Gigasun
Gigasun AB (publ) develops, owns and operates rooftop solar power plants in China through wholly owned subsidiaries. The company sells the electricity generated by these systems to the property owner under long-term contracts, and any surplus electricity is sold to the grid.
Fiscal year 2025 · change from previous year
Development 2017–2025
Business
Share of revenueElectricity generated from solar PV systems installed on customer rooftops and sold under contract.
Electricity not consumed by the customer and sold into the local grid.
Policy-linked subsidies tied to qualifying solar generation projects.
Customers
Gigasun sells primarily to owners of large properties in China that have substantial roof space and want lower-cost green electricity. Its customer base includes private industrial companies, raw-materials businesses, and some government-related operations, with most customers being large organizations and the counterparty base spread across many industries.
They buy on-site solar electricity to reduce power costs and secure green supply over long contracts.
Manufacturing and industrial groups that use rooftop systems to offset grid purchases and improve energy sourcing.
Energy-intensive businesses that can host large PV installations and benefit from discounted electricity.
Public or quasi-public organizations that buy solar electricity for sustainability and cost reasons.
A broad mix of large enterprises that reduces concentration risk and supports stable demand.
Strategy
Gigasun’s strategy centers on expanding its installed solar base while securing the equity and financing needed for new projects. It is also evaluating adjacent offerings such as storage capacity and facade-integrated solar panels, while selectively divesting assets and prioritizing value discipline in capital allocation.
New solar facilities require equity funding alongside debt, so capital access determines expansion pace.
More operating assets increase contracted electricity sales and improve purchasing power.
Storage and facade-integrated solar panels can deepen customer value and widen addressable demand.
Selective sales can free capital and sharpen the portfolio around higher-value assets.
Geography
Gigasun’s operations are concentrated in China, where its subsidiaries own and operate rooftop solar assets. The company highlights eastern Chinese provinces as especially important because they combine strong solar irradiation, higher electricity prices, and a dense customer base.
Risks
Gigasun is exposed to Chinese renewable-energy policy, subsidy, and electricity-pricing changes because parts of its revenue base depend on the regulatory framework. It also faces financing, counterparty, and asset-impairment risk because the business is capital intensive, relies on long-duration contracts, and carries a large installed asset base on the balance sheet.
- Electricity pricing regulationImpact: HighLikelihood: High
Changes in tariff rules can reduce realized selling prices for customer electricity and grid sales.
Exposure: All operating solar projects in China
- Financing and refinancing riskImpact: HighLikelihood: High
The model requires substantial upfront capital and ongoing access to debt and equity.
Exposure: Project expansion and refinancing of lease facilities
- Renewable-energy policy and subsidy changes in ChinaImpact: HighLikelihood: Medium
A portion of revenue and project economics depends on government support and electricity policy.
Exposure: Older projects approved before 31 Dec 2018
- Counterparty credit riskImpact: MediumLikelihood: Low
Revenue depends on customers paying under long-term contracts and settling receivables.
Exposure: Chinese industrial and government-related customers
- Impairment risk on solar assets and subsidiariesImpact: Medium
Large fixed assets and subsidiary investments require forecast-based recoverability testing.
Exposure: Installed solar PV portfolio
Accounting
Judgemental itemsSales are tied to contracted on-site electricity delivery and grid exports, affecting timing and comparability.
Impact: Reported revenue follows actual generation, customer uptake, and tariff changes
Some projects depend on fixed CNY-per-kWh subsidies over multi-year periods.
Impact: Subsidy assumptions can change revenue estimates for older projects
The company forecasts discounted cash flows to assess recoverability of Chinese operations.
Impact: Asset values and earnings can be affected by revised cash-flow assumptions
Electricity is sold to Chinese customers on contract, creating collection risk.
Impact: Bad-debt provisions affect operating profit and net assets
Financing costs are spread over the term of the related liabilities.
Impact: Interest expense and liability carrying values are affected over time
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Last updated: 24/09/2026