The plant is estimated to produce approximately 2,849,040 kWh annually and the customer buys all the electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately SEK 16.33 million and construction start is planned for quarter 2, 2020.
CEO Stefan Ölander comments:
– This is another order under the exclusive five-year cooperation agreement signed in the spring of 2019 with the Jiangsu Siyang Administrative Committee of Economic Development Zone in Jiangsu Province, on the construction of 500 megawatts (MW) of solar energy capacity (100 MW per year for five years).
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-post: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) have to to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on January 23, 2020 at. 07.30 CET.
About Soltech Energy Sweden AB (publ)
Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy’s investment in China is conducted in Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd., ASRE and Longrui Suqian (LSE). The business model consists of ASRE and LSE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the solar facility, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of subsidies per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
In connection with this, ASAB has mandated DNB Markets and Nordea to investigate the conditions for ASAB to issue a new bond loan and to arrange meetings with selected bond investors starting on January 15, 2020. Subject to prevailing market conditions, a bond issue, Swedish benchmark size (or equivalent value in EUR), under a bond framework agreement of SEK 2,000 million with floating interest rates will be emitted. The Board of Directors of ASAB reserves the right to decide whether to cancel, suspend or postpone the bond issue in whole or in part. The funds from an issue is intended to be used to repurchase outstanding bonds and to finance ASAB's future growth.
ASAB's new collaboration with DNB Markets and Nordea, together with the previously announced intention to list ASAB's shares on Nasdaq First North Growth Market, is part of the new financing plan for the continued expansion in China where ASAB intends to target a wider circle of institutional investors.
Frederic Telander, CEO ASAB and Stefan Ölander, CEO SolTech Energy comment:
– We have previously communicated a goal to achieve an installed solar capacity equivalent to 1 GW (1000 MW) in 2023, which is fully connected to the electricity grid in 2024. The demand for our offer in China remains very good and we have a strong pipeline of high-quality projects waiting for funding. The investments are made where they have the greatest positive climate impact and with this transaction, we lay the foundation we need for our journey towards the creation of a green energy company in the frontline.
New financial information
In connection with ASAB evaluating the possibility of issuing bonds, new financial information that has not been public previously, is published.
ASAB is in a strong expansion phase and had, as of December 31, 2019, an installed capacity of 139.2 MW in its portfolio of solar power plants with an annual revenue capacity of approximately SEK 161 million and EBITDA of approximately SEK 141 million, given certain assumptions. The company has furthermore prepared combined financial statements for the Group in which ASAB is the parent company for the full year 2017 and 2018 and for the period 1 January 2019 – 30 September 2019
The new financial information is described in more detail in a presentation on the company's website: [LINK].
For more information contact: Frederic Telander, CEO, Advanced Soltech Sweden AB (publ). Tel: 070-525 16 03. E-mail: frederic.telander@soltechenergy.com or Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on January 13, 2020 at. 07:30 CET
Advanced SolTech Sweden AB (publ) – ASAB In order to continuously finance investments in China, the SolTech Group’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and managed by ASRE, LSE or its wholly owned local subsidiaries.
The company’s Certified Adviser is FNCA, telephone 08-528 00 399 E-mail: info@fnca.se More info at www.advancedsoltech.com
About Soltech Energy Sweden AB (publ) Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture Soltech Energy’s investment in China is conducted in Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd., ASRE and Longrui Suqian (LSE). The business model consists of ASRE and LSE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the solar facility, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of subsidies per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024
On July 8, 2019, Soltech Energy announced that CFO Mats Holmfeldt will leave the Company when a new CFO has been recruited and entered the service. Niclas Lundin is currently CFO at Vapiano, a German listed restaurant company. Prior to joining Vapiano, Niclas worked as CFO at Dynasafe International AB and prior to that for nine years as an auditor at Deloitte.
CEO Stefan Ölander in a comment: – I am very pleased with our recruitment of Niclas. He will fit perfectly into the team with his experience as CFO and with his knowledge base from many years as an auditor. We have embarked on an intensive M&A journey and Niclas will be a welcome resource and competence addition. Finally, I would also like to thank Mats Holmfeldt for his outstanding efforts during his nearly 5 years as the Company's CFO.
For further information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
About SolTech Energy Sweden AB (publ) SolTech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, SolTech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
In connection with the signing of the agreement, three orders of 500 KW each were also signed, ie. a total of 1.5 MW. The total investment cost for these three facilities amounts to approximately SEK 9.7 million and annual revenues to approximately SEK 1.36 million. The plants are estimated to produce about 1.28 kWh per installed watt / year and will, as previously, be fully owned by ASRE. The customers undertake, under a 20-year agreement, to purchase all electricity produced by each plant.
CEO, Stefan Ölander in a comment:
– This is a very interesting cooperation agreement with a large bank in Hebi province. Here there are good opportunities to develop the cooperation over time. The fact that we already signed orders for the first three plants at the conclusion of the agreement further strengthens the cooperation. The agreement also provides the opportunity to finance part of the investment in the facilities on favorable terms through the bank. An alternative financing option that we are now also discussing.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on January 10, 2020 at. 07:30 CET.
About Soltech Energy Sweden AB (publ) Soltech Energy is a comprehensive supplier that develops, sells, installs and optimizes solar energy solutions for our customers' needs. The group includes the subsidiaries Advanced Soltech Sweden AB (publ) where the Chinese investment is conducted, Soltech Sales & Support, NP-Gruppen, Swede Energy Power Solutions, Merasol and Soldags. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank. Phone: 08-463 83 00. Email: certifiedadviser@penser.se. For more information see: www.soltechenergy.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to purchase the electricity that the plant produces during a 20-year agreement. Ongoing revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023. ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
Soldags has been Soltech's main retailer of Soltech ShingEl and RooF towards the private market in recent years, but also sells standard solar energy solutions. To intensify the marketing and sales efforts towards the private market of Soltech's products, this acquisition is now being carried out, which will provide Soldags with new resources to really take hold of the growing consumer market for aesthetic solar energy products. According to the solar industry, this market is currently considered to be facing its major breakthrough.
The acquisition of Soldags in financial terms:
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All shares in Soldags are valued at 23.5 MSEK and the total acquisition proceeds for 100% of the shares thus amount to 23.5 MSEK, provided that set sales and profit targets in Soldags are achieved during the next three years, 2020-2022.
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The acquisition is paid with an initial cash portion of 4.7 MSEK and newly issued Soltech shares worth 4.7 MSEK (20% of the purchase price). After 12 (2020), 24 (2021) and 36 months (2023), an additional SEK 4.7 million can be paid in variable supplementary purchase price after each individual fiscal year if the set sales and profitability targets for each year are achieved.
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In addition, a bonus may be paid for the financial years 2023 and 2024. In such cases, these bonuses will be paid with the equivalent of 30% of EBIT for the respective financial years 2023 and 2024 if very high targets are achieved.
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The acquisition is financed entirely from own cash and with newly issued Soltech shares.
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Soltech and Soldag's assessment is that the acquisition will contribute approximately 40 MSEK in
sales for the 2020 financial year and with a positive operating profit. From the 2021 fiscal year onwards, Soltech expects even stronger sales growth and operating margins as a result of increased sales of Soltech's products, joint purchasing, marketing, HR and administration.
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The target for the fiscal years 2021 is 100 MSEK and for 2022 180 MSEK in sales.
CEO Stefan Ölander in a comment:
– I am very pleased with this acquisition as we now have increased resources and expertise to invest in the growing consumer market for solar energy, and especially aesthetic solar energy. Soldags will be a hub for this venture. Soldags CEO Anders Olsson has an impressive career behind him from Tobii, among others, and in a short time has managed to gather a driven and competent team of co-owners and employees. This team now becomes part of Soltech, which will benefit Soltech and our shareholders.Anders Olsson, CEO Soldags in a comment:
– Since we started our business, we have exceeded our sales targets every quarter. Now that we are ready to take the next big step, we are extremely happy to be part of the Soltech Group. With Soltech's products, expertise, network and financial resources, we feel that we have been given a platform to succeed with our solar energy investment and that we can contribute to both a strong group development and a better environment. We are convinced that Soltech's good name will further increase our credibility and weight in the consumer market.For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: 070-739 80 00. E- mail: stefan.olander@soltechenergy.com or Anders Olsson, CEO Soldags. Tel: 0709 16 16 40. Email: anders@soldags.se.
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on 20 December 2019 at. 10.45 CET.
About SolTech Energy Sweden AB (publ)
The Soltech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com
About Soldags I Sverige AB
Soldags i Sverige AB is one of the pioneers in high quality, aesthetic and customized solar energy solutions for the Swedish private market. With our 200 successful photovoltaic installations around Sweden, Soldags is on track to become one of Sweden's leading players in full-service consumer services, which is underlined by the company's strong growth over the past two years.
In 2019, the NP Group has systematically expanded its range of services with sealing roofs where the potential for solar energy is greater compared to sheet metal roofs. In the framework agreement, NP-Gruppen is ranked as the 1st supplier in the following counties, which includes a total of 148 municipalities: Södermanland County, Östermaland County, Jönköping County, Kronoberg County, Kalmar County, Gotland County, Halland County, Västra Götaland County, Jämtland County, Västerbotten county and Norrbotten county.
HBV is a purchasing function for Sweden's public utility housing company consisting of just over 360 members. HBV conducts coordinated procurement for products and services related to construction, renovation and management of properties. HBV has sales of just over SEK 2 billion.
CEO Stefan Ölander comments:
- We are very proud of this large framework agreement, which means a big lift for the NP Group. The framework agreement applies to sealing roofs and we see obvious synergies with the existing framework agreement on solar energy that NP-Gruppen already has with HBV.
For more information contact:
Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00.
E-mail: stefan.olander@soltechenergy.com or
Patrik Pettersson, CEO NP-Gruppen AB. Tel: 070-816 52 03.
E-mail: patrik.pettersson@npgruppen.se
The information in this press release is such that SolTech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on 20 December 2019 at. 10.00 CET.
About Soltech Energy Sweden AB (publ)
The SolTech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se.
More info at: www.soltechenergy.com
Merasol focuses strictly on the rapidly growing business market in solar energy and has a large number of framework agreements with large customers in the business and public sectors. Merasol will be Soltech's first subsidiary in the Gothenburg region and the company also obviously has an ambition to grow geographically.
The acquisition of Merasol in economic terms:
• All Merasol shares are valued at SEK 25 million and the total acquisition proceeds for 60% of the shares thus amount to SEK 15 million.
• The acquisition is paid with an initial cash portion of SEK 4.5 million and newly issued Soltech shares worth SEK 3 million (20% of the purchase price). After 12 and 24 months, an additional SEK 3.75 million can be paid out in variable supplementary purchase price if set sales and profitability targets are achieved.
• In the spring of 2022, through an option agreement, Soltech has the opportunity to acquire the remaining 40% of Merasol, or a desired part thereof. The price of the shares under this option is calculated as the average of Merasol´s EBIT during the 2020-2022 fiscal years (3 years) x the multiple five (5) x the percentage acquired.
• The acquisition of Merasol is financed entirely from its own cash and with newly issued Soltech shares.
• Soltech and Merasol's assessment is that the acquisition will contribute approximately SEK 60 million in sales in 2020 and with a positive operating profit. From the 2021 fiscal year onwards, Soltech expects even stronger sales growth and operating margins as a result of increased sales of Soltech's products, total solutions, joint purchasing, marketing, HR and administration.
• The goal for the financial year 2021 is to reach a turnover of approximately SEK 80 million.
CEO Stefan Ölander in a comment:
– I am very pleased with this acquisition that gives us a good platform in Gothenburg. Johan Seeman and Stefan Jennefalk, who own the company, have built a very good company and are experienced businessmen who will create great continued benefits in Merasol and throughout the Soltech Group.
Johan Seeman, CEO of Merasol in a comment:
– We are happy and proud to be part of the Soltech Group from 2020. We are confident that this will give us the resources we need in products, finance, marketing and more to achieve our high goals in the future.
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com or Johan Seeman, CEO Merasol AB Tel: 070 556 75 70, Email : johan@merasol.se
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on 19 December 2019 at. 15.15 CET.
About SolTech Energy Sweden AB (publ)
The SolTech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com
About Merasol AB
Merasol AB started in 2013 and has sales of SEK 40 million in 2019. Our business concept is to design and deliver complete solar energy solutions to property owners, municipalities and agriculture. We stock products to offer a high level of service. Our process is simple and is designed to create confidence in the decision to choose solar energy as a natural part of the customer's electricity mix.
The plant is estimated to produce approximately 2,090,880 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately SEK 11.91 million and construction start is planned for quarter 1, 2020.
CEO Stefan Ölander comments:
– We are proud of this order under the exclusive five-year cooperation agreement signed in the spring of 2019 with the Jiangsu Siyang Administrative Committee of Economic Development Zone in Jiangsu Province, for the construction of 500 megawatts (MW) of solar energy capacity (100 MW per year for five years).
For more information contact: Stefan Ölander, CEO Soltech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that Soltech Energy Sweden AB (publ) is to publish according to EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person's publication for publication on December 18, 2019 at. 07.45 CET.
About SolTech Energy Sweden AB (publ)
The Soltech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. Soltech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company's Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com
About the China venture
Soltech Energy's investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead undertakes to purchase the electricity that the plant produces during a 20-year agreement. Current revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced Soltech Sweden AB (publ). ASAB is 51% owned by Soltech Energy Sweden AB (publ) and 49% by Soltech's Chinese partner, Advanced Solar Power Hangzhou Inc.
The plant will produce approximately 6,000,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the plant, which will continue to be owned by ASRE, amounts to approximately SEK 37.44 million and construction starts are planned for Q2, 2020. Construction will be in two different phases with 3 MW each.
CEO Stefan Ölander comments:
– We are proud of this large order in our home region of Zheijiang. On December 2, 2019, we announced that our subsidiary – Advanced SolTech mandated DNB Markets and Nordea with the intention of issuing green covered bonds during the first quarter of 2020. This is included in ASAB’s new financing plan and is together with the planned listing of ASAB’s shares on Nasdaq First North Growth Market in the first half of 2020, good conditions for financing continued growth in China.
For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.com
The information in this press release is such that SolTech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on December 5, 2019 at. 07.45 CET.
About SolTech Energy Sweden AB (publ)
The SolTech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com
About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its wholly owned local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead undertakes to purchase the electricity that the plant produces during a 20-year agreement. Ongoing revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) in 2023, which is fully connected to the electricity grid in 2024.
ASRE and Longrui Solar Energy (Suqian) Co. Ltd. are wholly owned subsidiaries of Advanced SolTech Sweden AB (publ). ASAB is 51% owned by SolTech Energy Sweden AB (publ) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc.
An initial bond issue under the agreement is planned during the first quarter of 2020, depending on prevailing market conditions. Issue volume and other terms are presented in connection with the execution of the transaction. The share from the issue is intended to be used to repurchase ASAB’s outstanding bonds and to finance ASAB’s future growth.
ASAB’s operations consist of financing solar power plants in China that are installed, owned and managed by ASAB’s wholly owned company, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE and its wholly owned subsidiaries and the wholly owned Longrui Solar Energy (Suqian) Co., Ltd.
Frederic Telander, CEO Advanced SolTechs and Stefan Ölander, CEO SolTech Energy comment:
– We have previously communicated a goal to achieve an installed solar capacity equivalent to 1 GW (1000 MW) during 2023, which is fully connected to the electricity grid in 2024, which corresponds to the power of a nuclear reactor in Forsmark. To achieve this goal, as previously announced, we plan to list ASAB’s shares on Nasdaq First North Growth Market during the first part of 2020. As part of our new expansion and financing plan for the Chinese operations, we are now entering into a collaboration with DNB Markets and Nordea intend to turn to a wider circle of institutional investors.
For more information, please contact: Frederic Telander, CEO Advanced SolTech Sweden AB (publ) Tel: 08-441 88 46. Email: frederic.telander@soltechenergy.com or,
Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Phone: 070-739 80 00. Email: stefan.olander@soltechenergy.com
The information in this press release is such that SolTech Energy Sweden AB (publ) is to publish in accordance with EU Regulation No 596/2014 on market abuse. The information was provided through the above contact person’s publication for publication on December 2, 2019 at. 08.30 CET.
Advanced SolTech Sweden AB (publ) – ASAB
ASAB’s business consists of lending to Group companies to finance solar power plants in China owned by the wholly owned companies ASRE, its wholly owned local subsidiary and the wholly owned Longrui SolarEnergy (Suqian) Co., Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead undertakes to purchase the electricity that the plant produces during a 20-year agreement. Current revenue comes from the sale of electricity to customers and from various forms of grants per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 1000 megawatts (MW) fully connected to the electricity grid in 2024 in 2023. As security for borrowed funds, ASAB receives collateral in underlying assets (solar power plants and accounts receivable). The company’s Certified Adviser is Mangold Fondkommission AB, telephone number +46 8 5030 1550. E-mail: ca@mangold.seMore info at www.advancedsoltech.com
ASRE and Suqian are wholly owned subsidiaries of Advanced SolTech Sweden AB (publ), ASAB, which is 51% owned by SolTech Energy Sweden AB (publ) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc.
About SolTech Energy Sweden AB (publ)
The SolTech Energy Group develops and sells aesthetic and building-integrated solar energy products for all types of properties – commercial, public and villas. The products are part of an exterior shell of a property in the form of a roof or a wall with integrated solar cells for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se More info at: www.soltechenergy.com