Beijing Enterprises Green Industry (Qinghai) New Energy Co. Ltd, an indirect non-wholly owned subsidiary of Beijing Enterprises Holdings (00392.HK), has entered into a master agreement with the joint entity formed by Beijing Jingyi Renewable Energy Engineering Co., Ltd. (JYE) and GCL Solar System Limited (GCL Solar), and has simultaneously entered into a supplementary agreement with JYE.

Pursuant to the agreements, JYE and GCL Solar undertake to take up the Golmud photovoltaic power generation project by way of contracting.

JYE is 80%-owned by Beijing Enterprises Group Company Limited, a substantial shareholder of Beijing Enterprises Holdings.

The total fees payable by Beijing Enterprises Green Industry to the contractors amount to RMB341 million (HK$419 million), which includes the contract fee of RMB320 million under the master agreement and the total contract sum of RMB20.9 million under the supplementary agreement.

The total installation capacity in respect of the project for this phase is 20 MWp. The designed power generation capacity in the first year is 35.04 million kWh, and the designed power generation capacity in the second year is 34.63 million kWh.