United States, this Prospectus is being furnished on a confidential basis solely for the purposes of enabling a prospective investor to consider purchasing the particular securities described herein. The information contained in this Prospectus has been provided by the Company and other sources identified herein. Distribution of this Prospectus to any person other than the offeree specified by the Managers or their representatives, and those persons, if any, retained to advise such offeree with respect thereto, is unauthorised and any disclosure of its contents, without prior written consent of the Company, is prohibited. This Prospectus is personal to each offeree and does not constitute an offer to any other person or to the public generally to purchase Offer Shares or subscribe for or otherwise acquire any Shares. NOTICE TO UNITED KINGDOM INVESTORS This Prospectus is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). The Offer Shares are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Shares will be engaged in only with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents. NOTICE TO INVESTORS IN THE EEA In any European Economic Area (the "EEA") that has implemented the EU Prospectus Directive, other than Norway, (each, a "Relevant Member State") this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the EU Prospectus Directive. The Prospectus has been prepared on the basis that all offers of Offer Shares outside Norway will be made pursuant to an exemption under the EU Prospectus Directive from the requirement to produce a Prospectus for offer of shares. Accordingly, any person making or intending to make any offer within the EEA of Offer Shares which is the subject of the Offering contemplated in this Prospectus within any EEA member state (other than Norway) should only do so in circumstances in which no obligation arises for the Company or the Managers to publish a Prospectus or a supplement to a Prospectus under the EU Prospectus Directive for such offer. Neither the Company nor the Managers have authorised, nor do they authorise, the making of any offer of Shares through any financial intermediary, other than offers made by the Managers which constitute the final placement of Offer Shares contemplated in this Prospectus. Each person in a Relevant Member State other than, in the case of paragraph (a), persons receiving offers contemplated in this Prospectus in Norway, who receives any communication in respect of, or who acquires any Offer Shares under, the offers contemplated in this Prospectus will be deemed to have represented, warranted and agreed to and with the Managers and the Company that: (a) (b) it is a qualified investor as defined in the EU Prospectus Directive, and in the case of any Offer Shares acquired by it as a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive, (i) such Offer Shares acquired by it in the Offering have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant Member State other than qualified investors, as that term is defined in the EU Prospectus Directive, or in circumstances in which the prior consent of the Managers has been given to the offer or resale; or (ii) where such Offer Shares have been acquired by it on behalf of persons in any Relevant Member State other than qualified investors, the offer of those Offer Shares to it is not treated under the EU Prospectus Directive as having been made to such persons. For the purposes of this provision, the expression an "offer to the public" in relation to any of the Offer Shares in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and any Shares to be offered so as to enable an investor to decide to purchase any of the Offer Shares, as the same may be varied in that Relevant Member State by any measure implementing the EU Prospectus Directive in that Relevant Member State. ENFORCEMENT OF CIVIL LIABILITIES The Company is a public limited company incorporated under the laws of Norway. As a result, the rights of holders of the Company's Shares will be governed by Norwegian law and the Company's articles of association (the "Articles of Association"). The rights of shareholders under Norwegian law may differ from the rights of shareholders of companies incorporated in other jurisdictions. The Company's directors and the Group's executive officers are not residents of the United States, and a substantial portion of the Company's assets are located outside the United States. As a result, it may be difficult for investors in the United States to effect service of process on the Company or its directors or the Group's executive officers in the United States or to enforce in the United States judgments obtained in U.S. courts against the Company or those persons based on the civil liability provisions of the federal securities laws of the United States or other laws of the United States or any state thereof. Uncertainty exists as to whether courts in Norway will enforce judgments obtained in other jurisdictions, including the United States, against the Company or its directors or the Group's officers under the securities laws of those jurisdictions or entertain actions in Norway against the Company or its directors or officers under the securities laws of other jurisdictions. The United States and Norway do not currently have a treaty providing for reciprocal recognition and enforcement of judgements (other than arbitral awards) in civil and commercial matters. Similar limitations may also apply in any other jurisdictions than the United States. AVAILABLE INFORMATION The Company has agreed that, for so long as any of the Offer Shares are "restricted securities" within the meaning of Rule 144(a)(3) under the U.S. Securities Act, it will during any period in which it is neither subject to Sections 13 or 15(d) of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), nor exempt from reporting pursuant to Rule 12g3-2(b) under the U.S. Exchange Act, provide to any holder or beneficial owners of Shares, or to any prospective purchaser designated by any such registered holder, upon the request of such holder, beneficial owner or prospective owner, the information required to be delivered pursuant to Rule 144A(d)(4) of the U.S. Securities Act.

4 TABLE OF CONTENTS 1. EXECUTIVE SUMMARY RISK FACTORS RESPONSIBILITY FOR THE PROSPECTUS GENERAL INFORMATION THE OFFERING PRESENTATION OF THE GROUP MARKET OVERVIEW BOARD OF DIRECTORS, MANAGEMENT, EMPLOYEES AND CORPORATE GOVERNANCE CAPITALISATION AND INDEBTEDNESS FINANCIAL INFORMATION OPERATING AND FINANCIAL REVIEW RELATED PARTY TRANSACTIONS SHARES AND SHARE CAPITAL SECURITIES TRADING IN NORWAY TAXATION SELLING AND TRANSFER RESTRICTIONS ADDITIONAL INFORMATION DEFINITIONS AND GLOSSARY Appendix A: Articles of Association 160 Appendix B: Annual financial statements for the years ended 31 December 2013 and Appendix C: Interim financial statement for the three and six month periods ended 30 June Appendix D: Application Form for the Retail Offering 253 Appendix E: Application Form for the Employee Offering 255

5 1. EXECUTIVE SUMMARY Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in Sections A E (A.1 E.7). This summary contains all the Elements required to be included in a summary for this type of securities and issuer. Because some Elements are not required to be addressed, there may be gaps in the numbering sequence of the Elements. Even though an Element may be required to be inserted in the summary because of the type of securities and Issuer, it is possible that no relevant information can be given regarding the Element. In this case a short description of the Element is included in the summary with the mention of "not applicable". Section A Introduction and warnings A.1 Warnings This summary should be read as an introduction to the Prospectus. Any decision to invest in the Offer Shares should be based on consideration of the Prospectus as a whole by the investor. Where a claim relating to the information contained in the Prospectus is brought before a court, the plaintiff investor might, under the national legislation in its Member State, have to bear the costs of translating the Prospectus before the legal proceedings are initiated. Civil liability attaches only to those persons who have tabled the summary including any translation thereof, but only if the summary is misleading, inaccurate or inconsistent when read together with the other parts of the Prospectus or it does not provide, when read together with the other parts of the Prospectus, key information in order to aid investors when considering whether to invest in such securities. Section B Issuer B.1 Legal and commercial name B.2 Domicile and legal form, legislation and country of incorporation B.3 Current operations, principal activities and markets Scatec Solar ASA. The Company's registered name is Scatec Solar ASA. The Company is organised as a public limited liability company under Norwegian law, in accordance with the Norwegian Public Limited Companies Act, and is registered with the Norwegian Register of Business Enterprises with registration number The Company is a leading integrated, independent power producer (IPP). The Company pursues a unique integrated business model, encompassing the entire lifecycle of a solar power plant project. The Company is a project originator and developer, a plant designer, engineer and constructor, as well as an operator and long-term owner. B.4a Significant recent trends affecting the Company and the industries in which it operates The Company operates globally, and currently has operating subsidiaries in Germany, the Czech Republic, France, USA, Jordan, Japan, Rwanda, and South Africa The management of Scatec Solar has not seen any recent major changes in the operating or financial environment for its producing assets or assets under construction. Production is increasing significantly, and the Company s construction projects have progress timely and in line with budget assumptions. Please refer to section

6 B.5 Description of the Group Scatec Solar ASA is the parent company in the Group. The Company carries out corporate services, management and Group finance services, and also provides certain services related to project development and construction for its subsidiaries. The Company generates internal revenues based on agreements established between the Company and individual subsidiaries in the Group. The scope of these agreements includes management services as well as services related to project development and construction, including but not limited to permitting, financial modelling, production of bidding documents, structuring of debt and equity financing and securities and guarantees, evaluation of tax issues, legal services, advice on procurement tendering processes, and grid-connection studies. The Company's subsidiaries in the Group are fully or partly-owned special purpose vehicle companies (SPVs) that own and operate solar power plants in, including but not limited to, South Africa, the Czech Republic, North America and Rwanda, and other companies set up to undertake necessary activities with respect to the SPVs. B.6 Interests in the Company and voting rights Shareholders owning 5% or more of the Shares have an interest in the Company's share capital which is notifiable pursuant to the Norwegian Securities Trading Act. The following shareholders owned more than 5% of the Shares on 12 September 2014: Name Number of Shares Percentage (%) Scatec AS 24,848, ITOCHU Corporation 17,073, Scatec Invest AS 11,100, ITOCHU Europe PLC. 7,317, Total 60,339, B.7 Selected historical key financial information The following consolidated financial information has been derived from the Company's audited consolidated annual financial statements for the years ended 31 December 2013 and 2012, as well as the unaudited consolidated interim financial statements for the three and six month periods ended 30 June 2014, prepared according to IFRS as adopted by the EU. The selected financial information presented below should be read in conjunction with Section 10 "Financial Information" and the Group's annual financial statements and interim financial statement included in Appendices B and C to the Prospectus. Condensed consolidated profit or loss (NOK thousand) Q Q YTD 2014 YTD 2013 (Unaudited) (Unaudited) (Unaudited) (Unaudited) FY 2013 FY 2012 Revenues Net income/(loss) from associated companies Total revenues and other income Cost of sales Gross profit Personnel expenses Other operating expenses Depreciation, amortisation

7 and impairment Operating profit Interest and other financial income Interest and other financial expenses Net foreign exchange gain/(losses) Net financial expenses Profit before income tax Income tax (expense)/benefit Profit/(loss) for the period Profit/(loss) attributable to: Equity holders of the parent Non-controlling interests Basic and diluted earnings per share (NOK) Weighted average no of shares (in thousand) 0,13 0,03-0,02-0,29-0,53-0, The interim financial information has not been subject to audit. The first half year 2014 financial information has been subject to review. Condensed consolidated statement of financial position Assets (NOK thousand) ASSETS Non-current assets 30 June 2014 (Unaudited) 31 December December 2012 Deferred tax assets Property, plant and equipment in solar projects Property, plant and equipment other Goodwill Financial assets Investments in associated companies Other non-current assets Total non-current assets Current assets Trade and other receivables Other current assets Financial assets Cash and cash equivalents Total current assets TOTAL ASSETS The interim financial information has not been subject to audit. The first half year 2014 financial information has been subject to review. 7

8 Equity and Liabilities (NOK thousand) EQUITY AND LIABILITIES Equity 30 June 2014 (Unaudited) 31 December December 2012 Share capital Share premium Total paid in capital Retained earnings Other reserves Total other equity Non-controlling interests Total equity Non-current liabilities Deferred tax liabilities Non-recourse project financing Financial liabilities Other non-current liabilities Total non-current liabilities Current liabilities Trade and other payables Income tax payable Non-recourse project financing Financial liabilities Other current liabilities Total current liabilities Total liabilities TOTAL EQUITY AND LIABILITIES The interim financial information has not been subject to audit. The first half year 2014 financial information has been subject to review. Condensed consolidated statement of cash flows Q Q (NOK thousand) (Unaudited) (Unaudited) Cash flow from operating activities YTD 2014 (Unaudited) YTD 2013 (Unaudited) FY 2013 FY 2012 Profit before taxes Taxes paid Depreciation and impairment Net income from associated companies Interest and other financial income Interest and other financial expenses Foreign exchange (gain)/loss (Increase)/decrease in trade

9 and other receivables (Increase)/decrease in other current assets Increase/(decrease) in trade and other payables Increase/(decrease) in current liabilities Increase/(decrease) in financial assets and other changes. Net cash flow from operating activities Cash flow from investing activities Interest received Investments in property, plant and equipment Investments in assoiciated companies Net cash flow from investing activities Cash flow from financing activities Proceeds shareholder loan from non-controlling interests Interest paid Proceeds from non-recourse project financing Repayment of non-recourse project financing Repayment of corporate overdraft facility Dividends paid to noncontrolling interests Net cash flow from financing activities Net increase/(decrease in cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period The interim financial information has not been subject to audit. The first half year 2014 financial information has been subject to review. B.8 Selected key pro forma financial information B.9 Profit forecast or estimate B.10 Audit report qualifications Not applicable. There is no pro forma financial information. Not applicable. No profit forecast or estimate is made. Not applicable. There are no qualifications in the audit reports. B.11 Working capital It is the Company's opinion that the Group does not have sufficient working capital for its present requirements, i.e. for the next 12 months. In order to realise solar power plants currently in project backlog and operations for a period of twelve months from the date of this Prospectus, the Company is dependent on additional financing of NOK 360 million in gross proceeds. 9

10 Additional financing is expected to be required for the first projects in current backlog, during the course of November The additional financing is proposed raised through the Offering as described in this Prospectus. The Company is confident that the Offering will be successful and secure adequate funding for further growth. No capital commitments have been made in relation to growth or to realisation of new solar plants currently in project backlog. No additional capital is needed to maintain current operations without growth. Should the Offering fail to raise additional funding, the Company may reduce its growth ambitions to secure continued operations. Liquidity would without growth be maintained through existing cash, cash from operations after reduction in growth related operational expenditures, and the use of existing overdraft and guarantee facilities. Section C Securities C.1 Type and class of securities admitted to trading and identification numbers The Company has one class of shares in issue. The Offer Shares offered in connection with the Offering will in all respect be equal to the existing Shares of the Company, once the New Shares have been issued and registered with the Norwegian Register of Business Enterprises and the VPS. The Company's Shares are registered in the VPS with ISIN C.2 Currency NOK. C.3 Number of shares and par value C.4 Right attached to the securities C.5 Restrictions on transferability At the date of this Prospectus, the Company's share capital is NOK 1,687,511 divided into 67,500,440 ordinary Shares with a nominal value of NOK each. All the existing Shares are validly issued and fully paid. The Offer Shares offered in connection with the Offering will in all respects be equal to the existing Shares of the Company once the New Shares have been issued and registered with the Norwegian Register of Business Enterprises and the VPS. The Shares are equal in all respects and there are no different voting rights or classes of shares. Each Share carries one vote at the General Meeting. Not applicable. The Shares of the Company are freely transferable, subject to any local regulatory transfer restrictions. For further information regarding the sale and transfer of the Shares in jurisdictions other than Norway see Section 16 "Selling and transfer restrictions". C.6 Admission to trading On 27 August 2014, the Company applied for admission to trading of its Shares on Oslo Børs. It is expected that the board of directors of Oslo Børs will approve the listing application on 24 September 2014, subject to certain conditions being met. Subject to approval of the listing application by the board of directors of Oslo Børs and fulfilment of the listing conditions set by Oslo Børs, the Company expects commencement of trading in the Shares on Oslo Børs on or about 29 September The Company has not applied for admission to trading of the Shares on any other stock exchange or regulated market. C.7 Dividend policy All Shares in the Company have equal rights to dividends. The Company s objective is to pay its shareholders consistent and growing cash dividends. A share of free cash distributed from the project companies 10

11 holding our power producing assets will be used to pay regular cash dividends that are sustainable on a long term basis. It is the intention that dividend will grow in line with the growth in the Company's producing asset base. The Company intends to announce its first dividend as a listed company, during the first half of 2015, distributing 100% of the cash received from the Company's project companies during 2014, estimated to approximately NOK 25 million. From 2015 the Company intends to allocate 50% of free cash received from the project companies holding the Company's power producing assets to dividends. For 2015, the dividend is estimated to approximately NOK 40 million. There can be no assurances that in any given year a dividend will be proposed or declared, or if proposed or declared, that the dividend will be as contemplated by the above. In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will take into account legal restrictions, the Group's capital requirements and financial condition, general business conditions, any restrictions that borrowing arrangements or other contractual arrangements may place on the Company's ability to pay dividends and the maintaining of appropriate financial flexibility. Section D Risks D.1 Key risks specific to the Company or its industry Risks related to the Group and the industry in which it operates: The market price of electricity Government subsidies, incentives and other support mechanisms Changes in the legal environment Political risk Competition The global capital market environment Risks associated with acquisitions, participations and partly owned companies The Company's growth including pipeline and backlog, and international operations Cost uncertainty and increasing operation expenses Insufficient quality of equipment and technical breakdowns Inflation Exchange rates Risks relating to counterparties Disputes and legal or regulatory proceedings External subcontractors Solar power plant and their performance Intellectual property risks HSE regulations and other laws Taxation risks Risk relating to key employees and contractors Catastrophes, natural disasters, war, climate change, weather variations etc. Theft and vandalism Insufficient insurance coverage Risks relating to accounting treatment and classification Risks relating to bureaucratic or executive error and inefficiencies Corruption and unethical practices Impairment of asset values 11

12 Risks related to the Group's financing: Reduced financing availability and increase in interest rates Dependency on current financing arrangements and compliance with such D.3 Key risks specific to the securities Risks related to the Listing and the Shares: The Group will incur increased costs as a result of being a publicly traded company Fluctuation in the share price Future issuances of Shares or other securities Limited liquidity Nominee accounts and voting rights Difficulties for foreign investors to enforce non-norwegian judgments Limitations on the shareholders' ability to bring actions against the company Exchange rate risks Dilution Transfer restrictions Section E Offer E.1 Net proceeds and estimated expenses The Offering comprises a number of New Shares with gross proceeds of NOK 500 million offered by the Company and up to 19,835,413 Secondary Shares offered by the Selling Shareholders, excluding utilization of the Over Allotment Option. The Company will not receive any proceeds from the sale of the Secondary Shares. E.2a Reasons for the Offering and use of proceeds Selling Shareholders will pay brokerage fees for any sale of Secondary Shares. All other transaction costs related to the New Shares and all other directly attributable costs in connection with the Listing and Offering will be paid by the Company. The total cost is expected to be in the range NOK 22 million NOK 27 million, implying net proceeds in the range NOK 473 million NOK 478 million. The Listing is an important factor in the Group's business strategy. The Company has decided to apply for the Listing of the Shares on Oslo Børs and conduct the Offering in order to: Increase the Company's access to equity and ensure financing of further growth. Ensure organised and regulated trading of the Shares. Increase liquidity of the Shares and thus increase the attractiveness of the Shares, inter alia as transaction currency in potential future acquisitions or mergers, and the Company as an investment alternative. Strengthen the Company's profile in the markets in which it operates. Satisfy the requirement on sufficient spread of ownership of the Shares pursuant to the listing rules for Oslo Børs. The primary purpose of the Offering is to strengthen the strategic and financial position of the Company. The net proceeds from the Offering will primarily be used to, and in the following order of priority, (i) equity investments for the Company's project backlog and pipeline as described in the Prospectus and (ii) working capital for execution of the Company's projects. 12

13 E.3 Terms and conditions of the Offering The proceeds will also be used for general corporate purposes. The Offering consists of a primary offering of a number of New Shares with gross proceeds of NOK 500 million offered by the Company and a secondary sale of up to 19,835,413 Secondary Shares offered by the Selling Shareholders. In addition, the Managers, with consent from the Company, may elect to over-allot a number of additional Shares equalling up to 15% of the number of Offer Shares allotted in the Offering (the "Additional Shares"). The Principal Shareholders have granted Carnegie, on behalf of the Managers, an option to lend a corresponding number of Additional Shares to cover any such over-allotments (the "Lending Option"). Further, the Principal Shareholders have granted Carnegie an option to buy a number of Shares equal to the number of Additional Shares at a price per share equal to the final Offer Price (the "Greenshoe Option"). The Offering consists of: (i) (ii) (iii) An Institutional Offering, in which Offer Shares are offered (a) to institutional and professional investors in Norway, (b) to investors outside Norway and the United States, pursuant to applicable exemptions from local Prospectus requirements and other filing requirements, and (c) in the United States to QIBs as defined in, and in reliance on Rule 144A under the U.S. Securities Act. The Institutional Offering is subject to a minimum application of NOK 1,000,000; A Retail Offering, in which Offer Shares are being offered to the public in Norway, subject to a minimum application amount of NOK 10,500 and a maximum application amount of NOK 999,999 per applicant. Investors that are allocated Offer Shares in the Retail Offering will receive a discount of NOK 1,500 on the aggregate Offer Price for the Offer Shares allocated to such investor. Investors who intend to place an order in excess of NOK 999,999 must do so in the Institutional Offering; An Employee Offering, in which Offer Shares are being offered to Eligible Employees (as defined herein), subject to a lower limit per application of an amount of NOK 10,500 and an upper limit per application of an amount of NOK 999,999 for each Eligible Employee. Eligible Employees who are allocated Offer Shares in the Employee Offering will receive a discount of NOK 1,500 on the aggregate Offer Price for the Offer Shares allocated to such investor. Investors who intend to place an order in excess of NOK 999,999 must do so in the Institutional Offering. Directors of the Company's South African consolidated subsidiaries and permanent employees of Scatec Solar SA 163 (Pty) Ltd who become participants in the Company's South African Employee Share Scheme may apply for Offer Shares subject to a lower limit per application of an amount of NOK 2,000 and an upper limit per application of an amount of NOK 999,999 for each South African Eligible Employee, and will receive a discount of 14.30% of the Offer Price for the Offer Shares being acquired, limited to a maximum amount of NOK 1,500 per application. In the event that the Offering is not fully subscribed, the issuance of New Shares will have priority over the sale of Secondary Shares. 13

14 All offers and sales outside the United States will be made in compliance with Regulation S. The Bookbuilding Period for the Institutional Offering is expected to take place from 15 September 2014 at 09:00 hours (CET) until 25 September 2014 at 16:30 hours (CET). The Application Period for the Retail Offering and the Employee Offering is expected to take place from 15 September 2014 at 09:00 hours (CET) until 25 September 2014 at 12:00 (CET). The Company, in consultation with the Managers, reserves the right to shorten or extend the Bookbuilding Period and/or the Application Period at any time. The Company also reserves the right, in consultation with the Managers, to withdraw, suspend or revoke the Offering at any time prior to final allocation at its sole discretion (and for any reason). The Managers expect to issue notifications of allocation of Offer Shares in the Offering on or about 26 September 2014, by issuing allocation notes to the applicants by or otherwise. Payment by applicants in the Institutional Offering will take place against delivery of Offer Shares. Delivery and payment for Offer Shares in the Institutional Offering is expected to take place on or about 30 September The due date for payment in the Retail Offering and the Employee Offering is on or about 30 September Subject to timely payment by the applicant, delivery of the Offer Shares allocated in the Retail Offering is expected to take place on or about 1 October E.4 Material and conflicting interests ABG Sundal Collier and Carnegie or their affiliates are currently providing, and may provide in the future, investment and commercial banking services to the Company and its affiliates in the ordinary course of business, for which they may receive and may continue to receive customary fees and commissions. ABG Sundal Collier and Carnegie are Managers for the Offering and receive fees and commission in this regard. None of the Managers currently own any Shares in the Company. The Selling Shareholders will receive the proceeds from the Secondary Sale and the Company will receive the proceeds from the issuance of the New Shares. Beyond the abovementioned, the Company is not aware of any interest of any natural or legal persons involved in the Offering. E.5 Selling Shareholders and lock-up At the date of this Prospectus, the Selling Shareholders hold 67,208,280 Shares, corresponding to 99.56% of the issued and outstanding Shares. The total number of Secondary Shares to be sold by the Selling Shareholders shall be decided by the Board of Directors in its sole discretion after consultations with the Managers, following expiry of the Bookbuilding Period. If the total number of Secondary Shares to be sold is lower than the aggregate of the maximum number of Secondary Shares offered for sale in the Secondary Sale, the priority between the Secondary Shares shall in principle be pro rata in relation to the number of Secondary Shares to be sold by each Selling Shareholder. The Selling Shareholders' names and corresponding maximum number of Secondary Shares to be sold by each Selling Shareholder is detailed in Section 5.13 "Selling Shareholders". 14

15 The Managers have entered into agreements with Scatec AS, Scatec Invest AS, Scatec Solar Ansatte AS, ITOCHU Corporation, ITOCHU Europe PLC., Argentos AS, the Company, the members of the Board of Directors and members of the Management, pursuant to which such parties have made undertakings to the Managers restricting their ability to sell or transfer Shares for a period of 9-12 months following the first day of Listing. For further information on such lock-up restrictions, please see Section 5.14 "Lock-Up". E.6 Dilution resulting from the Offering E.7 Estimated expenses charged to investor Assuming that the Offer Price is set within the Indicative Price Range, the dilutive effect of the Offering will be in the range of 17% to 21%, depending on the Offer Price and the number of New Shares allocated in the Offering. Not applicable. The expenses related to the Offering will be paid by the Company and the Selling Shareholders. 15

16 2. RISK FACTORS Investing in the Shares involves inherent risks. Prior to making any investment decision with respect to the Shares, an investor should carefully consider all of the information contained in this Prospectus, and in particular the risks and uncertainties described in this Section, which the Company believes are the known risks and uncertainties faced by the Group as of the date hereof. An investment in the Shares is suitable only for investors who understand the risks associated with this type of investment and who can afford to lose all or part of their investment. The absence of negative past experience associated with a given risk factor does not mean that the risks and uncertainties described are not a genuine potential threat to an investment in the Shares. Should any of the following risks occur, it could have a material adverse effect on the Company's business, prospects, results of operations, cash flows and financial position, and the trading price of the Company's Shares may decline, causing investors to lose all or part of their invested capital. Additional risks not presently known to the Company or which the Company currently deems immaterial may also have a material adverse effect on the Company. A prospective investor should consult his or her own expert advisors as to the suitability of an investment in the Shares. It is not possible to quantify the significance to the Company of each individual risk factor as each of the risk factors mentioned below may materialise to a greater or lesser degree. The order in which the individual risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of the severity or significance of individual risks. The order in which the risks are presented does not reflect the likelihood of their occurrence or the magnitude of their potential impact on the Group. The information in this Section is as of the date of this Prospectus. 2.1 RISK RELATING TO SCATEC SOLAR AND THE INDUSTRY IN WHICH IT OPERATES Market price of electricity Scatec Solar's sales of electricity constitute a material share of its gross profit. Thus, the profitability of its PV solar power plants depends to a large extent on the sales price of the electricity produced. The Group seeks to reduce the effect of price fluctuation by entering into long-term fixed price contracts. Currently, the Group is not exposed to price risk related to electricity sold at spot rate. While this is further influenced by government subsidies and support, as outlined more detailed below, the future development of the PV industry in general, and the Company in particular, will to a significant degree depend on the development in electricity market prices over time. Electricity prices depend on a number of factors including, but not limited to, availability and costs of primary energy sources (including oil, coal, natural gas and uranium), and the development in cost, efficiency and equipment investment need for other electricity producing technologies, including other renewable energy sources. A decline in the costs of other sources of electricity, such as fossil fuels 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 trading market (such as changes to integration of transmission allocation and changes to energy trading and transmission charging) 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 Government subsidies, incentives and other support mechanisms Political developments could lead to a material deterioration of the conditions for, or a discontinuation of, current incentives for PV solar power plants. It is also possible that government financial support for PV solar power plants will be subject to judicial review and determined to be in violation of applicable constitutional or legal requirements, or be significantly reduced or discontinued for other reasons. A reduction of government support and financial incentives for the installation of PV solar power plants in any of the markets in which Scatec Solar currently operates or intends to operate in the future could result in a material decline in the availability of investment opportunities. Scatec Solar is currently active in a number of markets, including South Africa, the Czech Republic, Rwanda, Jordan, Japan, Sub-Saharan Africa, the UK and the United States. Scatec Solar is also planning to broaden its market presence and will also become active in new markets going forward. Incentives for PV energy are currently important in all these markets. 16

17 2.1.3 Changes in the legal environment In addition to risks related specifically to governmental subsidies, incentives and other support, Scatec Solar is exposed to risks related to general changes in legislation and regulatory framework in the various jurisdictions in which the Company operates. Generally, these regulations are subject to change based on the current and future economic and political conditions. The implementation of new regulations or the modification of existing regulations affecting the industries in which the Group operates could lead to delays on the constructions or development of additional solar power projects and/or adversely impair its ability to acquire and develop economic projects, generate adequate internal returns from operating projects and continue operating in current markets. Uncertainties include, but are not limited to, change in renewable energy policies, changes in taxation policies and/or the regulatory environment. These uncertainties, all of which are beyond the Company's control, could have a material adverse effect on the Group's operations and financial performance Political risk The Group holds and will in the future hold assets and operate in many jurisdictions. Further to this, the Group's operations are subject to international and national laws and regulations applied by various government authorities and international organisations in connection with inter alia obtaining and renewing various licenses and permits (also refer to Section 6.12), as well as its ongoing and future operations in general. Regulatory authorities exercise considerable discretion in matters of enforcement and interpretation of applicable laws, regulations and standards, the issuance and renewal of licenses and permits and in monitoring licensees compliance with the terms thereof. Commercial practices and legal and regulatory frameworks differ significantly between jurisdictions and are subject to change at any time. As a result, it may be difficult to ensure compliance with existing and changes in regulatory requirements in the jurisdictions where the Group operates, and any non-compliance can have an adverse effect on the Group s operations, business, financial performance and prospects Issuance of debt, financing availability and increase in interest rates Generally, a scarcity of financing during any given period of time could limit the demand for PV projects with a negative impact on the growth of the PV industry. In particular, the Company finance a significant portion of the capital costs associated with the construction and development of its renewable energy projects by way of incurring external debt and/or equity investments in the SPV used for the particular PV solar power plant development, construction and operation project. Further expansion of the Group's operations will require external funding. Failure to obtain financing on a timely basis could cause the Company to miss business opportunities, reduce or terminate its operations in certain locations or forfeit its direct interest in certain projects. There is no assurance that debt or equity financing, or cash generated from operations, will be available or sufficient to meet these requirements or for other corporate purposes or, if debt or equity financing is available, or that it will be available on terms acceptable to the Company. Moreover, relatively low interest rates generally have had a positive effect on the profitability of PV solar power plants in recent years. In addition, the low interest rate environment has reduced the expected return on certain alternative investments, and increased costs of financing. An increase in interest rates could significantly reduce the profitability of, and reduce the demand for, the Company's PV solar power plants. Scatec Solar is exposed to interest rate risk through funding and cash management activities. Liquid assets have primarily floating interest rates. The interest rate risk management objective is to minimize interest costs and to keep the volatility of future interest payments within acceptable limits. The Group manages its cash flows interest rate risk by either using long-term financing at fixed rates or using floating to fixed interest rate swaps. Although the Group has established arrangements in order to minimise interest rate risk exposure, fluctuation in interest rates may nevertheless affect, inter alia, the competitiveness of solar power plants. 17

18 2.1.6 Competition The PV industry competes with other sources of renewable energy (e.g. wind, biomass, fuel cells) and conventional power generation. If prices for conventional and/or other renewable energy resources decline or if other renewable energy resources enjoy greater policy support than the PV industry, and the PV industry, including Scatec Solar, is not able to achieve reduction in production costs that enables it to reduce the price per kilowatt-hour of electricity that can be generated from its PV solar power plants, the PV industry could suffer. In particular, national legislation that supports the PV industry generally either mandates a regular reduction of the support level, or is regularly reviewed with the intention that support should be reduced. Accordingly, in the medium and long term, market prices for PV panels may decline, and market participants, including Scatec Solar, will need to reduce the future price per kilowatt-hour of electricity that can be generated from its PV solar power plants. Scatec Solar currently faces intense competition in most of the markets in which the Company is present. The Company has in the past been able to enter new markets before other peers and thereby been able to realise its projects with good margins, inter alia in South Africa. Due to increasing competition, the Company may not be able to develop projects with similar margins. The Company may face increasing competition in the future, inter alia due to peers being able to develop competing projects, or by obtaining capital, at a lower cost than the Company. Many of Scatec Solar's existing and potential competitors may have longer operating histories, access to lower cost financing, structurally better cost positions through geographical location or agreements with local authorities (including direct and indirect subsidies), better access to skilled personnel, better access to research and development partners, and significantly greater financial, technical and other resources than Scatec Solar. As a result, they may be able to respond more quickly than Scatec Solar can to the changing customer demands or to market development. It is possible that new competitors or alliances among existing competitors could emerge and rapidly acquire significant market share. Furthermore, Scatec Solar also competes with other companies in attempting to secure equipment necessary for the construction of solar energy projects. Such equipment may be in short supply from time to time. In addition, equipment and other materials necessary to construct production and transmission facilities may be in short supply from time to time. There is no assurance that the Company will be able to successfully compete against its competitors. The failure by the Scatec Solar to successfully compete against its competitors could have a material adverse effect on the Company's business and results of operations Global capital market environment In the fall of 2008, the world's industrial nations entered into a severe economic and liquidity crisis. This crisis is still having a broad impact on the world's economy, with unspecified results. Due to the speed, size, scope, volatility and severity of the crisis, Scatec Solar is unable to accurately predict the impact it will have on the Company. An unstable global capital market could materially impact revenues, margins and earnings in certain markets. The current economic conditions could further significantly impact governments' willingness to continue to subsidise the development of the renewable energy sector. 2.2 RISK RELATING TO SCATEC SOLAR AND ITS BUSINESS Acquisitions, participations and partly owned companies Scatec Solar has primarily grown organically in the past, but has also acquired ownership interests in projects developed by third parties. Furthermore, co-operation through various forms of partnerships and investments by third parties in part of the equity of the SPVs established to hold operating power plants have been, and will continue to be, an important element of Scatec Solar s business structure. The activities of the Group are in many circumstances conducted through joint ventures, associated companies and/or companies where Scatec Solar is not the sole shareholder. The Group's ability to receive dividends and other payments from such companies depends not only upon such companies' cash flows and profits, but also upon the terms of agreements with the shareholders of such companies. Conflict or disagreement with such 18

19 shareholders may lead to deadlock and result in the Group's inability to pursue its desired strategy and/or force it to exit from such companies. Also, agreements with such shareholders, or the virtue of not being the sole shareholder, may restrict the Group's freedom to carry out its business. There can be no assurance that the Group s partners in such companies will continue their relationships with the Group in the future or that the Group will be able to pursue its stated strategies with respect to its joint ventures and the markets in which they operate. Furthermore, the partners in such companies may (a) have economic or business interests or goals that are inconsistent with those of the Group; (b) undergo a change of control; (c) experience financial and other difficulties; or (d) be unable or unwilling to fulfil their obligations under the joint ventures, which may materially adversely affect the Group's revenues, profitability, cash flows and financial condition Growth of Scatec Solar including pipeline and backlog, and international operations Scatec Solar has grown rapidly over the past few years, and is constantly assessing opportunities for further expansion. Developing appropriate internal organisational structures and management processes on an ongoing basis to support growth represents a challenge to Scatec Solar, and occupies significant management resources. The need to hire, integrate and retain an appropriate number of qualified employees to keep pace with Scatec Solar's growth represents a particular challenge. Scatec Solar may in the future establish PV solar power plants at locations of which it is currently not present. The operation and protection of information technology structures and the establishment and maintenance of appropriate risk management and internal control systems and processes present special challenges for crossborder business activities. Future expansion projects may also be significantly affected by cost overruns, schedule delays, technology risks and defects. At an early stage in the business process of establishing new PV solar power plants, the Company has to pursue the approval of various permits, such as building permits. Any delays in obtaining permits put the eligibility for receiving period-specific incentives at risk. This could have an adverse effect on projected returns. The Company categorizes its future potential projects within three categories, being project opportunities, "pipeline" and "backlog". As further described in section 6.5.5, a project is categorized by Scatec Solar as pipeline if and when the Company assesses the project of having a likelihood of 50% or more of being realized. As further described in section 6.5.4, a project is categorized as backlog if and when the Company assesses the project of having a likelihood of 90% or more of being realized. There are various outstanding matters in order for such potential projects to realize, many of which are subject to uncertainties and outside the Company's control such as securing final permits, offtake agreements on feasible terms, access to project finance and equity. The categorisation assessment is made on a best judgement basis, however, there is no certainty that a pipeline project will materialize as a backlog project, nor that a backlog project will materialize as a realized project. The inability to realize potential projects may have a material adverse effect on the Group's growth, expansion plans as well as business, financial condition, results of operations and cash flows. Historically, the Company has not been dependent on its ability to acquire complementary or strategic businesses or assets in order to grow. The Company may however acquire complementary or strategic businesses in the future. The process of integrating any future acquired business, technology, services or products may result in unforeseen operating difficulties and expenditures. The integration of acquisitions, and the integration of any future acquisition, also requires significant management resources that would otherwise be available for operation, ongoing development and expansion of the Company's business. To the extent that the Company miscalculates its ability to integrate and properly manage acquired businesses, or it depends on the continued service of acquired personnel who choose to leave, the Company may have difficulty in achieving its operating and strategic objectives. Any such acquisition could result in dilution, operating difficulties, difficulties in integrating acquired businesses and other harmful consequences. In addition, the Company may not realise the anticipated benefits of any acquisition. Although the Company continues to seek acquisition opportunities, it may be unable to identify suitable acquisition opportunities or to negotiate and complete acquisitions on favourable terms, or at all. 19

20 Furthermore, any future acquisitions may require substantial capital resources and the Company may need to obtain additional capital or financing from time to time to fund these activities. This could result in potentially dilutive issuances of the Company's securities or the incurrence of debt, contingent liabilities or amortisation expenses related to goodwill and other intangible assets, any of which could harm the business, financial condition and results of operation. Sufficient capital or financing for the Company's acquisition activities may not be available on satisfactory terms, or at all. The Company currently operates internationally and intends to expand its international project portfolio in the future. The Company's activities are, and will be, subject to significant political and economic uncertainties which include: the risk of a change in renewable power pricing policies, possibly with retroactive effect; measures restricting the ability of our facilities to access the grid to deliver electricity at certain times or at all; the macroeconomic climate and levels of energy consumption in the countries where we have operations; the comparative cost of other sources of energy; changes in taxation policies and/or the regulatory environment in the countries in which we have operations, including reductions to renewable power incentive programs; the imposition of currency controls and foreign exchange rate fluctuations; high rates of inflation; protectionist and other adverse public policies, including local content requirements, import/export tariffs, increased regulations or capital investment requirements; changes to land use regulations and permitting requirements; difficulty in identifying, attracting and retaining qualified technical and other personnel; difficulty competing against competitors who may have greater financial resources and/or a more effective or established localized business presence; difficulty in developing any necessary partnerships with local businesses on commercially acceptable terms; and being subject to the jurisdiction of various countries' legislation and judicial systems, which may be less favourable to the Company. These uncertainties, many of which are beyond our control, could have a material adverse effect on our business, financial condition, results of operations and cash flows Cost uncertainty and increasing operating expenses The Company may on certain projects participate on all consecutive levels; developing, construction and operation of PV solar power plans. For projects in which the Company currently undertakes, or in the future will undertake, the construction of any particular PV plant, the Company is subject to the risk of cost overruns or other unanticipated costs and expenses, or delays that could have a material adverse impact on the Company's financial performance. Furthermore, while the revenues from sale of power from operating plants are typically fixed through long term contracts, the operating cost base is exposed to the markets of the respective inputs, such as manpower, and may increase in the future. This may have a negative impact on the Group s profitability and cash flows Insufficient quality of equipment and technical breakdowns Insufficient quality of installed solar modules and other equipment resulting in faster than estimated degradation, may lead to lower revenues and higher maintenance costs, particularly if the product guarantees have expired or the supplier is unable or unwilling to respect its obligations. Even well maintained high quality PV solar power plants may from time to time experience technical problems or breakdowns. This may be caused by a number of different events, inter alia erroneous installation or malfunction of components, which may require extensive repair projects. Depending on the component that fails and the design of the plant parts, some or whole of the capacity can be out of production for some time. There is a risk that the appropriate spare parts are not available for various reasons, causing a prolonged production stop. 20

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