Jiangsu Linyang Energy Co., Ltd. signed and issued the notice of EPC general contract for Guanyun Yongguan 98mw photovoltaic power generation project, which was signed by its wholly-owned subsidiary Jiangsu Linyang Power Service Co., Ltd. and Guanyun Yongguan New Energy Technology Co., Ltd. The contract signed Guanyun Yongguan 98mw photovoltaic power generation project located in Nangang Town, Guanyun county. The total contract price is RMB 404.74 million, and the full capacity grid connection date is no later than June 30, 2020.

Nanjing Huayao New Energy Technology Co., Ltd., a wholly-owned subsidiary of Linyang Energy Co., Ltd. (hereinafter referred to as “Nanjing Huayao”, i.e., the “Transferor”) holds 100% equity of Guanyun Yongguan. Guanyun Yongguan has been put on record by the development and Reform Commission of Guanyun County, Lianyungang, and agreed to build Guanyun Yongguan 98mw photovoltaic power generation project, with a total investment of 500 million yuan.

On March 11, 2020, Nanjing Huayao signed the equity transfer agreement with Shenneng new energy (Inner Mongolia) Co., Ltd. (hereinafter referred to as “Inner Mongolia new energy”, i.e. the “Transferee”) to sell 100% equity of Guanyun Yongguan at RMB 1 million. After the completion of the industrial and commercial change of the equity transfer, Guanyun Yongguan will no longer be a wholly-owned subsidiary of the company.

After the completion of the industrial and commercial change of the equity transfer of Guanyun Yongguan, Linyang energy and its subsidiaries have no relationship with Guanyun Yongguan.

According to the announcement, the company’s revenue from the performance of this contract is 404.74 million yuan, accounting for 10.08% of the company’s audited operating income in 2018. The implementation of the project conforms to the industrial development direction of the company, and can promote the development of the company’s new energy industry and the improvement of the industrial chain. The smooth implementation of the contract can further expand the development and construction of EPC projects, improve the company’s business undertaking ability and profitability, provide more experience for the company’s follow-up EPC project cooperation and development, and improve the company’s comprehensive strength and market competitiveness.

Editor in charge: WV

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