Beijing Energy to acquire 70% stake in Jiangsu power project

Beijing Energy International Holding Co., Ltd. announced a discloseable transaction to acquire a 70% equity interest in a target company owning a fishery-photovoltaic complementary power generation project in Jiangsu Province. The acquisition, valued at approximately RMB371 million (tax inclusive), will see a wholly-owned subsidiary of Beijing Energy acquire the stake from Gaoyou Yongtai Enterprise Operation Management Co., Ltd.

The acquisition is conditional upon several factors, including regulatory approvals and the fulfillment of conditions precedent related to the project's operational readiness and financial standing. The consideration will be paid in three tranches: an RMB297 million First Payment, an RMB17 million Second Payment, and an RMB57 million Deposit, each contingent on specific conditions being met. The Target Company, incorporated in December 2023, reported a loss before/after taxation of RMB0.35 million for the year ended 31 December 2024, with net assets of approximately RMB529.8 million as at 31 May 2025.

Upon completion, the Target Company will become a subsidiary of Beijing Energy, enhancing the Group's operational scale and asset base in line with its clean energy development strategy. The project boasts an installed capacity of up to approximately 460MW, offering potential synergies with existing photovoltaic projects in the region. Shareholders are advised to exercise caution as the acquisition is subject to conditions and may not proceed.