On December 30, Jolywood issued an announcement on its holding subsidiary winning the bid for a related party project and the conclusion of a connected transaction contract. The contracted equipment is PV modules, with a tentative total price exceeding RMB 154 million.
According to the announcement, recently, Taizhou Jolywood Optoelectronics Technology Co., Ltd., a holding subsidiary of Jolywood, won the open tender for "Bid Section B of PV Modules for Ganzi Xiangcheng Gongzha (Phase II) Photovoltaic Power Generation Project" launched by Ganzi Prefecture Xiangcheng Zhejiang New Energy Photovoltaic Power Generation Co., Ltd. (Ganzi Zhejiang New Energy), with a winning bid amount of RMB 154.1185 million. Taizhou Jolywood Optoelectronics will supply N-type monocrystalline PV modules and spare parts to Ganzi Zhejiang New Energy.
The tentative quantity of PV modules under the contract is 207.567MWp, which will be applied to the Ganzi Xiangcheng Gongzha (Phase II) Photovoltaic Power Generation Project.
The tentative total contract price is RMB 154.1185 million, including 13% VAT. The total price covers the costs of contracted equipment, technical documents and technical services, as well as taxes, packaging, transportation, insurance and all other expenses borne by the seller for fulfilling obligations and completing work under the contract. The final contract price shall be settled based on actual circumstances.
It is learned that the tenderee of this project, Ganzi Zhejiang New Energy, is a holding great-grandson company of Zhejiang Energy Group Co., Ltd., the indirect controlling shareholder of Jolywood. As a related party of Jolywood, this transaction constitutes a connected transaction.
Ganzi Zhejiang New Energy is controlled by Zhejiang New Energy Investment Group Co., Ltd. (Zhejiang New Energy). In 2024, Zhejiang New Energy achieved operating income of approximately RMB 4.961 billion and net profit of approximately RMB 567 million.
Source：EnergyTrend
