Huaneng International (600011.SH): Jiangxi Qingneng plans to invest no more than 924 million yuan to set up Fengcheng Company with Shanghua Investment

On July 27, 2021, Huaneng International (600011.SH) announced that Jiangxi Qingneng, a wholly-owned subsidiary of the Company, signed the "Agreement on the Establishment of a Joint Venture Company" with Shanghua Investment on July 27, 2021, and Jiangxi Qingneng will jointly invest in the establishment of Fengcheng Company with its related party Shanghua Investment. Jiangxi Qingneng will contribute no more than 924 million yuan, and Shanghua Investment will contribute 396 million yuan with the equivalent US dollar.

After the completion of the transaction, Jiangxi Qingneng will hold a 70% interest in Fengcheng Company, and Shanghua Investment will hold a 30% interest in Fengcheng Company.

In order to increase the proportion of the company's installed clean energy capacity, optimize the industrial structure and meet the development and construction requirements of the Fengcheng photovoltaic base project, It is planned to establish Fengcheng Company. After the completion of the transaction, Jiangxi Qingneng will consolidate the statements of Fengcheng Company.

This article originated from Grand Gateway