Sunpower acquired shares of two Chinese power companies for 8.61 million yuan | Lianhe Zaobao
Sunpower Group acquired shares of two Chinese power companies for a total price of 47 million yuan. Sunpower International will acquire 15% of Jining Xinneng Thermal Power Co., Ltd. for 30.2 million yuan, while Jiangsu Sunpower Clean Energy Co., Ltd. will acquire the remaining 10% of Changshu Suyuan Thermal Power Co., Ltd. for 16.8 million yuan. After the acquisition is completed, Sunpower will fully control the Changshu company
Sunpower Group, listed on the main board, will acquire shares in two Chinese power companies for a total price of 47 million yuan (approximately 8.61 million Singapore dollars).
The group announced the news in two consecutive statements after the market closed on Thursday (December 4).
Sunpower Group's wholly-owned subsidiary, Sunpower International (Singapore), will acquire 15% of Jining Xinneng Thermal Power Co., Ltd. for approximately 30.2 million yuan.
This company was established in 2024 and is controlled by the large state-owned enterprise Jining Energy Group in Shandong, serving as the exclusive steam supplier for the Jining New Materials Industrial Park. Once the project is operational, it will provide centralized heating for residents of Jinxing County while selling electricity to the State Grid.
Another subsidiary, Jiangsu Sunpower Clean Energy Co., Ltd., holds 90% of Changshu Suyuan Thermal Power Co., Ltd. and has reached an agreement to acquire the remaining 10% of shares from Jiangsu Geqiu Environmental Technology Group Co., Ltd. for a purchase price of 16.8 million yuan. Upon completion of the acquisition, Sunpower will fully control the Changshu company.
The group's statement indicates that Suyuan Company is the exclusive steam supplier for the local industrial park and also sells electricity to the State Grid. Since acquiring shares in 2019, the group has completed multiple facility upgrades. After acquiring the remaining shares, it is expected to enhance the overall return of the project, including future applications of artificial intelligence technology to improve efficiency.
The statement noted that as of the end of July, Xinneng Thermal Power had a book value of approximately 205 million yuan; as of the end of June, Suyuan Thermal Power had a book value of approximately 270.46 million yuan. Both transactions will be financed internally.
Sunpower Group's stock price closed at 0.52 yuan on Thursday, down 0.94%
