Advanced Soltech receives CNY 18 (MSEK 27 MSEK) through an 8-year sales leaseback agreement. The loan runs for 8 years with 6% floating interest rate and the loan-to-value ratio increases in this loan to about 70% of the asset value, compared to about 50% on previous financing. The company expects to be able to raise new financing on similar or better terms going forward. The loan will be used to complete solar power plants in China in accordance with the communicated forecast on August 7, 2023.
Max Metelius, CEO Advanced Soltech, comments:
This is a smaller loan, but it shows that our new financing structure allows us to raise loans in China with significantly lower interest rates and better terms than before. Our assessment is that there is room to further improve the terms for financing going forward. We currently have over 260 MW of connected solar capacity, which is in line with our forecast to reach 290MW of installed capacity before the end of the first quarter of 2024.