Link: https://links.sgx.com/1.0.0/corporate-announcements/FFSQC46OKNWLGNST/edca813c4ca94a08f73170142967af1707d811607e4d1e2a1133a37b266a80de

Summary:

• Sunpower's wholly-owned subsidiary entered agreement to acquire 15% equity in Jining Xinneng Thermal Power Co., Ltd. for approximately RMB 30.2 million through competitive bidding process

• Xinneng Thermal Power, established September 2024, is majority-owned by Jining Energy Development Group, one of Shandong Province's largest state-owned enterprises

• Target company serves as exclusive steam supplier to Jining New Material Industrial Park, ranked among China's top 20 national key chemical industrial parks, with designed capacity of three 440 t/h coal-fired boilers and two 60 MW turbine units

• Upon completion of construction, facility will provide residential heating to Jinxiang County in Jining City and supply electricity to state grid, creating diversified revenue streams across industrial and residential customers

• Partnership aims to leverage Sunpower's technical expertise with Jining Group's local presence to create synergies in market development and operational efficiency, opening opportunities for future collaboration in steam pipeline construction, geothermal heating, and AI-powered energy efficiency projects

• Xinneng Thermal Power's book value stands at approximately RMB 200.5 million as of July 31, 2025; transaction funded through internal resources and classified as non-disclosable under SGX Chapter 10 with no material impact expected on FY2025 financials