Advanced Soltech signs orders in China that generates apx. SEK 62 million during the contract period

13 January 2021 - 07:45

Advanced Soltech's subsidiary in China, has signed an order with ZhangZhou ChuaHua Highway Port Logistics Co. Ltd. in FuJian Province located between ZheJiang and GuangDong. The order concerns the installation of a solar energy plant of 6 megawatts (MW) and is estimated to generate annual revenues of apx. SEK 3.1 million, or apx. SEK 62 million during the agreement's 20-year term. The investment in the facility, which will be owned by ASRE, amounts to apx. SEK 27.6 million. In this project, we will sell all generated electricity to the grid at the same time as we get part of the construction cost financed by the provincial government. Construction is scheduled to start in the second quarter of 2021.

Advanced Soltechs CEO Max Metelius comments:

-This order represents a very exciting step in our development. Through this order, Advanced Soltech establishes its presence in a new province, FuJian, which is a province with very strong economic development and good solar irradiation, in addition, this plant will sell all generated electricity directly to the grid, which means a lower risk and more stable, but somewhat lower returns. This deal shows that we have the ability to expand and diversify our portfolio of solar energy projects in new ways.

Provided by: MFN
Nasdaq First North GM (Sweden)
Advanced SolTech Sweden AB
Advanced SolTech Sweden AB (ASAB) is owned 51% by SolTech Energy Sweden AB (publ) and 49% of Advanced Solar Power Hangzhou Inc. ASAB’s operations consist of financing the construction of solar power plants in China, which are installed, owned and maintained by the SolTech Group’s jointly-owned Chinese company, Advanced SolTech Renewable Energy Hangzhou Co. Ltd. (ASRE). ASAB’s revenues will consis...
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