KARACHI: Skycorp Solar Group Limited (NASDAQ: PN), a manufacturer of solar cables and connectors, said Tuesday it has signed a definitive agreement to acquire a 24% equity interest in Nanjing Cesun Power Co., Ltd. for approximately $8.7 million.
The stake will be purchased from Skyline Tech Limited through the issuance of 12 million Class B ordinary shares of Skycorp, which will be subject to a five-year lock-up period. Skyline currently holds 13,025,000 Class B shares, representing 97% of the company’s voting power.
Nanjing Cesun is a developer of new energy power plants and inverter technologies. The deal, categorized as a related party transaction, was approved by Skycorp’s board and audit committee on Oct. 12. Closing is expected by Dec. 20, pending customary conditions.
“This transaction marks a strategic extension of our investments into AI-driven energy technologies and green energy solutions,” said Weiqi Huang, chairman and CEO of Skycorp. “We believe it will create new drivers of sustainable growth and foster a sustainable future for our planet.”
Skycorp operates through subsidiaries including Ningbo Skycorp Solar Co., Ltd. in China, and aims to expand its portfolio of solar PV products and energy solutions for enterprise clients.