Advanced Soltech's subsidiary in China, has signed an order with Anhui XingDa Power Machinery Co. Ltd., a company in the autoparts industry. The order concerns the installation of a solar energy plant of approx. 5 megawatts (MW) and is estimated to generate annual income from electricity sales of approx. 4.05 MSEK, or approx. SEK 81 million during the agreement's 20-year term. The investment in the facility, which will be owned by Advanced Soltech's wholly owned subsidiary in China, amounts to approx. SEK 32 million and construction start is planned for the third quarter of 2022. The annual savings in carbon dioxide emissions are estimated at 3,200 tonnes. The project achieves good profitability without subsidies and is in Anhui Province.
Advanced Soltech's CEO Max Metelius comments:
-Advanced Soltech's underlying market continues to be very strong, and we also see some other good news. Last week, the Chinese central bank, lowered the key interest rate, which reduces borrowing costs in local currency (CNY) and stimulates the economy. The COVID situation in Shanghai has improved and we estimate that the 25-million city, which also has one of the world's largest ports, will begin to open up in the next few days.