PN Smart Energy Limited, a power producer (IPP) focused on the development of clean power stations, critical energy materials, and intelligent energy infrastructure, today announced the successful completion of its acquisition of the remaining 56.0% equity interest in Nanjing Cesun Power Co., Ltd. (“Nanjing Cesun”).
The transaction officially closed on June 30, 2026. Combined with the 44.0% interest previously held by the Company, Nanjing Cesun is now a wholly-owned subsidiary of PN Smart Energy.
The transaction was completed for a total consideration of approximately US$20.2 million. Nanjing Cesun specializes in the research, development, and manufacturing of new energy power electronics. Additionally, the subsidiary is engaged in the investment, engineering, procurement and construction (EPC), and operation and maintenance (O&M) of commercial and industrial distributed photovoltaic projects. As of September 30, 2025, Nanjing Cesun operated through 17 wholly-owned consolidated subsidiaries.
In connection with this transaction, Nanjing Cesun’s consolidated financial statements for the fiscal years ended September 30, 2025, and 2024, have been audited by Enrome LLP, an independent registered public accounting firm registered with the Public Company Accounting Oversight Board (United States). These audited financial statements, alongside unaudited pro forma condensed combined financial information illustrating the effects of the acquisition, have been furnished to the U.S. Securities and Exchange Commission (the “SEC”) in a Report on Form 6-K on the date hereof. Investors are encouraged to review this report for comprehensive details.
“The completion of the Nanjing Cesun acquisition is a critical milestone in PN Smart Energy’s strategic transformation toward becoming an independent power producer,” said Weiqi Huang, Chief Executive Officer of PN Smart. “Integrating Nanjing Cesun fully into the Company bolsters our capabilities across PV development, EPC, and operations, directly supporting our long-term objective of building a scaled portfolio of clean energy assets.”
