Advanced Soltech's subsidiary in China has signed two orders. A project with HuBei ChengHang Glass Co Ltd and a new project with the already existing customer HangZhou Nbond nonwovens Co Ltd
The orders are for the installation of two solar energy plants totaling approximately 2.4 megawatts (MW) and are expected to generate annual revenues from electricity sales of approx. SEK 1.75 million, or approx. SEK 35 million over 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 13.7 million and construction start is planned for the first quarter of 2024. The annual savings in carbon dioxide emissions are estimated at 1,400 tonnes. The projects are located in Hubei and Zhejiang provinces.
Advanced Soltech's CEO Max Metelius comments:
We are currently experiencing tougher competition for projects, which is putting pressure on prices, but this is compensated by falling prices for solar panels and lower financing costs. We now have 273 MW of installed capacity and are well on track to reach our forecast of 290 MW before the end of the first quarter of 2024.