SolTech’s subsidiary, Advanced SolTech, has issued new green senior secured corporate bonds of SEK 125 million
SolTech Energy Sweden AB (publ) subsidiary, Advanced SolTech Sweden AB (publ) “ASAB” has issued new green senior secured corporate bonds under ASAB’s green bond framework. The first bond, SOLT5, was subscribed for SEK 170 M and was admitted to trading on the First North Sustainable Bond Market on March 21, 2019. During late spring 2019, another green bond of SEK 110 M was issued, which was also admitted to trading. This is the third issue under the green framework and amounts to SEK 125 million. The net proceeds are allocated to finance the construction of solar power plants under subordinate orders.
ASAB’s operations consist of financing solar power plants in China that are installed, owned and managed by the SolTech Group’s Chinese joint venture, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. “ASRE” and its wholly owned subsidiaries. Including the plants that are planned to be built with the net proceeds from the issue, the total capacity is then expected to amount to approximately 115 MW. The organizer of the transaction was JOOL Markets. For more information about the transaction, please see the investor presentation at:
http://www.soltechenergy.com/sv/investerarebl/advanced-soltech-sweden-ab-pu /
Frederic Telander, CEO SolTech Energy, and Stefan Ölander, CEO SolTech Energy comment:
– This third issue under our green bond framework represents another step in our strategy to finance our order flow and the framework agreements.We are now building solar power plants in China with good returns without any subsidiaries, which has been part of our long-term plan since ASRE was formed.
For more information, please contact: Max Metelius, CFO, Advanced SolTech Sweden AB (publ)
Tel: 08-425 010 53. E-mail: max.metelius@advancedsoltech.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 22, 2019 at. 10.00 CEST.
Information:
Advanced SolTech Sweden AB (publ) – ASAB
In order to continuously finance investments in China, the SolTech Group’s parent company and its partner in China, Advanced Solar Power Hangzhou Inc., have formed ASAB. ASAB’s business consists of lending to Group companies to finance solar power plants in China that are owned and continuously maintained by ASRE or its wholly owned local subsidiaries. As collateral for borrowed funds, collateral is obtained in underlying assets (solar power plants and accounts receivable). The company’s Certified Adviser is Mangold Fondkommission AB, telephone number +46 8 5030 1550. E-mail: ca@mangold.se More info at www.advancedsoltech.com
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. 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 commits 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 subsidies 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.