CGN Power (01816) has announced that its board of directors approved a resolution on April 28, 2026, for the company to enter into a share transfer agreement with its controlling shareholder, China General Nuclear Power Group. Under the agreement, CGN Power will acquire a 46% stake in Cangnan Nuclear Power and a 51% stake in Cangnan Second Nuclear Power for a total cash consideration of approximately 8.347 billion yuan. Following the completion of the acquisition, the target companies will become subsidiaries of CGN Power, and their financial results will be consolidated into the group's financial statements.
Cangnan Nuclear Power is responsible for the development, construction, and operation of the Cangnan Phase I project. Two nuclear power units are expected to commence commercial operation in 2026 and 2027, respectively. The total investment in the Cangnan Phase I project is estimated to be around 48.645 billion yuan. As of the valuation reference date of September 30, 2025, approximately 41.858 billion yuan had been invested in the project, with an additional 6.787 billion yuan required after the valuation date.
Cangnan Second Nuclear Power is tasked with the development, construction, and operation of the Cangnan Phase II and Phase III projects. The third unit is expected to begin commercial operation in 2030, while the fourth unit is currently in the pre-FCD preparation stage. The fifth and sixth units are planned as two million-kilowatt nuclear power units, with preparatory work underway prior to regulatory approval. The total investment for the Cangnan Phase II project is estimated at approximately 43.788 billion yuan. As of September 30, 2025, about 10.159 billion yuan had been invested, with an additional 33.629 billion yuan required after the valuation date.
The Cangnan Phase I and Phase II projects comprise a total of four nuclear power units, with a combined installed capacity of approximately 4,846 megawatts. The Cangnan Phase III project plans to construct two additional million-kilowatt nuclear power units. The acquisition is expected to expand CGN Power's installed capacity of controlled nuclear power units and enhance its nuclear project reserves. This move will strengthen the company's market position and long-term competitiveness in the nuclear power industry, supporting future growth in nuclear power generation and financial performance. It is also seen as a strategic step to increase market share and achieve sustainable development, thereby enhancing the company's long-term value.
Comments