ASAB is owned by 51 percent of SolTechs Energy Sweden AB (publ) (“SolTech”) and 49 percent by Advanced Solar Power Hong Kong (ASP). ASAB’s function within the SolTech Group is to finance the operations in China conducted by its sister company Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE).
Second quarter for Advanced Soltech
- Profit for the period after tax amounted to TSEK 228 (4,409).
- Net financial items amounted to TSEK 4,900 (7,680).
- Cash flow for the period amounted to TSEK -1,042 (6,743) *
- The balance sheet total amounted to TSEK 664,801 (222,294).
* Cash flow is continuously affected by the inclusion of long-term liabilities and investments in the portfolio company (ASRE) and can vary greatly between individual quarters.
The next report is expected to be submitted in connection with SolTech’s report for the third quarter of 2019, October 24.
First and second quarter in summary, period 1 january-30 june 2019
- Profit after tax amounted to TSEK 6,346 (6,685) in the first half of 2019 in the first half of the year.
- The balance sheet total as of 2019-06-30 amounts to TSEK 664,801 (222,294), of which SEK 627,287 is loans and investments in ASRE.
- During the first half of the year, green bonds corresponding to a total of SEK 280 million were issued. The capital has been used to partially finance the acquisition of a commissioned solar energy portfolio of 21.4 MW in China and to repay ASAB’s first bond loan SOLT1, which expired in June 2019.
- Installed capacity in the portfolio company ASRE as of 2019-06-30 amounts to 93.7 MW, which in a rolling 12 months is expected to generate revenue of approximately SEK 124 million.
- Work on transferring ownership of all shares in the jointly owned ASRE is continuing and is expected to be completed during the third quarter.
For more information, please contact: Max Metelius, CFO, Advanced SolTech Sweden AB (publ)
Tel: 08-425 010 53. 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 August 22, 2019 at. 10.00 CEST.
Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance investments in China, the SolTech Group’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and continuously maintained by ASRE or its wholly owned local subsidiaries. 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.org More info at www.advancedsoltech.com
About SolTech Energy Sweden AB (publ)
SolTech Energy 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. The group includes the subsidiaries Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 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. The business model consists of ASRE financing, installing, owning and managing solar energy installations on customers’ roofs in China. The customer does not pay for the plant, but instead commits to purchase the electricity that the plant produces during a 20-year agreement. ASRE’s current revenue comes from the sale of electricity to customers and from various forms of subsidies per produced kilowatt hour (kWh) of solar electricity. The goal is to have an installed capacity of 605 megawatts (MW) fully connected to the electricity grid in 2022.