According to Zhitong Finance App, China Electric Power (02380) announced that on November 11, 2026, Tianyuan New Energy (an indirect non-wholly-owned subsidiary of the Company) signed a general engineering contract with the National Nuclear Research Institute. According to the contract, the National Nuclear Research Institute will act as the contractor for the project, providing engineering, procurement and construction services for photovoltaic power generation and energy storage facilities, two booster stations, transmission lines, and existing substation renovation projects at a cost of RMB 710 million (approximately HK$826 million).
The project was developed in cooperation with Ningxia Tianyuan, a global leader in the manganese industry that indirectly holds 5% of Tianyuan New Energy's shares. In order to cope with the high electricity consumption and high carbon emissions characteristics of electrolytic manganese production, the project uses a green power direct connection model. Under this model, the generated green electricity will be directly supplied to Ningtian Tianyuan for manganese production, thereby reducing its production costs and accelerating its transformation to a greener energy structure. In return, this long-term and stable consumption of green electricity is expected to bring sustainable benefits to the project in the long run. The project is in line with the company's strategic commitment to green and sustainable development.
Through China's procurement and bidding platforms and networks (including the China Public Service Platform for Bidding and Bidding, the China Electric Power Equipment Information Network, and the China Power Investment E-Commerce Platform), the Group grants general contracting contracts to contractors in accordance with strict competitive open market bidding procedures. The costs payable under the general engineering contract are in line with current prices charged by other companies for market-comparable projects. The directors believe that the cost of the general engineering contract and its related terms are not inferior to the costs and terms provided to the Group by an independent third party.