On February 10, CECEP Solar Energy announced that its wholly-owned subsidiary had acquired 100% equity of Jinhua Fengling held by Hangzhou Fengling Electric Power for 527.4198 million yuan. This acquisition represents an important strategic move for the company at the start of its 15th Five-Year Plan period.
The announcement stated that the transaction was reviewed and approved at the 26th meeting of the 11th Board of Directors on February 9, 2026. It is not required to be submitted to the general meeting of shareholders, and does not constitute a connected transaction or material asset restructuring.
The transaction value is 527.4198 million yuan, while the audited book value of the target company as of August 31, 2025, was 544.6875 million yuan. Public information shows that Jinhua Fengling was established in January 2024 with a registered capital of 540 million yuan and has maintained stable operations. Jinhua Fengling owns the 600MW agrivoltaic photovoltaic power project of Jinhua Fengling New Energy Development Co., Ltd. (the "Jinhua Project"), and Hangzhou Fengling holds 100% equity of Jinhua Fengling.
The Jinhua Project has a registered construction scale of 600MW AC, with an actual construction scale of 710MW DC and 600MW AC, and was connected to the grid on May 25, 2025. It is expected to generate an average annual on-grid electricity output of about 748 million kWh, with an average annual operating revenue of 237 million yuan and total profit of 86.8645 million yuan. The after-tax internal rate of return (IRR) on total investment is 6.41%, the financial IRR on equity capital is 17.69%, and the after-tax payback period is 12.42 years.
CECEP noted that 2026 marks the beginning of the 15th Five-Year Plan, and the Jinhua Project is the largest single installed capacity project acquired by the company to date. By obtaining 100% equity of Jinhua Fengling, the company will take control of high-quality photovoltaic power generation assets, rapidly expand its installed capacity, generate new revenue streams, and enhance its position and influence in the solar PV industry, which is of strategic significance.
In addition to developing power station projects, CECEP Solar Energy is also advancing its layout in PV manufacturing and cutting-edge technologies. In previous investor communications, the company stated that it has built PV cell and module manufacturing bases in Zhenjiang, participating in market competition independently for the R&D, production and sales of PV cells and modules. The conversion efficiency of the company’s small-area perovskite-silicon tandem solar cells has now exceeded 30%.
Regarding the current and future development of its manufacturing business, CECEP outlined three priorities: first, implementing an asset-light operation strategy to reduce costs; second, strengthening R&D on perovskite-silicon tandem solar cells to break through cutting-edge technologies and enhance competitiveness; third, promoting digital and intelligent transformation and innovative businesses, exploring integrated solutions for segmented scenarios based on digital platforms and highlighting its existing smart operation and maintenance products.
Source：EnergyTrend
