Advanced Soltech's subsidiary in China, has signed three orders with JiangSu WanRui High-Tech Material Techonology Co. Ltd., Wuhu DongWang Handbag Co. Ltd. and XiangYang KaiDa Packaging Trademark Color Printing Co. Ltd. The orders are for the installation of three solar power plants totaling approx. 2.75 megawatts (MW) and is expected to generate annual revenue from electricity sales of approx. SEK 2.35 million, or SEK 47 million during the 20-year term of the agreements.
The investment in the facilities, which will be owned by Advanced Soltech's wholly-owned subsidiary in China, amounts to approx. SEK 17 million and construction start is planned for the fourth quarter of 2023. The annual saving of carbon dioxide emissions is estimated at 1,800 tonnes. The projects are profitable without any subsidies.
Advanced Soltech's CEO Max Metelius comments:
"We are reaching the end of the refinancing process and can finally start taking on new solar energy projects. Our new financing structure also gives us better opportunities to raise funding for new projects as they are not pledged for existing loans. The market for solar energy remains very strong and it is much easier to do business after the end of the COVID restrictions.”