Clenergy (Xiamen) Technology Co. Ltd and Hunan Xinhua Water Conservancy and Hydropower Co., Ltd. have entered into a cooperation agreement for a 77.1 MW solar power plant.

Xiamen, 20 December 2019 - Clenergy (Xiamen) Technology Co. Ltd (Shanghai Stock Exchange: SHA: 608628) and Hunan Xinhua Water Conservancy and Hydropower Co., Ltd. (hereinafter referred to as Hunan Xinhua) have entered into a cooperation agreement for a 77.1 MW solar power plant. Xiaoming Wang, president of Clenergy, and Wei Wang, General Manager of Hunan Xinhua, signed the agreement.

Based on the cooperation agreement, Clenergy has agreed to transfer to Hunan Xinhua in cash 80% of the stock share in five of its wholly-owned subsidiaries in Quanzhou, Fujian.

Hunan Xinhua is an established Chinese enterprise engaged in the investment and operation of clean energy. It is held by Xinhua Hydropower Co., Ltd., which is subordinate to China National Nuclear Corporation, one of the state-owned key enterprises. Hunan Xinhua has implemented an innovative business strategy of hydropower investment in coordination with the development of power grid, wind power, solar power, biomass, and electromechanical information industries.

"We are very delighted to cooperate with Hunan Xinhua, which opens up a new win-win dimension for both parties. Clenery team is in charge of the development, construction, and operation of all solar power plants in Nanan, Quanzhou in Fujian province. With extensive experience in global projects, Clenery has been committed to developing high-quality solar power plants and ensuring for the whole society more green energy " commented Xiaoming Wang at the signing ceremony, Vice President of Clenergy.

Upon transfer, the solar power plant will be jointly held by Clenergy and Hunan Xinhua, which marks new patterns of collaboration with key centrally-administered state-owned enterprises. The cooperation not only enables Clenergy to will give full play to its advantages in the field of new energy but also facilitates the distribution of new energy in developed areas for Xinhua Hydropower Group. Both parties have agreed to carry out more strategic cooperation in the field of new energy globally and accelerate the rapid development of renewable energy across the globe.

This agreement demonstrates' Clenergy's overall strength in terms of the development, construction, operation, and marketing of solar projects. It also represents a milestone in its development of solar power plants.