An additional 1,1 MW are now coupled to the electrical network in China, generating income

Soltech’s subsidiary, ASRE, has now coupled its seventh solar energy installation to the central network.  The solar energy unit, with a capacity of 1.1 MW (megawatts), is installed on the roof of Ningbo WeiYe Co. Ltd. in Ningbo.  With this latest coupling, the earlier total of 6.84 MW now reads 7.94 MW, which on a cumulative, rolling 12-month basis is estimated to generate income amounting to approximately 14.3 MSEK (1.5 MEUR).

During the remaining part of 2016, ASRE plans to couple an additional seven (7) installations, equivalent to 8.7 MW, to the central electrical network. This means that by the turn of the year ASRE expects to have a total of 16.51 MW coupled to the network. Calculated on a cumulative rolling 12-month basis, such a coupled installation capacity would generate earnings amounting to just under 30 MSEK (3 MEUR).

CEO Frederic Telander comments:

  • Just now our installations are being coupled to the net at an ever-quicker pace, which means a correspondingly faster direct increase in our income level. To put our near-term level of business in perspective, we can compare it with the total capacity of all single-home solar cell installations coupled to Sweden’s central electrical network during 2015 – reported as 14.29 MW by the Swedish Energy Agency. Our plans call for a capacity of 16.51 MW by the turn of the year. The difference is significant.

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

SolTech Enery in brief
SolTech Energy develops and sells a solar energy system based on research carried out over several years at Kungliga Tekniska Högskolan (KTH- Royal Institute of Technology). The system is a part of a building’s outer shell; specifically, roofs and/or walls formed of glass (panels or glass plates) that function as both weather protection and sun-catchers for the production of heat, hot water and electricity. The assortment of suitable glass also includes unique thin-film solar cells in black and/or semi-transparent glass – or as isolated glass modules in various sizes and formats that promote integration with a building’s outer shell.

SolTech Energy Sweden AB (publ.) is traded on First North at Nasdaq Stockholm, under the symbol “SOLT”. Included in the concern are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) ASAB, and Advanced SolTech Renewable Energy, Hangzhou Inc. (ASRE), as well as its wholly owned subsidiary Wasa Rör T Mickelsson AB. 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 is the majority (51%) owner and Advanced Solar Power Hangzhou Inc. (ASP) the minority (49%) owner. The business model consists of having said jointly owned company, ASRE, responsible for the installation, ownership, and periodic maintenance of 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 and/or thermal heat the relevant unit produces. ASRE’s current income comes from the sale of electricity to customers, in combination with various forms of subsidies per produced kWh. The strategy is to build a backlog of orders for 2016 and beyond, with the goal of obtaining by the year 2019 an installed capacity of approximately 230 MW in full operation, generating current annual sales amounting to approximately 400 MSEK (40.1 MEUR).

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