Sunpower Group subsidiary to acquire 15% stake in Jining Xinneng Thermal Power for 30.2 million yuan

[SINGAPORE] Sunpower International Holding (Singapore), a wholly owned subsidiary of Sunpower Group , is acquiring a 15 per cent equity interest in Jining Xinneng Thermal Power for about 30.2 million yuan (S$5.5 million).

Xinneng Thermal Power, established in September 2024, is majority-owned by Jining Energy Development Group, one of the largest state-owned enterprises in Shandong Province, Sunpower Group said in a Thursday (Dec 4) night bourse filing.

It is the exclusive steam supplier to Jining New Material Industrial Park, one of China’s top 20 national key chemical industrial parks. Upon completion of construction and commissioning, Xinneng Thermal Power will also provide residential heating across the Jinxiang County in Jining City and supply electricity to the state grid.

“Its diversified customer base, spanning both industrial and residential users, enhances the revenue stability of Xinneng Thermal Power,” Sunpower Group said. It expects the investment to further strengthen its green investments portfolio and deliver long-term value.

“By leveraging Sunpower’s technical expertise and Jining Group’s strong local presence, the partnership is expected to create significant synergies in market development and operational efficiency,” it said, adding that this investment deepens ties with Jining Group, paving the way for future collaborations.

These could be in areas such as steam pipeline construction, geothermal heating and artificial intelligence-empowered energy efficiency projects.

As at Jul 31, 2025, the book value of Xinneng Thermal Power was about 200.5 million yuan, and its net tangible asset value stood at 182.2 million yuan.

The investment is expected to be funded through internal resources.

Shares of Sunpower Group closed at S$0.525 on Thursday, down S$0.005 or 0.9 per cent.