New large order for SolTech's ASRE in China

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Zhejiang GuXianDao Polyester Dope Dyed Yarn Co. Ltd. The words refer to the installation of a solar power plant of 12 megawatts (MW) and are expected to generate annual revenue of approximately SEK 10.88 million, or approximately SEK 217.6 million during the 20-year term of the agreement.

The plant will produce approximately 11,640,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the facility, which will continue to be owned by ASRE, amounts to approximately SEK 76.8 million and construction start is planned for quarter 1, 2020.

CEO Stefan Ölander comments:
– This is our second largest order so far in ASRE and the facility will cover a roof area corresponding to approximately 17 soccer fields. There is great interest in ASRE’s offer in China and we now have 104.3 MW connected to the grid that generates revenue, 22.5 MW under construction and an order backlog of 31.5 MW. The potential for further orders is good, as we also have framework agreements of 650 MW in three different provinces and a project pipeline of 123 MW that we continuously process. Our goal to reach 605 MW 2021 in installed capacity, which is fully connected to the network 2022, remains firm.

For more information contact: Stefan Ölander, CEO SolTech Energy Sweden AB (publ)
Tel: 070-739 80 00. E-mail: stefan.olander@soltechenergy.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 October 16, 2019 at. 07.40 CET.

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 for the production of electricity. The group includes the subsidiaries SolTech Sales & Support, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on Nasdaq First North Growth Market under the short name SOLT and has approximately 31,000 shareholders. The company’s Certified Adviser is Erik Penser Bank Phone: 08-463 83 00. Email: certifiedadviser@penser.se. 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 undertakes 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 grants 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 by 2021.

ASRE is a wholly owned subsidiary of Advanced SolTech Sweden AB (publ), ASAB, which is 51% owned by SolTech Energy Sweden AB (publ) and 49% by SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc.

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