SolTech’s ASRE in China has received a new order, which will provide SEK 106.8 million during the contract period
SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with ZheJiang ZhongYi Machinary Co. Ltd. The order refers to an installation of a solar power plant of 6 megawatts (MW) and is expected to generate annual revenues of about SEK 5.34 million, or about SEK 106.8 million during the 20-year term of the agreement.
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: 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 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: firstname.lastname@example.org. 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.