CHINA POWER (02380) announced that on February 13, 2026, its indirectly held non-wholly owned subsidiary, Weifang New Energy, entered into three separate engineering, procurement, and construction (EPC) contracts with State Nuclear Power Engineering Corporation and Shandong Electric Power Engineering Corporation. Under these agreements, the contractors will provide turnkey services for the development of the Lubei Phase I project, including the construction of photovoltaic and wind power generation facilities, a booster station, and grid connection lines. The total contract value is RMB 768 million (approximately HKD 863 million).

Located in the saline-alkaline tidal flat area of Weifang City, Shandong Province, China, the Lubei project is part of an integrated wind-PV-storage-transmission base. It adopts a complementary "PV and salt pan" model to achieve synergistic development. By installing power generation equipment above salt pans for both solar and wind energy, the project not only preserves traditional salt production functions but also significantly improves land use efficiency compared to conventional renewable energy projects.

Upon completion, the project is expected to strengthen the local energy structure, support the national development goal of establishing a "Green Energy Belt in the Lower Yellow River Region," and facilitate the area's transition toward high-tech chemical industries. This investment aligns with CHINA POWER's strategic objective of green and sustainable development and is anticipated to enhance the Group's long-term profitability.

Each EPC contract was awarded following a rigorous and competitive public tender process conducted through China’s procurement and bidding platforms, including the China Tendering and Bidding Public Service Platform, China Power Equipment Information Network, and State Power Investment Corporation E-Commerce Platform. The contract prices for each of the three EPC agreements are consistent with prevailing market rates for comparable projects. The Board of Directors considers the terms and pricing of the EPC contracts to be no less favorable than those available from independent third parties.