Shenzhen Energy has announced a significant investment in renewable energy with the construction of a 100MW photovoltaic power generation project in Mancheng. On March 31, the company’s board approved the proposal for this project, receiving unanimous support with nine votes in favor and no objections or abstentions.
The full investment for the Mancheng photovoltaic project amounts to RMB 377.99 million, of which RMB 75.90 million will be funded by the company’s own resources. The remaining funds are expected to be secured through financing options. Given the financial situation of its subsidiary, Baoding Power Generation Co., Ltd. (referred to as “Baoding Company”), Shenzhen Energy plans to increase its capital contribution to the project by RMB 75.90 million. Following this capital injection, Baoding Company’s registered capital will rise from RMB 1.596 billion to RMB 1.672 billion.
According to the company’s articles of association, this investment does not require approval from the shareholders’ meeting. Furthermore, this investment does not constitute a related party transaction nor does it fall under the significant asset restructuring regulations outlined by the Measures for the Administration of Significant Asset Restructuring of Listed Companies.
The project is part of Shenzhen Energy’s ongoing commitment to sustainable energy solutions and aims to enhance the company’s operational capabilities in the renewable energy sector.
