PN Smart Energy signs deal to source 200MW distributed solar assets

PN Smart Energy Limited (NASDAQ: PN) has entered into a framework agreement with Nanjing Chenxi Construction Technology Co., Ltd. to identify and secure approximately 200 megawatts of distributed solar assets, according to a press release from the China-based company.

The agreement was signed through PN Smart's operating subsidiary, Nanjing Cesun Power Co., Ltd. PN Smart holds a 40% stake in Nanjing Chenxi. Under the terms of the deal, Nanjing Chenxi will source and screen project opportunities, assist with preliminary commercial negotiations, conduct on-site surveys, coordinate due diligence, and facilitate project closings.

The targeted portfolio will focus on industrial and commercial rooftop distributed solar projects, as well as residential photovoltaic installations.

Under the agreement, PN Smart retains final decision-making authority over all investments. Nanjing Chenxi is prohibited from making binding commitments on the company's behalf. If PN Smart declines to proceed with a recommended project, it is not obligated to pay the corresponding service fees. Remuneration for sourcing services will be determined on a case-by-case basis, factoring in project scale, complexity, and market conditions.

"This Agreement marks an important step in our five-year strategic roadmap," said Weiqi Huang, Chief Executive Officer of PN Smart. "By partnering with Nanjing Chenxi, we are establishing a scalable origination engine that allows our internal teams to focus on rigorous capital allocation and operational excellence."

PN Smart currently generates revenue from solar equipment manufacturing, including solar cables, inverters, and energy storage distribution, while transitioning toward power generation assets.

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