China Power unit wins energy storage equipment contract

China Power International Development Limited (HKEX:2380) announced that its non wholly-owned subsidiary, Xinyuan Smart Storage, has entered into a BESS Procurement Contract with Haixi Energy. Under the agreement, Xinyuan Smart Storage will supply equipment and components for an energy storage system related to the Tuosu Project. The total consideration for the contract is RMB89,200,000, approximately equivalent to HKD96,957,000. The Tuosu project, held by Haixi Energy, involves developing a 50MW/200MWh energy storage solution. Haixi Energy is an indirect subsidiary of SPIC, the ultimate controlling shareholder of China Power. The transaction is classified as a connected transaction under the Listing Rules, subject to announcement and reporting requirements but exempt from independent shareholders' approval.