NaaS to acquire over 89% stake in Sinopower HK for $6.1M

NaaS Technology announced that Dada Auto has entered into a definitive agreement to acquire 89.99% of the issued and outstanding shares of Sinopower Holdings International from an existing shareholder of Sinopower, for an aggregate purchase price of approximately $6.1 million in cash. The share purchase is subject to customary closing conditions and is expected to close in June 2023. Sinopower HK specializes in Estates and commercial/industrial rooftop solar PV project development. Apart from the 25MW distributed solar energy project, the company has hitherto developed and built over 600 solar energy projects in Hong Kong. In Hong Kong’s Estates and commercial/industrial rooftop distributed solar energy market, Sinopower HK has total supremacy, as well as rooftop solar energy projects of substantial numbers of industrial and commercial blocks in Hong Kong, e.g., design and construction of solar energy power station of the HKEX building and the terminal building for the third runway of Hong Kong International Airport. The deal will engage the parties in all-rounded and deep integration in technology, product, capital and market. Making a foray into HK’s distributed solar energy sector, NaaS takes a significant step in its go-global business and continues to deliver new energy products and service solutions worldwide; Sinopower HK, on the other hand, will leverage NaaS’ competence and marketing experience in charging services and platform advantage as a listed company to bring its existing rooftop solar PV business to a new level while deploying community resources built up in its rooftop solar energy business development in HK’s charging pile operation market and gaining greater room for development through a transformation towards an integrated new energy service provider.