MAR | Page 11 | Soltech Energy – Vi är solteknologi

The Board of Directors of SolTech Energy Sweden AB (publ.) has appointed Stefan Ölander, currently the Company’s chairman of the board, to be the Company’s new CEO, effective as of August 31, 2018. At the same time, it proposes – in the public notice of a call to an extraordinary general meeting – that the current CEO, Frederic Telander, take over the role of chairman of the board of directors, also effective as of August 31, 2018.

Growth in SolTech’s business operation in China in 2017 was approximately 600 percent. Frederic Telander has gradually, in pace with the growth of the concern’s business operation in China, devoted more and more of his time to this important part of SolTech. Particularly notable in this regard has been the task of financing ASRE, SolTech’s jointly owned Chinese subsidiary, via SolTech’s jointly held Swedish subsidiary, Advanced SolTech Sweden AB (ASAB), which has required nothing less than full-focused attention. Hence, parallel with becoming chairman of the board as of August 31, Frederic will continue on as CEO of ASAB. The intent here is to further develop ASAB to the point of becoming the parent company of the SolTech concern’s business operation in China, in accord with previously published plans.

Stefan has been a SolTech Energy investor and board member since 2011, and chairman of the board since 2013. For the past two years, Stefan has worked fulltime as chairman of the board of directors, with responsibility for brand-name/trademark issues, business development and communication. Stefan’s special focus areas are marketing, as well as brand-name/trademark and company building. He has a background as director of communications within both SEB and Kinnevik. In addition, he has grounded and been the CEO of Rewir up until 2010. Rewir became Sweden’s foremost trademark/brand-name bureau – and in 2006, he sold the company to the exchange-listed Intellecta-concern. Since June of 2011, Stefan has been a board member and owner in Zacco, a leading consulting firm within IP (Internet protocol) in Europe, with approximately 700 MSEK (70 MEUR) in sales. Including both private and company held stock, Stefan owns 1,178,952 shares in SolTech Energy AB (publ.).

Frederic Telander comments:

– Stefan and I have worked closely with each other ever since he entered SolTech as an investor, a productive relationship that we will also continue to hold after this change of roles. With a view to gaining market shares in other parts of the world by introducing our ShingEl and other products, as we now do in Sweden and Europe, Stefan’s taking over the roll of CEO, with his uniquely apt areas of top competence, is clearly logical. As chairman of the board of directors, and with strong personal relationships in China, I am going to be focusing even more attention on the building of a long term, robust Chinese power company based on solar energy.

Stefan Ölander comments:

– I’m looking forward to centering attention, together with my colleagues, on all SolTech’s strengths and building a successful and profitable Company. Making a definitive difference, both for the environment and for our shareholders, is my foremost goal.

For more information, please contact: Stefan Ölander, Chairman of the Board SolTech Energy. Tel: 070-739 80 00, email; stefan.olander@soltechenergy.com

The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 8 August 2018, 08:00 CET.

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

Participation
Shareholders who wish to participate in the extraordinary general meeting shall:

Be entered in the Euroclear Sweden AB shareholder book no later than Thursday, August 23, 2018 (for nominee registered shares, also see ”Nominee shares” below), and
notify the Company no later than Monday, August 27, 2018, by ordinary post addressed to: SolTech Energy Sweden AB (publ) / Extraordinary general meeting / Upplagsvägen 1 / 117 43 Stockholm; or via email to: info@soltechenergy.com. In the notification the shareholder shall provide name and personal identification number, or the firm and organization number. In addition, the relevant address, telephone number, total shares owned, and the total probable number of assistants (highest two) are also required.

Nominee Shares
In order to participate in this extraordinary general meeting, shareholders, who have their shares nominee-registered through a bank or other nominee, must request that their shares be temporarily registered in their own name with Euroclear Sweden AB. Shareholders wishing to obtain such temporary registrations must inform their nominee administrator of this in a timely manner before August 23, 2018, on which date – at the latest – such registrations must be carried out.

Proxy agents, and more
Shareholders may choose one or several agents. Shareholders who are represented by an agent/s must draw up a written and dated power of attorney for said agent/s. The power of attorney is in effect no longer than one year from the date it was issued, unless the power of attorney particularly specified a longer expiration date; this extended expiration date, however, cannot exceed five years from the day the power of attorney was issued. A power of attorney made out by a certified legal representative requires the attachment of authorization documentation (registration proof or the equivalent). The original power of attorney, along with possible authorization documentation, should be sent in a timely manner prior to the shareholders general meeting to: SolTech Energy Sweden AB (publ) / Extraordinary general meeting / Upplagsvägen 1 / 117 43 Stockholm. The power of attorney/proxy form is accessible on the Company’s website: www.soltechenergy.com.

Proposed agenda

The meeting’s opening
2. Selection of the meeting’s Chairman
3. Establishment and approval of the electoral roll
4. Approval of the agenda
5. Selection of one or two recorders of the minutes
6. Review of whether the meeting has been duly convened
7. Decision on the appointment of a new Chairman of the Board of Directors
8. Decision on the changed subscription period with respect to previously decided options programs
9. The meeting’s close

Decision proposals

Point 2 – Selection of the meeting’s Chairman
Shareholders representing 7.55 percent of the votes propose that Göran Starkebo be elected Chairman of the meeting.

Point 7 – Decision on appointing a new Chairman of the Board of Directors
Shareholders representing 7.55 percent of the votes propose that Frederic Telander be elected Chairman of the Board.

Point 8 – Decision on the changed subscription period with respect to previously decided options programs
Shareholders representing 7.55 percent of the votes propose that the subscription period of the previously decided options programs be changed. The previous period, February 1- 10, is moved to June 1-10 in order to avoid a situation where such a subscription period collides with a quiet period, which has previously been the case.

Provision of documents

Documents to this meeting, including the Board’s complete proposals as cited above, will be accessible at the Company’s office for a period of at least three weeks before the general meeting and will be shipped – cost-free – to shareholders who give notification they wish to obtain such information from the Company. Over the same period, all documents will also be accessible on the Company’s website, www.soltechenergy.com.

Information concerning total number of shares and votes, as well as holding of own shares
The total number of shares and votes in the Company, at the time point this call for an extraordinary general meeting was made, was 42,418,697: All issued shares have equal vote value. The Company holds none of its own shares.

Majority requirement
The decisions given in points 7-8 above are only in effect if they have been ratified by the shareholders with two thirds of both the decided votes, as well as those represented by the shares at the general meeting.

The shareholders’ right to request information
The Board of Directors and the Executive Director shall – if one or another of the shareholders request it, and the Board considers that it can be done without causing fundamental harm to the Company – at the general meeting, provide information about conditions that can affect the evaluation of an item on the meeting’s agenda and/or conditions that can affect an assessment of the Company’s economic situation. The obligation to disclose information also applies to the Company’s relationship to other affiliated companies and the concern’s consolidated financial statements, as well as the disclosure of such above-cited conditions as they affect subsidiaries.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46. email; frederic.telander@soltechenergy.com

The information contained in this press release conforms to that which SolTech Energy Sweden AB (publ.) is required to make public according to the EU’s regulation 596/2014 concerning securities market abuse. Said information is furnished, via the above-cited contact person’s authorization, for publication on 8 August 2018, 08:00 CET.

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) (ASAB) in Sweden and ASRE in China. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

SolTech carries out the contract with the concern’s Chinese partner ASP that was made public on 11 December 2017, relating to the takeover of a record 13 MW order made by the JiangSu YangHe Brewery. After the completion of its construction, the final calculated effect of the installation amounts to 12.7 MW as opposed to the earlier planned effect of 13 MW. Consequently, annual income generated by the installation is now estimated to be approximately 13.8 MSEK versus the earlier given estimate of 15.4 MSEK. The installation’s contracted cost of investment amounts to approximately 86 MSEK versus the earlier proffered figure of 96 MSEK. Over the contract’s 20-year term, cumulative income is now estimated to mount to approximately 276 MSEK as opposed the earlier proffered figure of 308 MSEK.

Background

On 11 December 2017, SolTech publicly announced that JiangSu YangHe Brewery Joint-Stock Co Ltd. had placed an order for a 13 MW capacity solar energy installation to be constructed on the roof of their factory. The order was signed by SolTech’s Chinese partner Advanced Solar Power Hangzhou Inc. (ASP). This departure from normal contract procedure occurred in order to meet the JiangSu YangHe Brewery’s fundamental requirement that the supplier of the solar energy installation must have, at least, a five-year financial record made up of duly certified annual book-closing statements. As ASRE was grounded as recently as 2015, the company could not possibly meet this requirement. Instead, ASP could and did, and a separate contract was drawn up between ASRE and ASP to the effect that ASRE would acquire the installation when it had been completed and set into operation. Originally, this was not expected take place until the third quarter of 2018, but satisfactorily enough, this stipulation was already accomplished during the second quarter. Hence, ASRE, in accord with established planning, herewith takes over the installation from ASP.

The installation covers a roof surface measuring circa 12.7 hectares (127,000 m²) and is estimated to produce circa 13,843,000 kWh annually. The customer is contractually committed to buying all the electricity the installation produces over the course of 20 years.

With the inclusion of this installation, ASRE has now obtained a cumulative total capacity of 52.21 MW; coupled to the central electrical network and generating approximately 70.8 MSEK annually on a rolling 12-month basis, with a good margin of profit. As ASRE is consolidated into the SolTech concern in accord with the Proportional Method, SolTech’s share of this income will be 51 percent.

VD Frederic Telander i en kommentar:
– We are thankful to Asp for having financed and constructed this installation that covers a surface area virtually equivalent to that of 18 football (soccer) fields, and produces – every year – as much electricity as the amount consumed by roughly 1,000 normal-sized, modern Swedish houses. This marks the first time we have acquired a completed installation coupled to the central electric network, which has made it possible for us to maintain the pace of our capacity expansion as planned.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installation, but instead undersigns a long-term, 20-25 year contract to buy all the electricity and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).

Release

SolTech’s subsidiary ASRE has now obtained a total of thirty-one coupled installations, equivalent to a capacity of 39.51 MW. Calculated on a cumulative, 12-month rolling basis, these instillations are estimated to generate approximately 57 MSEK ( 5.5 MEUR) in annual income with a handsome profit margin. As ASRE is consolidated into the SolTech concern according to the Proportional Method, SolTech’s share of this income will be 51 percent.

CEO Frederic Telander comments:
– As we released on June 1, 2018, the coupling of our additional completed installations to the electrical network in China was near at hand. Here are two of them.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

Advanced SolTech Sweden AB (publ.), ASAB, a jointly owned subsidiary – 51% by SolTech Energy Sweden AB (publ.) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc., ASP – published a prospectus on May 23, 2018 detailing a 150 MSEK bond offer directed to the general public paying an interest rate of 8.75 percent annually over the bond’s five year term, ending on July 9, 2023. The total of subscribed bonds amounted to approximately 148 MSEK, purchased by circa 2,700 investors. The bonds will be listed, assuming application approval, on Nasdaq First North Sustainable Retail Bonds, with the first trading day tentatively expected to take place on July 16, 2018.

The subscription period spanned from May 29 to June 18, 2018. ASAB’s proceeds from the bond issue amounted to approximately 148 MSEK, before the deduction of customary new issue costs. Circa 2,700 investors subscribing to the Offer have been allotted bonds. The bonds will be issued on July 10, 2018. The Financial Advisor in this transaction was Avanza Corporate Finance. ASAB’s function within the SolTech-concern is to finance the business operation in China, which is carried out by ASAB’s fellow subsidiary Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, which – in common with ASAB – is also 51 percent owned by SolTech and 49 percent owned by ASP. As a result of this new bond issue, capital proceeds amounting to approximately 148 MSEK, before new-issue cost deductions, have now been provided. The remaining capital required to meet the goal set for 2018 will be satisfied in part by bank loans and other forms of credit in China and Europe, and partly by the owners’ own capital, as well as new bond issues during the year.

The capacity of currently installed and coupled installations totals 34.71 MW, generating approximately 51.36 MSEK in annual income. Taking into account the liquidity provided by the SOLT2 and SOLT3 bonds, plus the inclusion of currently coupled installations, one can thereafter soundly project a total capacity of circa 63 MW being coupled to the central electrical network on or about the turn of the year, generating approximately 87.4 MSEK in income, 51 percent of which SolTech will record as income in accord with the Proportional Method.

CEO Frederic Telander comments:
– The most vital message is that we, together with Avanza, have obtained sufficient capital to complete the solar installation production of an additional circa 19 megawatts from our existing back-order stock. ASRE’s business operation is exceptionally suited for loan financing with a predictable and long term strong cash flow.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

Soltech’s subsidiary ASRE has now attained a total of twenty-nine coupled installations, equivalent to a sum total capacity of circa 34.71 MW. Calculated on a rolling 12-month basis, these coupled installations are estimated to generate approximately 51.36 MSEK (5.14 MEUR) in annual income with a good margin of profit. As ASRE is consolidated into the SolTech concern in accord with the Proportional Method, SolTech’s share of this income will be 51 percent.

CEO Frederic Telander comments:
-We are now in the completion phase regarding the construction of several solar energy installations. This is the first to be coupled in June, but we are expecting an additional number to be coupled in the coming weeks.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

Swedish solar company, SolTech Energy Sweden AB (Publ) has joined the Climate Bonds Partners Program. SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential.
Partners assist in developing climate finance solutions, market development committees and help define policy agendas for national, regional and sector-based programs.

SolTech Energy group has a total of two green bonds listed on Nasdaq Stockholm. The third will be issued in June by SolTech Energy’s subsidiary, ASAB (Advanced SolTech Sweden AB (publ.) in cooperation with Avanza Bank and G&W Fondkommission. ASAB was the first company to list a retail bond in March 2018 at the launched market Nasdaq First North Sustainable Retail Bonds.
SolTech Energy’s presence on the European and Chinese markets and overall expertise, will add another dimension to the understanding of market features and advocacy around the urgent need to scale up national and regional climate investment.

Frederic Telander, CEO, SolTech Energy
-We look forward to working with the Climate Bonds Initiative to promote climate change action and the global uptake of clean technology. Green finance growth and low carbon investment are vital to the expansion of energy solutions both in Sweden and abroad.

Manuel Adamini, Director Investor Outreach & Partners Programme, Climate Bonds Initiative
-We welcome this partnership with SolTech Energy and the opportunity to cooperate on green finance developments with a leading Scandinavian clean technology development and innovation market player.
We are excited to explore opportunities with SolTech Energy to have more small and medium-sized enterprises (SMEs) access debt markets for green funding. Given SoTech Energy’s more than 15,000 retail shareholders, we also want to look for opportunities to mobilize citizens’ savings to fund a low carbon future.”

SolTech contact:
Frederic Telander
CEO Advanced SolTech Sweden AB (publ) och SolTech Energy Sweden AB (publ)
Tel: +46 8 441 88 46
Mail: frederic.telander@soltechenergy.com

Climate Bonds contact:
Andrew Whiley
Head of Communications & Media
Tel: +44 (0) 7506270943
Mail: andrew.whiley@climatebonds.net

About SolTech Energy Sweden AB (publ.):
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. We offer products that are part of a building’s outer shell in the form of a roof, façade, balcony railings or a window. We offer black and variously colored solar cells, as well as semi-transparent solar cells for the production of electricity that simultaneously shut out solar heat. SolTech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” and has over 15,000 shareholders. Included in the group are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.), ASAB, in Sweden and Advanced SolTech Renewable Energy Hangzhou Co. Ltd, ASRE, in China. The company’s Certified Adviser is G&W Fondkommission (securities broker). For more info, see: www.soltechenergy.com

Investment in China:
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).

About Climate Bonds Initiative:
The Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy. It undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis and administers the Standards & Certification Scheme.

For more information, please visit www.climatebonds.net.

Climate Bonds Partners Program:
Banks, institutional investors, private and non-governmental organizations (NGOs) and governments are eligible to join as Climate Bond Partners to help grow a market of green and climate bonds.
Partners support investor and stakeholder outreach and education projects centered on growing robust and sustainable green bond markets that contribute to climate action and low carbon investment.
Partners assist in developing initiatives to grow investment in climate finance solutions, participate in different market development committees & help define policy agendas for sector, country & sub-national green bond development programs. A list of Partners is available here.

Release

On June 1, 2018, China publicized a new subsidy policy for roof-installed solar electric production. For SolTechs jointly held company in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE), this means the existing subsidy intake of ASRE’s coupled installations totaling 32 MW will continue according to the old model until their 20-year contracts end. But for the 12 MW (megawatts) under construction, as well as the 25 MW on back order, this new policy means a probable reduced income of circa 10 percent over the term of their contracts, when compared with earlier published estimates. ASRE’s considered view, however, is that this reduction can be compensated for by lower installation costs and reduced rebates for produced and sold solar electricity, along with the on going higher effectiveness of the solar cells over time.

Background
Of the total circa 100 GW of solar electricity installed throughout the world in 2017, China stood for a good 52 GW. A significant motivating factor has been China’s subsidies to solar electricity, where roof-installed solar electricity has been favored at cost to ground-installed units. The strong growth has therefore been especially favorable to suppliers of roof-installed solar electricity, but at the same time it has also resulted in greater competition for customers. In order to seal contracts with the most attractive customers, with large roof surfaces and high priced electricity, many suppliers have made use of government subsidies to offer notably large rebates relative to those offered by a customer’s normal supplier. This has worked to drive growth in the market even higher. In order to lessen the risk of overheating, the NDRC, National Development and Reform Commission, has released a new subsidy policy. The government’s hope is that by so doing the market’s growth can be controlled and simultaneously work to keep out unethical players who install projects of lower quality.

The immediate effect of the new policy is that the central government’s subsidy per produced kWh for roof-installed solar electricity, as of June 1, 2018, is reduced from the previous standing rate, 0.37 Chinese Yuan (CNY), to 0.32 per kWh. The NDRC has also set a ”ceiling” of 10 GW for subsidy entitled roof-installed solar electricity for 2018.

The subsidies granted by the local government in Zhejiang Province, and certain districts in Hangzhou, however, remain unchanged and are paid out as before over, respectively: 20, 5 and 3 years.

The effect on ASRE
ASRE’s income from an installed capacity of 32 MW, which is coupled to the central network, is not affected by these changes. The subsidy per kWh from the central government applies in all respects for 20 years and at the rate that applied/s when the instillation was/is registered with the relevant authorities before construction.

CEO Frederic Telander comments:
-The policy changes in large part meet both our own and ASRE’s expectations. We have been prepared for just such an adjustment for quite some time and have also communicated that this was coming in the prospectuses we’ve published, with respect to the issue of both new shares and bonds. It is our absolute conviction that ASRE could successfully adapt to a system without subsidies, whether from a central or province government, the city of Hangzhou or the district.
Given the conditions that currently prevail, we are convinced that ASRE will be able to generate the same level of earnings without subsidies as we have today with these subsidies. This, through lower installation cost per watt, reduced rebate per kWh to the customer, a gradual increase the price of electricity over time – and not least – more effective solar cells. ASRE’s thin-film technology namely produces circa 5 – 10 percent more electricity per installed watt/year compared with silicon cells in China.

For more information, please contact:
Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief:
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with over 14,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China – more info on ASRE appears below. The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com

Investment in China
SolTech’s investment in China is carried out by a jointly owned company, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd (ASRE), where SolTech owns 51 percent and Advanced Solar Power Hangzhou Inc. (ASP) owns 49 percent. The business model consists of having ASRE finance, install, own, and periodically service solar energy installations mounted on the roofs of customer-owned facilities. The customer does not pay for the installed solar energy unit, but instead undersigns a long-term, 20-25 year contract to buy all the electricity the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, along with various forms of subsidies per produced kWh. Focus is now concentrated on building a backlog of orders for 2018 and beyond, with the goal of obtaining an installed capacity of 605 MW (megawatts) by the close of 2021, which in 2022 will be set into full operation, generating current annual sales amounting to approximately 1 billion SEK (100 MEUR).

Release

SolTech’s jointly owned company in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd, has signed an order with Jiangsu Youjla Gloves Ltd. The order covers the installation of a 2-megawatt (MW) solar energy unit estimated to provide annual earnings amounting to approximately 2.23 MSEK (230,000 EUR). Over the contract’s 20-year term, cumulative income is estimated to total approximately 44.6 MSEK (4.46 MEUR).

The installation will cover a roof surface measuring circa 2 hectors (ca. 20,000 sq. m) and annually produce circa 2,100,000 kWh. The customer is contractually committed to buying all the electricity the installation produces over 20 years. Over this same period, ASRE receives subsidy payments from the central government based on every kilowatt-hour (kWh) delivered to its customers. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 13.5 MSEK (1.35 MEUR). The installation is estimated to be completed during the third quarter of 2018.

CEO Frederic Telander comments:

– Jiangsu Province, with a population in the area of 2,100,000, lies adjacent to Shanghai and is a region undergoing strong development. Business possibilities here – and in the whole of China – are, conservatively put, comprehensive; and we have only begun our journey. Our on-going new bond issue in our subsidiary Advanced SolTech Sweden AB (publ.), together with Avanza Bank and G&W Fondkommission, is a channel in the plan for the continued financing of our expansion in China. By lowering the installation cost per watt and reducing the customer-rebate per produced kWh, combined with a gradually higher price of electricity over time and – not least – more effective solar cells, we have the means to fully compensate for the Chinese central government’s adjustment of the subsidy levels and retain the same earnings on invested capital that existed before this reduction notification.

For more information, please contact: Frederic Telander, CEO SolTech Energy. Tel: 08-441 88 46, email: frederic.telander@soltechenergy.com

SolTech Energy in brief
SolTech Energy develops and sells building-integrated solar energy products for all forms of building structures – commercial, public and residential. The products are a part of a building’s outer shell, as a roof, wall or window, containing semi-transparent solar cells for the production of electricity that simultaneously shuts out solar heat. Soltech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT” with ca. 15,000 shareholders. Also included in the concern are its jointly owned (51%) subsidiaries ASAB in Sweden and ASRE in China (below is more info on ASRE). The company’s Certified Advisor is G&W Fondkommission (securities broker). For more information see: www.soltechenergy.com.

Release

The Ereim concern has placed a new order for SolTech ShingEl worth approximately 2.4 MSEK (240,000 EUR) for its residential development, Brf Läkeörten (roughly: Läkeörten owners’ co-op assn.), in the Jönköping region, and further deepens its cooperation with SolTech Energy.

By choosing SolTech ShingEl – which is both a solar cell and roofing material, in one and the same product – the buyer obtains two very cost-effective functions within the same solution. ShingEl is as well suited to the construction of new roofs as it is to the renovation of existing roofs. In fact, the product is suitable to all who wish to make use of solar cells for more than just the production of energy; namely, also as roofing. In addition to this order, SolTech will also be working together Ereim with the intention of developing a new environmental concept for the benefit of future residential housing developments.
Ereim’s Brf Läkeörten is a residential housing development with a total of 29 resident-owned dwellings in the form of row and semi-detached houses. The development’s building start took place during the fall of 2018 with all roofs composed of ShingEl, which lends an esthetic unity to the whole.

SolTech´s CEO Frederic Telander comments:
-We are very pleased over having received yet another order from Ereim, as a follow up to the ShingEl order it had placed in December 2017 for installation at Brf Skogshöjden. Ereim builds energy effective, sustainable houses and has sold over 800 homes throughout Sweden since the concern first started building in 2010. Having SolTech ShingEl become a part of this building developer’s standard selections is significant evidence that the product is attractive and wholly in line with the times.

For more information, please contact: Frederic Telander, CEO SolTech Energy Tel; 08-441 88 46. email: frederic.telander@soltechenergy.com

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