Gigasun signs order in China that generates approx. SEK 10.8 million during the contract period

Gigasun's subsidiary in China has signed an order with a Chinese manufacturing company. The order is for the installation of a solar energy plant totaling approximately 0.8 megawatts (MW) and is expected to generate annual revenues from electricity sales of approximately SEK 0.54 million, or approx. SEK 10.8 million over the 20-year term of the agreements. The investment in the facilities, which will be owned by Gigasun's wholly-owned subsidiary in China, amounts to approx. SEK 4.4 million and construction start is planned for the second quarter of 2024. The annual savings in carbon dioxide emissions are estimated at 500 tonnes. The project is located in Anhui province and is profitable without any subsidies.

Advanced Soltech's CEO Max Metelius comments:

We are now working intensively on two main objectives, to further improve our loan terms and to secure our access to equity. Good progress has been made in both these processes. At the same time, we continue to build our existing pipeline and sign new projects, albeit at a more cautious pace until our financial conditions are more predictable. More than two-thirds of this project is financed by our Chinese partner JiangSu Leasing.