Summary by Futu AI
Xinyi Photovoltaic Holdings Limited (Xinyi Photovoltaic) and Xinyi Energy Holdings Limited (Xinyi Energy) announced on 28 February 2024 that Xinyi Energy has exercised subscription options (5) to acquire eight large ground-based solar power plant projects in China with a total approved capacity of 790 MW. The Solar Power Station Agreement (5) involved in the transaction was entered into on the same date by an indirect wholly-owned subsidiary of Xinyi Energy as a buyer, and Xinyi Light Energy and its four indirect wholly owned subsidiaries as sellers. The transaction is subject to approval by Shinyi Energy's independent shareholders and is expected to be voted on at the Shinyi Energy Special Meeting of Shareholders on 31 May 2024. Xinyi Energy will send relevant shareholder circulars to shareholders on or before 10 May 2024. In addition, transfer registration of Xinyi Energy shares will be suspended from 28 May 2024 to 31 May 2024. Once completed, Xinyi Light Energy will continue to share the electricity revenue generated from the solar farm project.