China Longyuan Power Group Corporation Limited (SZSE: 001289) has announced its intention to purchase a 49% equity stake in Guoneng Badain Jaran (Gansu) Energy Development and Investment Co., Ltd., commonly known as Badain Jaran Company. The seller is China Energy Investment Group Co., Ltd.

Following deliberation and approval by the company's board of directors, Longyuan Power has agreed to proceed with the acquisition via a private agreement transfer. The total consideration for the stake is set at 246.317 million yuan.

Badain Jaran Company is responsible for the development and construction of the Badain Jaran project. This initiative is part of China's large-scale wind and solar power base development in desert and Gobi regions. It also serves as a supporting power source project for the "Longdian Ruchuan" ultra-high voltage direct current transmission project.

The planned scale of the Badain Jaran project involves the construction of 11,000 megawatts of new energy capacity. This will be complemented by thermal power peak-shaving projects and energy storage facilities.

Upon completion of the acquisition, Badain Jaran Company will become a wholly-owned subsidiary of Longyuan Power. This move is expected to enhance the effective advancement of the Badain Jaran project and further strengthen China Longyuan Power Group Corporation Limited's competitive edge within the new energy power market.