Oslo, 18 August 2023:Power Production was 873 GWh (916) and proportionate revenues in the Power Production segment increased by NOK 352 million to NOK 1.17 billion compared to the same quarter last year, mainly driven by the NOK 315 million gain related to the Upington solar power plant sale, NOK 76 million in increased revenues in Ukraine and foreign currency effects.  Scatec recognised an impairment charge of NOK 350 million for its joint venture project with Equinor in Argentina in the quarter. The project was partly funded with a bridge loan that has not been possible to re-finance due to the worsening political and economic situation. Therefore, a sales process has been initiated, and current offers are significantly below the total book value of the project (further details in the quarterly report on p. 5).Scatec published its first Transparency Act Statement detailing the Company’s governance around human rights, approach to due diligence, salient human rights risks within its own operations and supply chain, and work undertaken during 2022. In addition, Scatec continued its preparatory work towards the requirements of the EU’s Corporate Sustainability Reporting Directive (CSRD), applicable to the Company from FY 2024.The full year 2023 EBITDA estimate has increased by NOK 250 million from 2.85 – 3.15 billion to NOK 3.1 – 3.4 billion, reflection actual second quarter performance, including the gain from the sale of Upington, and revised estimates for the second half of 2023.For media: Meera Bhatia, SVP Communications & Government Affairs, phone: +47 468 44 959, [email protected]Scatec is a leading renewable energy solutions provider, accelerating access to reliable and affordable clean energy emerging markets. As a long-term player, we develop, build, own, and operate renewable energy plants, with 4.4 GW in operation and under construction across four continents today. We are committed to grow our renewable energy capacity, delivered by our passionate employees and partners who are driven by a common vision of ‘Improving our Future’. Scatec is headquartered in Oslo, Norway and listed on the Oslo Stock Exchange under the ticker symbol ‘SCATC’. To learn more, visit 
(GlobeNewsWire)