Advanced Soltech's subsidiary in China has signed two orders with Chinese industrial companies. The orders concern installations of solar energy facilities totaling approx. 3.5 megawatts (MW) and are estimated to provide annual revenue from electricity sales of approx. SEK 2.8 million, or approx. SEK 56 million during the 20-year term of the agreement. The investment in the facilities, which will be owned by Advanced Soltech's wholly-owned subsidiary in China, amounts to approx. 23 MSEK and start of construction is planned for the second quarter of 2023. The annual saving of carbon dioxide emissions is estimated at 2400 tons. The projects are profitable without any subsidies.
Advanced Soltech's CEO Max Metelius comments:
-The Chinese economy is recovering from three years of COVID-restrictions and the demand for our offering is healthy.