China Power International Development Limited (CHINA POWER) announced that its 65%-owned Shandong New Energy Development Co., Ltd. entered into a Pre-Development and Technical Consultancy Agreement with Shandong Electric Power Engineering Consulting Institute Corp., Ltd. (Shandong Institute) on 9 June 2026.

The RMB166.47 million (approximately HK$191.35 million) contract covers comprehensive pre-development and technical consulting for the first 2 GW phase of a planned 4 GW offshore wind power project in Rizhao, Shandong Province. Scope of work includes government liaison, regulatory filings, feasibility studies, subsea engineering and geological surveys, oceanographic monitoring, military compatibility and environmental impact assessments, as well as subsea cable route studies.

Payment will be staged: a 10% start-up deposit follows the Contractor’s provision of a performance bond, with the balance released as key permits—such as marine use, military approval, environmental impact and construction licences—are secured.

Shandong Institute is an indirect, non-wholly-owned subsidiary of State Power Investment Corporation (SPIC), which controls 65.71% of CHINA POWER. The agreement therefore constitutes a connected transaction under Hong Kong Listing Rules. As the highest applicable percentage ratio is above 0.1% but below 5%, the deal requires announcement and reporting but is exempt from independent shareholders’ approval.

Management stated that the mandate was awarded through an open tender on the China Electric Power Equipment Information Network, and that pricing aligns with prevailing market rates. The Board—including independent non-executive directors—considers the terms fair, reasonable and in the interests of shareholders.

CHINA POWER is the flagship listed arm of SPIC, operating a diversified portfolio across hydro, wind, photovoltaic and thermal power generation, along with energy storage and integrated energy services throughout mainland China.