New success for ASRE in China – this year’s goal of selling solar energy installations generating a total capacity of 25 MW has now been exceeded

SolTech’s subsidiary in China, ASRE, has signed an order with Zhejiang Baoliang Special Film Co. Ltd.  The order covers the installation of a 2 MW (megawatt) solar energy unit, estimated to provide an annual income equivalent to approximately 3.3 MSEK (.34 MEUR). Over the contract’s 20-year lifespan, cumulative income is estimated to mount to approximately 66 MSEK (6.7 MEUR). With the inclusion of this order, ASRE has thus far in 2016 obtained orders representing a total electric generating capacity of 25.9 – 29.9 MW, which clearly exceeds this year’s goal of 25 MW.

The installation covers a roof surface measuring circa 20,000 m2 and is estimated to produce circa 2,000,000 kWh. Zhejiang Baoliang Special Film Co, Ltd. is committed to buying all the electricity that the system produces over 20 years. Investment in the installation, which continues to be owned by ASRE, amounts to approximately 20.8 MSEK (2.1 MEUR). The installation is expected to be completed during the first quarter of 2017.

CEO Frederic Telander comments:

  • With this order in hand, we have simultaneously met and exceeded our goal of achieving 25 MW of sold volume in 2016. The fact that the customer is a strong, well established company in the plastic’s industry, headquartered in the city of Hangzhou – the home-base of ASRE – makes it all the more enjoyable.  Now, we are focusing on the goal of 50 MW targeted for 2017, while we are, at the same time, continuously building and coupling completed installations to the central electric network where they then start to generate income.

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

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).

Want to know more about our products or solutions? Contact us