On October 18, Grumpy announced that in order to further meet the funding needs of offshore wind power, and ensure the smooth progress of related projects investment and construction, the company, Hebei Joint Investment, and Jointo Energy Investment signed a capital increase agreement on October 18, 2024. According to this agreement, the registered capital of offshore wind power will increase by 708.89 million yuan, with the company, Hebei Joint Investment, and Jointo Energy Investment subscribing according to their respective shareholding ratios. Among them, the company should pay 364.37 million yuan, Hebei Joint Investment should pay 25.52 million yuan, and Jointo Energy Investment should pay 319 million yuan.

After this capital increase, the registered capital of offshore wind power will increase from the current 1,111.11 million yuan to 1,820 million yuan. The proportions of equity held by the company, Hebei Joint Investment, and Jointo Energy Investment in offshore wind power will remain unchanged at 51.4%, 3.6%, and 45%.

Established on February 19, 2011 according to Chinese law, Offshore Wind Power mainly operates the Bodhi Island 300MW offshore wind power project, and invests in the construction of the Jointo Xiangyun Island 250MW offshore wind power project and Shunhuan Xiangyun Island 250MW offshore wind power project. Its business scope mainly includes power generation, power transmission, and electricity supply services; as well as installation, maintenance, and testing of transmission, supply, and receiving power facilities.

To seize the major strategic opportunity for offshore wind power development in Hebei Province, Offshore Wind Power plans to invest in the construction of the Jointo Xiangyun Island and Shunhuan Xiangyun Island offshore wind power projects. The planned capacity of these projects is 250MW each, with clear boundary conditions and feasibility verified through market, technical, and other aspects. These projects have been included in the development plan for offshore wind power in Hebei Province, and the subsequent construction involves multiple expenses and intensive capital investment. This transaction directly provides financial support for project construction, creating favorable conditions for the smooth progress and early production of the projects.