Shangao New Energy (01250) subsidiary signed a cooperation agreement to lease designated areas in Linyi, Shandong

According to Zhitong Finance App, Shangao New Energy (01250) and Shangao Holdings issued a joint announcement. On December 29, 2025, Shandong Expressway Linteng Highway Co., Ltd. (Shandong Expressway Linteng) and Shangao New Energy (Shandong) (an indirect wholly-owned subsidiary of Shangao New Energy and an indirect non-wholly-owned subsidiary of Shangao Holdings) signed a cooperation agreement on leasing designated areas.

Shandong Expressway Linteng Xiangshan Hi-Tech Energy (Shandong) Rental is located in the designated area of Linyi City, Shandong Province, for the construction of photovoltaic power generation projects and operation of photovoltaic power plants. The period is 20 years from January 1, 2026 to December 31, 2045. The annual rental service fee payable by Shangao New Energy (Shandong) is RMB 0.04 per watt (tax included, tax rate is 6%). It will be collected by Linteng of Shandong Expressway after completing the construction of the photovoltaic power plant in the designated area and starting power supply, and will be calculated based on the actual construction capacity of the completed photovoltaic power plant. Taking into account the expected construction capacity of the photovoltaic power plant of 83 megawatts and its construction plan, it is expected that the total rental service fee during the term of the cooperation agreement will be RMB 66.4 million.

According to the terms of the cooperation agreement, Linteng of Shandong Expressway will provide designated areas, that is, designated areas operated by Linteng of Shandong Expressway, including some location spaces such as highway toll gates, service areas, slopes, tunnels and ramp circles, for the investment, construction and operation of photovoltaic power plants owned by Shangao New Energy (Shandong). After considering the potential and stability of the operation and management business of Shandong Expressway Group, the directors of Shangao New Energy and the directors of Shangao Holdings believe that the conclusion of the cooperation agreement will obtain reliable customers and bring stable operating income and cash flow to Shangao New Energy and Shangao Holdings, thereby promoting the steady development of the clean energy business.