NaaS Technology Acquires Majority Stake In Solar Energy Services Provider Sinopower

NaaS Technology Inc NAAS said subsidiary Dada Auto has entered into a definitive agreement to acquire 89.999% of the issued and outstanding shares of Sinopower Holdings International Co Limited for an aggregate purchase price of $6.1 million.

Sinopower is a rooftop solar energy developer in Hong Kong, providing one-stop energy management solutions for residential and commercial buildings.

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"I believe that together with NaaS, Sinopower will be able to deliver even more solar projects, leveraging NaaS's capabilities to expand into areas such as EV charging," said CEO Wang Yang.

The share purchase is subject to customary closing conditions and is expected to close in June 2023.

Price Action: NAAS shares are trading lower by 3.00% at $6.46 on the last check Monday.