PN Smart Energy Limited (NASDAQ: PN), a global independent power producer, has announced that its Chinese subsidiary, Nanjing Cesun Power Development Co., Ltd., has signed a framework agreement to acquire a 9.9-megawatt distributed solar power portfolio from Zhejiang Yuntan Technology Co., Ltd.
The portfolio's proposed valuation is approximately RMB30 million, equivalent to $4.45 million, according to the company's internal auditing assessment.
This acquisition aligns with PN Smart's strategic focus on expanding its clean energy assets and enhancing its presence in the renewable energy sector.
The deal underscores the company's commitment to developing intelligent energy infrastructure and critical energy materials.
PN Smart aims to leverage this acquisition to bolster its portfolio of clean power stations and further its mission of sustainable energy development.
"This framework agreement marks another concrete step in PN Smart Energy’s strategic transformation into an independent power producer," said Weiqi Huang, Chief Executive Officer of PN Smart. "Securing these renewable energy assets bolsters our overall competitiveness and once completed, we expect it will help generate substantial and sustainable cash flow to the Company. "