China Power's Haiwei Wind Power enters connected transaction

China Power International Development (HKEX:2380) announced its indirect wholly-owned subsidiary, Haiwei Wind Power, has entered into an Engineering, Procurement, and Construction (EPC) Contracting Agreement with Shandong Institute for a power transmission line engineering project. The agreement, dated April 2, 2025, involves Shandong Institute providing survey design, equipment procurement, construction, installation, and other technical support services for a consideration of RMB61,509,000 (approximately HKD66,858,000). This constitutes a connected transaction as Shandong Institute is an indirect non wholly-owned subsidiary of China Power's ultimate controlling shareholder, SPIC. The transaction is subject to reporting and announcement requirements under the Listing Rules but is exempt from independent shareholders' approval. This project is deemed essential for connecting Haiwei Wind Power's onshore central control station to the local power grid, thus ensuring full electricity output from its offshore wind power plant.