Advanced Soltech had 176.6 MW of installed capacity solar energy at the end of 2020

Advanced Soltech’s subsidiaries in China installed 37.6 Megawatt (MW) roof-top solar power plants in 2020 and had 176.6 MW installed capacity at the end of the year. The solar power plants are expected to generate apx. 180 GWh annually. At the same time, the company also had 38 MW in signed orders, including 2.6 MW projects under development.

Advanced Soltechs CEO Max Metelius comments:

– -It has been a challenging year that began with great uncertainty due to COVID19, which to some extent made sales work more difficult, but mainly limited the availability of capital with both a canceled bond issue in February 2020 and the subsequent postponed listing of the company’s shares. This has limited growth during the year, relative to plan. Despite this, we are very pleased to be able to achieve good growth under these conditions and have once again received confirmation that we have an attractive offer and a stable business model.

For further information please contact:

Max Metelius, CEO Advanced Soltech Sweden AB (publ) Tel: 072- 316 04 44. E-post: max.metelius@advancedsoltech.com
Certified Adviser of the company is FNCA, Tel: 08-528 00 399 E-mail: info@fnca.se

About the China venture

In China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE 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 buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) by 2023, which is fully connected to the electricity grid by 2024.
ASAB is 50.82 % owned by Soltech Energy Sweden AB (publ), 48.82% by Soltech’s Chinese partner, Advanced Solar Power Hangzhou Inc and 0.36% by several holders of preference shares
För mer information kontakta:
Max Metelius, VD Advanced Soltech Sweden AB (publ) Tel: 072- 316 04 44. E-post: max.metelius@advancedsoltech.com