SolTech's China operations have signed an order that gives SEK 30.6 million over the contract period

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with ShangYu JinYing Copper Co., Ltd. The order concerns the installation of a solar energy plant totaling 1.7 megawatts (MW) and is expected to generate annual revenues of SEK 1.53 million. During the agreement’s 20-year maturity, the accumulated income is estimated to amount to SEK 30.6 million.

The plant will annually produce about 1,700,000 kWh. The customer undertakes to buy all the electricity that the plant produces for 20 years. ASRE receives, during the same period, contributions from Chinese authorities for every kilowatt hour (kWh) delivered to the customer. The investment in the plant, which will continue to be owned by ASRE, amounts to approximately SEK 10.3 million and construction start is planned for Q2, 2019.

CEO Stefan Ölander in a comment:
– It is gratifying that we have another customer in our home region, Zhejiang Province. The province has 55 million inhabitants and here are great business opportunities, which we have proven over the past few years.

For more information, please contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ)
Tel: 070-739 80 00. Email: stefan.olander@soltechenergy.com

The information in this press release is such that SolTech Energy Sweden AB (publ) must publish in accordance with EU Regulation No. 596/2014 on Market Abuse. The information was submitted through the above contact person’s agency for publication on March 14, 2019 at. 07:00 CET.

About SolTech Energy
SolTech Energy develops and sells aesthetic and building-integrated solar energy products for all types of real estate – commercial, public and residential. The products are part of a building’s outer shell in the form of a roof or a wall with integrated solar cells for the production of electricity. The Group also conducts operations in China where the business model consists of financing, owning and operating solar power plants on customers’ roofs and selling all the electricity that is produced. The Group also includes the subsidiaries Nyedal Solar Energy, the NP Group and Swede Energy, as well as the jointly owned companies ASAB in Sweden and ASRE in China. SolTech Energy Sweden AB (publ) is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 15,000 shareholders. The company’s Certified Adviser Erik Penser Bank Telephone: +46 8 463 83 00. Email: certifiedadviser@penser.se. More info at: www.soltechenergy.com

About the Chinese initiative
SolTech Energy’s investment in China is conducted in partnership with our partner, Advanced Solar Power Hangzhou Inc joint venture, Advanced SolTech Renewable Energy (Hangzhou) Co. Ltd. (ASRE). The business model consists of ASRE financing, installing, owning and running solar energy installations on customers’ roofs. The customer does not pay for the facility, but instead undertakes to buy all electricity produced by each plant under a 20-25 year contract. ASRE’s current income comes from the sale of electricity to the customers and from various forms of grants per kWh produced. The focus now is on building an order backlog for 2019 and onwards with the goal of having an installed capacity of 605 megawatts (MW) in 2022.

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