Linyang Energy announced on November 29 that it intends to sign a project merger and acquisition framework agreement ( "Framework Agreement") with Shanghai Xirong New Energy Co., Ltd. ( "Xirong New Energy") to transfer 100% of its 18 wholly-owned subsidiaries to Xirong New Energy at a total consideration of 1.183 billion yuan.
Among them, the first batch of 10 target companies in the framework agreement will sign the Equity Transfer Agreement together with the signing of the framework agreement, with a total transfer consideration of 356 million yuan. Whether the formal agreement for the transfer of the second batch of projects in the framework agreement can be signed depends on the further negotiation, promotion and implementation of the subsequent audit and evaluation results, which is uncertain.
Linyang Energy said that the equity transfer transaction is conducive to optimizing the asset structure of power plants, reducing renewable energy subsidies in accounts receivable, improving the efficiency of capital use, and strengthening cooperation with partners.
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