Wed, Jan 13, 2021 - 5:50 AM Singapore MAINBOARD-LISTED Sunpower Group is buying four sets of boilers for 100 million yuan (S$20.5 million) from
Wed, Jan 13, 2021 – 5:50 AM
MAINBOARD-LISTED Sunpower Group is buying four sets of boilers for 100 million yuan (S$20.5 million) from a Chinese textile company, the board said on Tuesday.
The move came as KGI Securities and DBS Group Research upgraded their target prices, while keeping their respective “outperform” and “buy” recommendations on the stock.
In a related steam supply right contract, a wholly-owned Sunpower subsidiary will become exclusive steam supplier to vendor Hebei Sanli Group for 25 years, unless it cannot provide the steam volume or quality needed.
Sanli also committed to maintaining the location and production levels of its operating sites in Hebei province’s Gaoyang county for the duration of the agreement, and will not develop any business related to thermal power supply in the county.
Sunpower’s board called the latest transaction “in line with the group’s medium- to long-term strategy” for its green investment (GI) business.
“Barring unforeseen circumstances, the addition of new steam demand from Sanli with the 25-year exclusive…