Advanced Soltech's wholly owned subsidiary in China have been granted new unsecured loans of 40 MCNY (approx. SEK 54 million) from local banks at an interest rate of approx. 4.6%. The loans have an initial maturity of one year with the possibility of extension and will be used for investments in new solar energy plants. This credit is permitted ("permitted debt") under the covenants of the secured bond SOLT 5.
Max Metelius, CEO of Advanced Soltech, comments:
-It has been a good interest from several local banks to be involved in financing our operations. The good interest from local banks and the interest rate level below 5% bodes very well for our future opportunities for local financing. A larger share of local financing would create both a better balance in currency exposure and a better tax situation in China.