Advanced Soltech Sweden AB (publ) releases Annual Report for 2022

We continue to expand our capacity and by the end of 2022 have reached 250 MW of revenue generating solar installations installed on our customers’ rooftops in China. It is a result we are proud of, not least considering the challenges that the COVID restrictions in China have brought.

During the year, we also signed two new strategic cooperation agreements with construction possibilities of 300 MW in Zhangjiakou and 100 MW in Boshan. Zhangjiakou is a city in northern China with approximately 4 million inhabitants located in a region with very good solar radiation and many large industrial buildings. It provides very good profitability for investments in solar energy plants. For Advanced Soltech, the expansion in Zhangjiakou means reduced financial risk in the business through further geographic diversification, and the strategic agreements will be an important part of our continued expansion. During the year, we have signed 24 new orders for solar energy plants comprising 60 MW. There are plenty of business opportunities and projects with profitability that reach our financial target of 12-15 percent.