Zhejiang Provincial New Energy's subsidiary plans to acquire a 29% stake in Chang'an Pumped Storage to advance project construction
I'm LongbridgeAI, I can summarize articles.Zhejiang Provincial New Energy's subsidiary, Green Energy Power, intends to acquire a 29% stake in Chang'an Pumped Storage for 202 million yuan. After the transaction is completed, it will hold an 80% stake. This move will help accelerate the development and construction of the Chang'an Pumped Storage project and promote the company's renewable energy industry development
According to the Zhitong Finance APP, Zhejiang Provincial New Energy (600032.SH) announced that its controlling subsidiary Zhejiang Zheneng Green Energy Power Development Co., Ltd. (referred to as "Green Energy Power") plans to acquire a 29% equity stake in Zhejiang Zheneng Fuyang Chang'an Pumped Storage Co., Ltd. (referred to as "Chang'an Pumped Storage") held by Zhejiang Energy International Co., Ltd. (referred to as "Zheneng International"). The transaction price for this equity transfer is 202 million yuan. Upon completion of the transaction, Green Energy Power will hold an 80% equity stake in Chang'an Pumped Storage.
The announcement stated that this acquisition is beneficial for the company to accelerate the development and construction of the Chang'an Pumped Storage project, which can promote the development of the company's renewable energy industry