CGN New Energy Signs Three-Year Connected Energy Storage Services Deal

CGN New Energy Holdings Co., Ltd. ( (HK:1811) ) has issued an announcement.

CGN New Energy Holdings has entered into a three-year energy storage services agreement between its wholly owned subsidiary CGN Shenzhen and CGN Wind Energy, a non-wholly owned subsidiary of its controlling shareholder CGN. Under the deal, CGN Wind Energy or its subsidiaries will provide energy storage services for designated wind and photovoltaic power farms operated by CGN Shenzhen in Shandong, Hunan and potentially other provinces in China, with fees set by reference to market rates and quotes from independent third parties. As CGN Wind Energy is a connected person under Hong Kong Listing Rules, the arrangement is classified as a continuing connected transaction, triggering reporting, annual review and announcement requirements, though it is exempt from circular and independent shareholders’ approval due to its size, highlighting ongoing intra-group cooperation to support the company’s renewable energy operations.

The most recent analyst rating on (HK:1811) stock is a Hold with a HK$3.00 price target. To see the full list of analyst forecasts on CGN New Energy Holdings Co., Ltd. stock, see the HK:1811 Stock Forecast page.

More about CGN New Energy Holdings Co., Ltd.

CGN New Energy Holdings Co., Ltd. is a Hong Kong-listed power producer focused on new energy, particularly wind and photovoltaic power generation assets in Mainland China. Through subsidiaries such as CGN Shenzhen and CGN Wind Energy, the group develops, owns and operates renewable power farms, with a market focus on expanding clean energy capacity and related services across various Chinese provinces.

Average Trading Volume: 10,194,211

Technical Sentiment Signal: Buy

Current Market Cap: HK$11.45B

For detailed information about 1811 stock, go to TipRanks’ Stock Analysis page.