Fifth order signed in NingBo City with SolTech’s subsidiary, ASRE, in China.

 

ASRE has signed an order with NingBo WeiYe Corp Co. Ltd. The order relates to the installation of the fifth solar energy unit in the city of NingBo, Zhejiang Province. The installation will have a one (1) MW (megawatt = 1,000,000 watts) capacity and is estimated to return an annual income equivalent to approximately 1.7 MSEK ($207,000 US)*. Over the contract’s 20-year lifespan, cumulative income is estimated to total approximately 34 MSEK ($4.15 M US ).

The installation is estimated to produce circa 1,000,000 kWh annually, with the customer committed to buying all the electricity the system produces over the contract’s  20 years. Investment in the installation, which will continue to be owned by ASRE, amounts to approximately 10.27 MSEK ($1.25 M US). The installation is expected to be completed and coupled to the central electrical network during the fourth quarter of 2016.

Ningbo is a vital port city with a population of 7.6 million and is located in Zhejiang Province where ASRE is also operative. ASRE has received four earlier orders in NingBo totaling 4.5 MW. Including this fifth order, these installations will cumulatively generate an annual income equivalent to approximately 10.3 MSEK ($1,260,000 US) on a continual basis, or approximately 206 MSEK  ($25.2 M US) in total income over 20 years. With the inclusion of all five installations, an estimated total capacity of circa 9 MW will be coupled to the central network during the fourth quarter of 2016.

*Based on an exchange rate of 8.2 SEK/US dollar

CEO Frederic Telander comments:

  • “It feels fantastic to get our fifth order in NingBo within 10 months. We now have 16.57 – 20.57 MW in sold volume, which equates to 66.28 – 82.78 % of this year’s goal of 25 MW installed solar energy capacity. Financing the investment required to meet these orders is well under way and we are beginning to stretch our focus towards next year. SolTech, as planned, is facing a period of very exciting development.”

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

SolTech Energy 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”. Also included in the concern are its jointly owned (51%) subsidiaries Advanced SolTech Sweden AB (publ.) ASAB, and Advanced SolTech Renewable Energy Hangzhou Co. Ltd (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 financed by ASAB and carried out in China by ASRE. Both companies are 51% owned by SolTech and 49% owned by Advanced Solar Power Hangzhou Inc. The business model consists of ASRE being responsible for the installation, ownership, and periodic maintenance of solar energy installations mounted on the roofs of customer-owned buildings. The customer does not pay for the installed solar energy unit, but instead undersigns a 20-25 yearlong 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 and operational capacity of approximately 230 MW, corresponding to
a continuous yearly sales figure of approximately 400 MSEK ($48,800,000 US).

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