Gelonghui, March 20, 丨 Shangao New Energy (01250.HK) announced that on March 20, 2024, the company signed an investment agreement with Shandong International Cooperation and Shandong High Speed Energy Development to establish a joint venture in China. According to the investment agreement, the total investment amount (including all registered capital) is RMB 45 million, of which 30% will be funded by the company, 40% will be funded by Shandong International Cooperation, and the remaining 30% will be funded by Shandong High Speed Energy Development.

According to the industrial and commercial registration, the joint venture plans to mainly engage in overseas photovoltaic power generation, wind power generation, energy storage, charging, and smart energy management and control systems.

The clean energy business is the Group's core development business. The establishment of a joint venture will enable the Group and Shandong Expressway Group to cooperate in developing overseas clean energy business, give full play to their respective advantages, and improve the efficiency of development, operation and capital utilization, so as to achieve shared risks and benefits.