CGN POWER (01816) intends to invest 8.347 billion yuan to purchase 46% equity interest in Cangnan Nuclear Power from its controlling shareholder and 51% equity interest in Cangnan Phase II Nuclear Power.

CGN POWER (01816) announced that on April 28, 2026, the board of directors has reviewed and approved the resolution for the company (as the buyer) to enter into a stock transfer agreement with the controlling shareholder China General Nuclear Power Corporation (as the seller). According to the stock transfer agreement, the company agrees to acquire a 46% equity interest in Cangnan Nuclear Power Plant and a 51% equity interest in Cangnan Second Nuclear Power Plant, with a total cash consideration of approximately RMB 8.347 billion. Upon completion of the acquisition, the target companies will become subsidiaries of the company, and their financial performance will be consolidated into the group's financial statements. It is reported that Cangnan Nuclear Power Plant is responsible for the development, construction, and operation of Cangnan Phase I project, with the expectation that two nuclear power units will start commercial operations in 2026 and 2027 respectively. The total investment in the Cangnan Phase I project is estimated to be approximately RMB 48.645 billion, with an amount of about RMB 41.858 billion already invested as of September 30, 2025, and an additional investment of around RMB 6.787 billion required thereafter. Cangnan Second Nuclear Power Plant is in charge of the development, construction, and operation of Cangnan Phase II and Cangnan Phase III projects. It is anticipated that Unit 3 of Cangnan will commence commercial operations in 2030, while Unit 4 is currently in the pre-FCD preparation stage. Projects for Units 5 and 6 totaling two million-kilowatt nuclear power units are planned, with preparations underway for approval. The total investment in the Cangnan Phase II project is estimated to be around RMB 43.788 billion, with approximately RMB 10.159 billion already invested as of September 30, 2025, and an additional investment of about RMB 33.629 billion required thereafter. With a total of four nuclear power units in the Cangnan Phase I and II projects, the combined installed capacity is approximately 4,846 MW, with plans for two million-kilowatt units in the Cangnan Phase III project. Through the acquisition, the company will further expand its controlled installed capacity of nuclear power units and reserve of nuclear power projects, continuously strengthening its market position and long-term competitiveness in the nuclear power industry. This is an effective way to achieve growth in the company's nuclear power generation capacity and performance, as well as increasing its market share and pursuing sustainable development. As a result, the acquisition is expected to increase the company's long-term value.