Advanced Soltech's subsidiary in China, has signed an order with HengAn (ZheJiang) Family life products, a company listed in Hong Kong and active in production of paper products.
The order is for the installation of a solar power plant of approx. 3.1 megawatts (MW) and is expected to generate annual revenue from electricity sales of approx. SEK 2.9 million, or approx. SEK 58 million during the 20-year term of the agreement. The investment in the facilities, which will be owned by Advanced Soltech's wholly-owned subsidiary in China, amounts to approx. SEK 20 million and construction start is planned for the first quarter of 2024. The annual saving of carbon dioxide emissions is estimated at 1,900 tonnes. The project is located in Zhejiang province and is profitable without any subsidies.
Advanced Soltech's CEO Max Metelius comments:
"Now that the refinancing process is coming to an end, we can focus on bringing in new customers. This is a profitable project with a very good customer, which confirms that Advanced Soltech is an attractive partner in green energy.