On July 11th, Gelunhui announced that on July 11th, 2024, the company's wholly-owned subsidiary, Branding Power Limited (BPL), signed a memorandum of understanding with San Lorenzo Ruiz Builders And DevelopersGroup, Inc. (SLRB). The exclusivity period is ninety (90) days from the date of signing the MOU and can be extended for another ninety (90) days with the written consent of both parties after the expiration of the exclusivity period.
According to the MOU, BPL and SLRB agreed to establish a cooperation framework to evaluate, plan, develop and implement several solar and pumped-storage hydropower projects in the Philippines. The total project capacity under the MOU will be up to about 5,500 megawatts. The projects will be carried out through joint investment and joint development.
The board of directors believes that, through the signing of the MOU, the two parties will be able to utilize each other's technology, resources and professional knowledge, share risks, jointly develop and operate projects, and establish a mutually beneficial business relationship. Once potential cooperation is realized, it will help the Group further expand its green new energy business and bring potential sales growth, which is in line with the overall interests of the company and shareholders.
