GCL New Energy Signs RMB 15.87 Million Connected EPC Deals for 18.76 MW Rooftop Solar Projects

GCL New Energy Holdings Limited announced three connected procurement-and-construction (PC) agreements on 29 April 2026, all signed between its wholly-owned subsidiary Wuhan Xiexin New Energy Power Design and Zhejiang Xinhong, an associate of connected person Golden Concord Group.

The contracts cover rooftop photovoltaic (PV) systems in Tianjin and Guangdong with a combined capacity of 18.76 MW and an aggregate, tax-inclusive consideration of approximately RMB 15.87 million (USD 2.19 million).

Key project details 1. Tianjin Dingjin – 6.93 MW, contract price RMB 5.68 million. 2. Tianjin Kangyin – 4.08 MW, contract price RMB 3.18 million. 3. Jiangmen Dingyi – 7.75 MW, contract price RMB 7.01 million.

All three projects commence immediately and are scheduled for full grid connection by mid-July 2026. No upfront payments are required; 30 % and 40 % of each contract value will be settled upon equipment delivery and grid connection respectively, 27 % upon final acceptance, and 3 % retained as a two-year quality-assurance fund.

Listing Rules treatment • Zhejiang Xinhong is an indirect non-wholly-owned subsidiary of GCL Energy Technology and an associate of the Zhu Family Trust, rendering the transactions connected under Chapter 14A of the Hong Kong Listing Rules. • When aggregated with similar 2025 agreements and a December 2025 solar-storage carport contract, the percentage ratios remain above 0.1 % but below 5 %. Consequently, the 2026 PC Agreements require disclosure but are exempt from independent shareholders’ approval.

Strategic rationale Management states that undertaking these distributed solar EPC contracts aligns with the group’s core business, provides stable revenue and cash flow, and strengthens its technical track record in commercial & industrial PV markets across Tianjin and Guangdong.

Board approval Directors associated with the Zhu Family Trust abstained from voting. The independent non-executive directors concurred that the agreements are on normal commercial terms, fair and reasonable, and in the interests of GCL New Energy and its shareholders.