On February 11, CECEP Solar Energy announced that, to improve corporate earnings and increase its market share in solar photovoltaic power generation, its wholly-owned subsidiary CECEP Solar Energy Technology Co., Ltd. (hereinafter “Solar Energy Technology Company”) has acquired 100% equity of Jinhua Fengling New Energy Development Co., Ltd. (hereinafter “Jinhua Fengling or the Target Company”) held by Hangzhou Fengling Electric Power Technology Co., Ltd. (hereinafter “Hangzhou Fengling or the Original Shareholder”).The total consideration for this acquisition is 527.4198 million yuan.
Jinhua Fengling owns the 600MW Agrivoltaic Complementary PV Power Project (Jindong Yuandong) (hereinafter “the Jinhua Project”), and Hangzhou Fengling holds 100% equity of Jinhua Fengling.
The Jinhua Project has a registered capacity of 600 MW AC, with an actual construction scale of 710 MW DC / 600 MW AC. It was connected to the grid on May 25, 2025.The project is expected to achieve:
Average annual on-grid power generation: 747.5246 million kWh
Average annual operating revenue: 236.5450 million yuan
Average annual total profit: 86.8645 million yuan
Post-tax IRR on total investment: 6.41%
Post-tax IRR on equity capital: 17.69%
Post-tax payback period: 12.42 years
CECEP Solar Energy stated that 2026 marks the start of the 15th Five-Year Plan period for the company, and the Jinhua Project is the largest single-unit capacity project ever acquired by the company.By acquiring 100% equity of Jinhua Fengling, the company will obtain high-quality photovoltaic power assets, rapidly expand its installed capacity, generate new revenue streams, and enhance its position and influence in the solar PV industry, which is of strategic significance.
Public data shows that CECEP Solar Energy targets a total installed capacity of over 13.6 GW for operational, under-construction, planned, and pre-acquired PV power plants in 2025.As of the end of June 2025:
Operational power plants: approx. 6.535 GW
Under-construction power plants: approx. 2.365 GW
Planned power plants: approx. 2.217 GW
Pre-acquired power plants: approx. 1.529 GW
Total: approx. 12.647 GW
