SolTech’s subsidiary in China, ASRE, has signed a prestige order with the National Center for the Performing Arts, better known as the Beijing Opera House. The order specifies the installation of a 0.8 MW (megawatt) solar energy unit and is estimated to generate annual earnings equivalent to approximately 2.25 MSEK. Over the contracts 20-year lifespan, accumulated income is estimated to mount to approximately 45 MSEK (4.5 MEUR). With the addition of this order, ASRE has thus far during 2016 signed orders totaling 95 – 111% of this year’s goal of 25 MW.
The installation covers a roof surface of circa 8,000 m2 and is estimated to produce circa 920,000 kWh annually. The National Center for the Performing Arts is committed to buying all the electricity the system produces over 20 years. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 9.3 MSEK (0.93 MEUR), and it is expected to be completed during the second quarter of 2017.
CEO Frederic Telander comments:
- Having the Beijing Opera House become our first customer in Beijing is a great honor for us – and as it happens, the price of electricity in this region is high, which naturally affects our earnings positively. But the most significant aspect of this order is the help it provides us in terms of facilitating further business in the greater Beijing area and surrounding communities that, in fact, make up one of our high focus areas with both high electricity prices and a favorable amount of sunlight.
For more information, please contact: Frederic Telander, CEO SolTech Energy Tel; 08-441 88 46, email: firstname.lastname@example.org
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).