At the same time, we noted that revenue per installed capacity declined slightly during the year. This is largely because subsidies make up an increasingly smaller share of revenues and that we have built some projects that sell directly to the grid at a lower price per kilowatt hour. Happily, lower construction costs and other efficiency gains were able to largely offset this decline. Thanks to these countervailing factors, we have maintained good profitability in the new projects.

To finance our continued expansion, we have initiated discussions with new investors during the year with the aim of strengthening our capital base and improving our ownership structure. Our projects require equity – around 25% of the investment cost per project – while the remaining debt financing in China is secured. By injecting more equity, we can confidently realize our growing project portfolio and take advantage of the opportunities offered by the market. In this process, we also intend to manage the last outstanding bond (SOLT4 of SEK 70.4 million) that will be exercised in November 2025. If we have not found a new ownership structure before then, we intend to sell facilities to be able to repay the bond.