PN Smart Energy Limited (NASDAQ: PN) announced that its Chinese subsidiary, Nanjing Cesun Power Development Co., Ltd., has signed a framework agreement to acquire a 9.9-megawatt distributed solar power portfolio from Zhejiang Yuntan Technology Co., Ltd., according to a press release.

Under the agreement, Nanjing Cesun intends to acquire 100% equity in each of six target project companies, which operate solar power assets and associated energy management contracts. The portfolio consists of six rooftop solar projects located in Ningbo, Zhejiang Province. Based on the company's internal assessment, the proposed valuation is approximately RMB30 million ($4.45 million).

Completion of the acquisition remains subject to standard closing conditions, including financial and technical due diligence, on-site capacity verification, and the execution of a definitive equity transfer agreement.

Weiqi Huang, Chief Executive Officer of PN Smart, said: "This framework agreement marks another concrete step in PN Smart Energy's strategic transformation into an independent power producer. Securing these renewable energy assets bolsters our overall competitiveness and once completed, we expect it will help generate substantial and sustainable cash flow to the Company."