Recently *Wintime Energy Co., Ltd (“WTECL”) signed a cooperation agreement with China General Nuclear Power Group (“CGN”) on domestic nuclear projects and conventional power.
Per the agreement, WTECL will invest more than 3 billion yuan (430 Million USD) in the UK Hinkley Point C project, accounting for 10% of the aggregate equity investment by Chinese investors. Meanwhile WTECL reached an agreement with CGN about to its investment in Guangdong Lufeng Nuclear Power project, which is the focus of their current cooperation.
According to the deal, WTECL shall hold no less than 5% of the shares of Lufeng Project and at the same time, CGN shall provide support to WTECL to participate in more nuclear projects.
CGN’s nuclear projects need financial support from investors such as WTECL that holds only a small amount of the shares in its nuclear power project; The cooperation with CGN will promote this private enterprise to expand its business, but this kind of cooperation is limited to the financial aspect.
* Wintime Energy Co., Ltd: founded in 1992, is a private enterprise in China fully owned by Wintime Holding Group. Coal and Electricity are its major business even though it is actively engaged in the oil and chemistry, logistics and investment sectors.
