CGN Power Announces Major EPC Contract Approval

CGN Power Co (HK:1816) has released an update.

CGN Power Co., Ltd. has announced the approval of a substantial Engineering, Procurement, and Construction (EPC) Contract with CGN Engineering and CGN Design for Project Ningde Phase II, estimated at RMB32.54 billion. The deal involves a range of services from design to project management, and the consideration will be adjusted upon finalization of the preliminary design budget. The transaction is notable as it involves connected parties within the company’s structure, but has been exempted from certain shareholder approval requirements due to board and independent director endorsements.

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