On December 17, the company announced that the 100MW/200MWh energy storage equipment procurement contract signed by Hunan Lingpai Energy Storage Technology Co., Ltd., a wholly-owned subsidiary of the company, was formally terminated. The contract, with a tax amount of 125 million yuan, was signed in June 2024.
The announcement disclosed that the termination of the contract was not caused by a single factor, the primary reason was that the land approval procedures of Party a's project location failed to pass, resulting in the energy storage power station project has not been started since the signing of the contract, and has been in a long-term stagnation.
At the same time, since the contract was signed more than a year ago, the market price of energy storage equipment has fallen sharply, so the two sides finally decided to terminate the original purchase contract.
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