Sichuan Chuantou Energy (600674.SH) plans to acquire 87% equity of Yuan'an Pumped Storage and invest in the construction of the Hubei Yuan'an Pumped Storage Power Station.

Sichuan Chuantou Energy (600674.SH) announced that the company held the 35th meeting of the 11th Board of Directors on January 20, 2025, and approved the proposal report on the acquisition of 87% equity of Hubei Yuan'an Pumped Storage Energy Co., Ltd. through delisting and investment in the construction of Hubei Yuan'an Pumped Storage Power Station. The meeting agreed that the company will purchase 87% equity of Hubei Yuan'an Pumped Storage Co., Ltd. currently held by China Three Gorges Construction (Group) Corporation on the Shenzhen United Property Exchange (referred to as "Shenzhen United Exchange") through public delisting and will utilize Yuan'an Pumped Storage as the investment entity to invest in the construction of Hubei Yuan'an Pumped Storage Power Station. The equity transaction price is 1.479 billion yuan, and the total project investment is 81.99 billion yuan. It is reported that Hubei Yuan'an Pumped Storage Power Station is located in Hualin Temple, Yuan'an County, Yichang City, Hubei Province, with a straight-line distance of 45 km and 253 km from Yichang and Wuhan respectively. The installed capacity of the power station is 1200MW, and the main tasks of the project include peak-load regulation, valley-filling, frequency modulation, phase modulation, energy storage, emergency standby, etc. The hub project mainly consists of upper reservoir, lower reservoir, underground water conveyance system, and power plant. The normal water storage level of the upper reservoir is 847m, and the normal water storage level of the lower reservoir is 330m. The feasibility study report of the power station has been reviewed, and the project has obtained approval from the Development and Reform Commission of Hubei Province, with a total project investment of 81.99 billion yuan. The project site has obtained approval from the Ministry of Natural Resources. This investment is in line with the national energy strategy, supports the dual carbon goals and the construction of new energy systems, aligns with the company's main energy development strategy, and will contribute to the company's optimization, strengthening, and growth in the energy sector.