On the morning of August 12, CR Power and Gansu Province Electric Power Investment Group signed a 34% equity transfer agreement for Changle Power Generation Co., Ltd. (hereinafter referred to as Changle Power Plant) in Lanzhou. President Tang Yong of CR Power and Chairman Pu Peiwen of Gansu Province Electric Power Investment Group signed the agreement on behalf of the two parties. Fan Wude, Member of the Party Committee and Deputy Director of the State-owned Assets Supervision and Administration Commission of Gansu Province, attended the event, and Liu Wanxiang, General Manager of Gansu Province Electric Power Investment Group, presided over the signing ceremony.

President Tang Yong expressed his gratitude to the state-owned Assets Supervision and Administration Commission, the Ministry of Industry and Information Technology, the Development and Reform Commission of Gansu province and Gansu Province Electric Power Investment Group for their strong support for the development of CR Power's business in Gansu. He expressed that Gansu Province Electric Power Investment Group was a key backbone enterprise in the energy field of Gansu province. He hoped that the two parties would take this cooperation as an opportunity to join forces and give full play to the advantages of Gansu Province Electric Power Investment Group as a "chain leader" in new energy in Hexi area and advantages of CR Power in capital, technology and management, carry out all-round cooperation and exchanges, realize new leaps in strategic development, and make due contributions to the construction of a new power system mainly centered on new energies.

Chairman Pu Peiwen said that this agreement marked a vivid practice of the long-term mechanism of cooperation between the central and local governments. CR Power enjoyed advanced management experience in the construction and operation of large-scale power plants. By launching equity cooperation, the two parties could complement each other with strengths, which would in turn allow Changle power plant to gain better capability in safe and reliable operation, sustainable management and all-round competition. We expected that the two parties would join forces and give full play to their own advantages to forge Changle power plant into a demonstration project under the cooperation of central and local governments. At the same time, we would like to see the two parties to strive to build a new platform and new mechanism for cooperation and development between the two parties to push mutual benefit to a higher level.

The Changle power plant 4×1000MW peak-shaving thermal power project serves as a supporting peak shaving power for the ±800 kV UHVDC transmission project from Jiuquan to Hunan. The project has seen a total scheduled investment of RMB 13 billion and it will be completed and put into operation in 2023. As a result of the project, the 10 million kilowatts of new energy in Jiuquan area would maintain stability in delivery, which is of great significance to a more stable delivery of new energy in Hexi area and optimized allocation across regions and in large scale, and to promote the creation of a national new energy comprehensive demonstration zone in Gansu Province. The cooperation of the two parties would facilitate CR Power's participation in the development and construction of peak shaving power and supporting new energy in Gansu during the "14th Five-Year Plan" period, building of a green and zero-carbon industrial park and an integrated source-grid-load-storage-hydrogen project.

The responsible comrades of the Gansu Development and Reform Commission, the relevant offices of the Ministry of Industry and Information Technology and the Guazhou County Government, the relevant leaders of Gansu Province Electric Power Investment Group, the heads of CR Power central-west China region, and the strategic investment department addressed the event.