Zhejiang Chenfeng Technology to Set Up JV for Wind Power Project

MT Newswires Live11-22 16:59

Zhejiang Chenfeng Technology (SHA:603685) subsidiary Guosheng Electric Power intends to team up with Longfeng New Energy to establish a joint venture company named Nong'an Yusheng New Energy Development.

The joint venture company will participate in the construction of a 100,000-kilowatt wind power index construction project, according to a Friday filing with the Shanghai bourse.

Nong'an Yusheng New Energy Development will have a registered capital of 100 million yuan, with Guosheng Electric Power holding a 49% stake and Longfeng New Energy with 51%.

The lighting fixture products manufacturer said the investment would promote the sustainable development of its new energy business and boost shareholder returns.

Shares of Zhejiang Chenfeng Technology closed 3% lower Friday.

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