Datang Ocean Energy Development Co., Ltd. announced that it expects to receive CNY 2.7 billion in funding from China Datang Corporation Renewable Power Co., Limited, Datang Renewables (H.K.) Co., Limited, Datang Hainan Energy Development Co., Ltd.
April 07, 2024
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Datang (Danzhou) Ocean Energy Development Co., Ltd. announced that it has signed a purchase agreement to receive CNY 2,700 million in a equity round of funding on April 8, 2024. The transaction included participation from returning investors China Datang Corporation Renewable Power Co., Limited CNY 1,485 million, Datang Renewables (H.K.) Co., Limited for CNY 270 million, and Datang Hainan Energy Development Co., Ltd. for CNY 945 million. Upon completion of the transaction, the shareholding ratios of the investors in the company shall remain unchanged. The company will receive cash in the transaction. Under the transaction, the parties will make capital contribution in the same proportion based on their respective existing shareholding ratio in the company at a price of CNY 1 for subscription of additional registered capital of CNY 1. The investors shall pay the capital contributions in tranches following the progress in the development and construction of Datang Danzhou Offshore Wind Power Project and based on the applications for the capital requirements by the company and shall pay the amount of capital contribution they have subscribed for in full by December 31, 2027. The Capital Increase Agreement shall become effective after it is duly signed by the relevant legal representatives or authorize representatives of the parties and affixed with their respective company chops, and has been considered and approved by the Independent Shareholders at the General Meeting. The Capital Increase is subject to the Independent Shareholders? approval, an Independent Board Committee comprised of all independent non-executive Directors has been formed to advise the Independent Shareholders in connection with the Capital Increase.
On April 17, 2024, the company announced that the first extraordinary general meeting in 2024 to be convened by the Company on May 9, 2024.
China Datang Corp Renewable Power Co Ltd is a China-based company principally engaged in the generation and sale of wind power and other renewable power. The Companyâs main businesses include the development, investment, construction and management of wind power and other renewable energy sources; research and development, application and promotion of low carbon technology; research, sale, testing and maintenance of renewable energy-related equipment; power generation; design, construction and installation, repair and maintenance of domestic and overseas power projects; import and export services of renewable energy equipment and technologies; foreign investment; renewable energy-related consulting services.
Datang Ocean Energy Development Co., Ltd. announced that it expects to receive CNY 2.7 billion in funding from China Datang Corporation Renewable Power Co., Limited, Datang Renewables (H.K.) Co., Limited, Datang Hainan Energy Development Co., Ltd.