Guangzhou Development (600098.SH) subsidiary plans to participate in the bidding for a 35% stake in PowerChina (Lufeng) Pumped Storage Development Co., Ltd.

The China Fortune Financial News App reports that Guangzhou Development (600098.SH) has announced plans to participate in the auction for a 35% stake in the Luofeng Pumped Storage Energy Development Company Limited (referred to as "Luofeng Company") by China Energy Construction Group (Luofeng). This is in line with national strategies to achieve the "dual carbon" goals and build a new type of power system. By securing high-quality pumped storage energy project resources, the company aims to promote industry transformation and upgrade and achieve synergistic development. The subsidiary of the company, Guangzhou Development Electric Power Group Co., Ltd. (referred to as "Power Group"), will participate in the auction with a minimum transfer price of 53.2535 million yuan.