Advanced SolTech has mandated DNB Markets and Nordea with the intention of issuing green covered bonds during the first quarter of 2020
Advanced SolTech Sweden AB (publ) (“ASAB”), a subsidiary of SolTech Energy Sweden AB (publ) (“SolTech Energy”), has entered into an agreement with DNB Markets, part of DNB Bank ASA, branch Sweden and Nordea Bank plc in order to issue green covered bonds. ASAB’s new collaboration with DNB Markets and Nordea, together with the previously announced listing of ASAB’s shares on Nasdaq First North Growth Market, constitutes the new financing plan for the continued expansion in China.
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: firstname.lastname@example.org or,
Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Phone: 070-739 80 00. Email: email@example.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: firstname.lastname@example.orgMore 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: email@example.com More info at: www.soltechenergy.com