On November 22, CGN New Energy announced that the board of directors of the company approved the investment proposal for offshore photovoltaic projects on the same day. This project is one of the projects actively promoted by the Shandong Provincial Government in the "Key Tasks of Building a Green, Low Carbon and High Quality Development Pioneer Area in Shandong Province in 2023".
According to the announcement, the total investment of the project is RMB 2.985 billion, including the cost of energy storage system, booster station and transmission line, equipment and installation, construction engineering, and other costs and reserve funds. The capital of the project is expected to be approximately RMB1134 million, which is intended to be jointly funded by the Group's internal resources and bank financing.