An additional 4 MW are now coupled to the electrical network in China and generating income

SolTech’s subsidiary ASRE had coupled its sixth solar energy installation to the electrical network at the close of September 2016. The 4 MW (megawatt) installation is mounted on the roof of Zhejiang Jindun Fire-Fighting Equipment Co. Ltd.’s facility in Shaoxing. Added to the already coupled 2.84 MW, the capacity of coupled installations now totals 6.84 MW, which on a rolling 12-month basis equates to an estimated cumulative total income amounting to approximately 12.55 MSEK (1.33 MEUR).

Over the remaining quarter of 2016, ASRE plans to couple, as has been previously reported, an additional nine  (9) installations, equivalent to 9.63 MW to the electrical network; meaning that a total capacity of 16.47 MW is planned to be installed to the central electrical network by the turn of the year.  The earliest to be coupled are two fully completed installations with a combined capacity of 1.54 MW. These were scheduled to be coupled by the end of September, but the network authority now plans to have them coupled at the end of October/early November instead. Of the remaining seven installations, three are under construction, and construction of the last four is planned to get underway in the very near future. Cumulative income generated by these 15 installations, based on a rolling 12-month period, is estimated to amount to just under 30 MSEK (3.2 MEUR).

The goal of building 25 MW still holds: Whereof the 8,53 MW remaining capacity is planed to be coupled to the network during the first quarter of 2017. Excluding non-recurring costs incurred in the process of establishing ASRE, the cash flow of the company has already turned positive with the coupling of 2.84 MW to the electrical network.

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. 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..

 

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