CGN New Energy Holdings Co., Ltd. announced that on 22 November 2023, the Board approved the Group's proposed investment in the Zhaoyuan Offshore Photovoltaic Project. With an approved power generation capacity of 400 MW, the Zhaoyuan offshore Photovoltaic Project is one of the projects that are to be actively promoted, according to the "2023 Key Tasks of Works of Shandong Province in Building a Green, Low-Carbon and High-Quality Development Pioneer Zone" announced by the provincial government of Shandong. Location.

The permanent site area of the Zhaoyuan Off offshore Photovoltaic Project is approximately 34 mu. The Zhaoyuan Offshore photovoltaic Project may not proceed if the relevant approvals and/or permits are not obtained. The Zhaoyuan offshore photovoltaic Project is the Group's first large-scale offshore photovoltaic project, which is in line with the Group's strategic direction of developing seaborne new energy and will provide the Group with experience in planning, development, construction, operation and maintenance of future offshore photovoltaic projects.

The Board is of the view that the Zhaoyuan Off shore Photovoltaic Project would not only increase the installed capacity of the Group, but also facilitate the further development of the Group's business in offshore photovoltaic projects". The Board is therefore of the view that the implementation of the Zhaoyuan off offshore photovoltaic Project is in line with the Group' long-term development strategy and the interests of the Shareholders as a whole. The Company has not entered into or agreed to enter into any transaction (as defined in Chapter 14 of the Listing Rules) in relation to the Zhaoyuan Off Shore Photovoltaic Project.

If any transactions have taken place or there are any major developments or updates related to the Zhaoyuanoffshore Photovoltaic Project, the Company will comply with the relevant requirements of the Listing Rules and make further announcements where necessary.