Advanced Soltech signs two orders in China that generates approx. SEK 18.8 million during the contract period

Advanced Soltech's subsidiary in China, has signed two new orders – one with DaYang Textile and Garment Co Ltd and one with Wuhu Zhongyuan New Composite Material Co. Ltd The orders apply to the installation of two solar energy plants with a total of 1.15 megawatts (MW) and are estimated to provide a total annual revenue of approx. SEK 0.94 million, or approx. SEK 18.8 million during the agreements' 20-year term. The investments in the facilities, which will be owned by Advanced Soltech's wholly owned subsidiary in China, amount to approximately SEK 7.2 million and construction is scheduled to start in the first quarter of 2022. The projects achieve good profitability without any subsidies and are located in Anhui Province.

Advanced Soltech's CEO Max Metelius comments:

-We are continuing our expansion in Anhui Province where we are very successful. The recent electricity shortages and the ongoing climate changes contributes to a growing demand for solar energy.

About the China venture

in China ASAB operates through, its wholly owned local subsidiaries Advanced Soltech Renewable Energy (Hangzhou) Co. Ltd, ASRE and Longrui Solar Energy (Suqian) Co. Ltd. The business model consists of financing, installing, owning and managing solar energy installations on customers' roofs in China. The customer does not pay for the plant, but instead enters an agreement to buy the electricity that the plant produces under a 20-year agreement. Current income comes from the sale of electricity to customers and from subsidies. The goal is to have an installed capacity of 1,000 megawatts (MW) which is fully connected to the electricity grid by 2024.

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Advanced Soltech signs two orders in China that generates approx. SEK 18.8 million during the contract period