China Longyuan Power Group Corporation Limited (SEHK:916) agreed to acquire unknown majority stake in Gansu Guoneng Wind Power Co., Ltd./Xiahe Guoneng New Energy Development Co., Ltd. from CHN Energy Group Gansu Electric Power Co., Ltd. for CNY 710 million on October 22, 2024. A cash consideration of CNY 706.95 million will be paid by China Longyuan Power Group Corporation Limited. As part of consideration, CNY 706.95 million is paid towards assets of Gansu Guoneng Wind Power Co., Ltd./Xiahe Guoneng New Energy Development Co., Ltd.

As of June 30, 2024, Gansu Guoneng Wind Power Co., Ltd./Xiahe Guoneng New Energy Development Co., Ltd. reported total assets of CNY 4.31 billion and total common equity of CNY 1.21 billion.

The transaction is subject to approval of offer by acquirer board. The deal has been approved by the board.