Longyuan Electric Power (00916) plans to acquire 100MW wind power project in Kunwu, Henan

According to Zhitong Finance App, Longyuan Electric Power (00916) issued an announcement. The company's board of directors approved the signing of an “Acquisition Agreement” between Shanghai Investment Company, a wholly-owned subsidiary of the company, and Xinyuan No.1 Fund, which will be signed no later than September 30, 2026. According to this, the Shanghai Investment Company conditionally agreed to acquire and Xinyuan No.1 Fund conditionally agreed to sell 100% of its shares in the target company Puyang County Yuanjing Renewable Energy Co., Ltd., at a consideration of RMB 149 million. The final consideration did not exceed the assessed value registered by the state-owned assets supervisory authority. The target company invested in the operation of a 100MW wind power project in Kunwu, Henan.

Prior to the completion of this transaction, the target company was not a subsidiary of the company. After the transaction is completed, the target company will become a subsidiary of the company, and its financial results will be comprehensively recorded in the company's financial statements.

In order to optimize the company's industrial layout in northern Henan and increase its market share, the company plans to complete the acquisition of the 100MW wind power project in Kunwu, Puyang City, Henan Province through this transaction. The Kunwu project was funded by the target company. It is a provincial key wind power project. It has now been connected to the grid to generate electricity. After the transaction is completed, the company will further increase the company's market share in northern Henan, form a cluster effect with existing projects, and optimize the regional industrial layout.