SolTech’s subsidiary, Advanced SolTech has issued new green senior secured corporate bonds of SEK 100 million
SolTech Energy Sweden AB (publ) subsidiary, Advanced SolTech Sweden AB (publ) “ASAB” has issued new green senior secured corporate bonds under ASAB’s green bond framework of SEK 1,500 million. Including this issue, bonds equivalent to SEK 505 million have been issued under the green framework. The organizer of the transaction was JOOL Markets. With this bond issue, the green framework is fully issued in terms of agreements with JOOL. In addition to the announced listing of the Company’s shares on First North Growth Market, previously published, ASAB will shortly present a new financing plan for the continued expansion in China.
As earlier bonds issued during the SOLT 5 series, this bond is also intended to be admitted to trading on the First North Sustainable Bond Market. This is the fourth issue under the green framework and the net proceeds are allocated to finance the construction of solar power plants under subordinate orders.
ASAB’s business consists of financing solar power plants in China that are installed, owned and managed by the SolTech Group’s wholly owned company, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. “ASRE” and its wholly owned subsidiary and the wholly owned Longrui Solar Energy (Suqian) Co., Ltd. Including the plants that are planned to be built with the net proceeds from the issue, the total capacity is then expected to amount to approximately 130 MW.
For more information, please contact: Max Metelius, CFO, Advanced SolTech Sweden AB (publ) Tel: 08-425 010 53. E-mail: firstname.lastname@example.org or
Stefan Ölander, CEO SolTech Energy Sweden AB (publ) Tel: 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 November 26, 2019 at. 14.30 CET.
Advanced SolTech Sweden AB (publ) – ASAB
ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and continuously maintained by the wholly owned company ASRE, its wholly owned local subsidiary and the wholly owned Longrui Solar Energy (Suqian) Co., Ltd. As collateral for borrowed funds, collateral is obtained 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
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
About the China venture
SolTech Energy’s investment in China is conducted in Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd., ASRE, its local subsidiaries and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of ASRE and Suqian 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. ASRE’s and Suqian’s current revenues come 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 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.