Haitai New Energy: Subsidiary Plans to Set Up RMB 125Million PVEnergyStorage Partnership Enterprise

According to EnergyTrend, Haitai New Energy issued an announcement on September 18, stating that its whollyowned subsidiary Tangshan Shengtai New Energy intends to jointly establish a partnership enterprise with Beijing Xicheng Energy Investment Co., Ltd. and Beijing Xicheng WinWin Technology Co., Ltd.

The transaction constitutes a relatedparty transaction with a total subscribed capital contribution of RMB 125 million. The partnership will mainly invest in newenergy projects including commercial and industrial distributed PV, utilityscale PV, wind power, energy storage and zerocarbon parks.

The partnership is tentatively named Beijing Xicheng Haitai New Energy Development Partnership (Limited Partnership), with an 8year partnership term. Details of capital contribution are as follows:

• Beijing Xicheng Energy subscribes RMB 99 million, accounting for 79.2% of total capital;
• Tangshan Shengtai New Energy subscribes RMB 25.99 million, holding a 20.792% stake. The initial capital contribution is RMB 2.0792 million. Subsequent contributions will be funded by proceeds from selling existing gridconnected power stations to the partnership. No additional capital raising by the listed company is expected;
• Beijing Xicheng WinWin Technology subscribes RMB 10,000, accounting for 0.008%.

Public information shows that the actual controller of Xicheng Energy is the Stateowned Assets Supervision and Administration Commission (SASAC) of Xicheng District, Beijing. Xicheng WinWin Technology is a newlyestablished entity and has not yet commenced substantive business operations.

Per the announcement, the transaction does not require review by the shareholders’ general meeting. The formal partnership agreement has not been signed, and all arrangements shall be subject to the final executed documents.

Source：EnergyTrend