SolTech's ASRE in China receives new order from real estate company in Hangzhou

SolTech Energy’s joint venture in China, Advanced SolTech Renewable Energy Hangzhou Co. Ltd., ASRE, has signed an order with Hangzhou Yuhang Wanda Plaza Real Estate Co. Ltd. The order applies to the installation of a solar energy plant of 395 KW and is expected to generate annual revenues of approximately SEK 442,400, or approximately SEK 8.85 million during the 20-year term of the agreement.

 

The plant will produce approximately 395,000 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 SEK 2,733 million and construction start is planned for quarter 4, 2019.

CEO Stefan Ölander in a comment:
– This is a small but strategically important order as the plant will be installed at a shopping center in Hangzhou, our hometown. It also represents a whole new customer group for ASRE. As before, the market remains strong and interest in ASRE’s offering is very good.

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 August 16, 2019 at. 07.30 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 Nyedal Solenergi, NP-Gruppen and Swede Energy Power Solutions. SolTech Energy Sweden AB (publ), is traded on First North at Nasdaq Stockholm under the short name SOLT and has about 28,000 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, owned by 51% of SolTech Energy Sweden AB (publ) and 49% of SolTech’s Chinese partner, Advanced Solar Power Hangzhou Inc. The plan is to list ASAB: s share on First North at Nasdaq Stockholm during Q4, 2019.

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