New order for SolTech's ASRE in China gives SEK 21.32 million during the contract period

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with ZheJiang JinHao New Materials Co. Ltd. The contract applies to the installation of a solar power plant of 1.3 megawatts (MW) and is expected to generate annual revenues of approximately SEK 1,066 million, or approximately SEK 21.32 million during the 20-year term of the agreements.

The plant will produce approximately 1,300,000 kWh annually. The customer undertakes to purchase all electricity that the plant produces for 20 years. The investment in the plant, which will continue to be owned by ASRE, amounts to approximately SEK 8.06 million and construction start is planned for quarter 1, 2020. This plant is a follow-up order for an earlier 1.5 MW order from a satisfied customer – Zhejiang Kanglongda Special Protection Technology Co. Ltd.

CEO Stefan Ölander comments:
– Business continues to come in and with ASAB’s new goal, to reach 1 gigawatt (1000 MW) of installed solar energy capacity in 2023, which is fully connected to the electricity grid in 2024, we are now focusing even more on sales, installation and commissioning.

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 25, 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 1000 megawatts (MW) fully connected to the electricity grid in 2024 by 2023.

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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