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CGN NEW ENERGY HOLDINGS CO., LTD. 中國廣核新能源控股有限公司 (incorporated in Bermuda with limited liability) (Stock code: 1811)

Voluntary Announcement Guazhou Beidaqiao 200MW Wind Power Project

This announcement is made by the board of directors (the “Board”) of CGN New Energy Holdings Co., Ltd. (the “Company”, together with its subsidiaries, the “Group”) on a voluntary basis.

BACKGROUND

In December 2018, the Guazhou Beidaqiao Wind Power Project of the Group, which is the Phase II project of the Wind Power Base, had obtained approval from the local government for commencement of construction. Subsequently, due to the “red alert” warning issued by the National Energy Administration in respect of renewable energy investments, the construction of renewable energy projects in Province was suspended. In 2021, as the “red alert” warning of renewable energy was formally lifted, the Guazhou Beidaqiao Wind Power Project was able to commence construction.

In March 2021, the local government further granted approval in respect of the time extension for construction of the Guazhou Beidaqiao Wind Power Project, which has been included in the Jiuhu Direct Current Transmission Plan, pursuant to which the electricity generated from the Guazhou Beidaqiao Wind Power Project will be directly transmitted for use in Xiangtan City, Hunan Province , the PRC. （湖南省湘潭市） On 30 July 2021, the Board has approved, among others, the construction plans and relevant investments in the Guazhou Beidaqiao Wind Power Project.

– 1 – GUAZHOU BEIDAQIAO WIND POWER PROJECT

Location

The Guazhou Beidaqiao Wind Power Project is located on the west side of the Beidaqiao Wind Farm No. 8* of the Company and near Guazhou （北大橋第八風電場） County, Jiuquan City in Gansu Province of the PRC, with a total area of approximately 590 acres. The site of the Guazhou Beidaqiao Wind Power Project is situated in a desert steppe region.

Capacity

The approved capacity of the Guazhou Beidaqiao Wind Power Project is 200MW in total. As at the date of this announcement, the Company has obtained approval for grid-connection of 100MW, and it is currently anticipated that the approval for the remaining grid-connection of 100MW will be obtained by 31 December 2021.

Estimated investment amount

The total investment amount for the Guazhou Beidaqiao Wind Power Project is expected to be approximately RMB1,030.9 million, including the costs and expenses for, among others, equipment and installation works, wind turbines, booster stations and construction and ancillary works. It is expected that such total investment amount will be financed by a combination of the Group’s internal resources and bank financing.

Approvals and construction plans

As at the date of this announcement, the Guazhou Beidaqiao Wind Power Project is in the planning stage and is subject to certain approvals or clearances from the relevant authorities, including those relating to the remaining grid-connection system of 100MW, grassland occupation, lightning protection, fire safety and air defence. As at the date of this announcement, the Company has obtained approval for the grid- connection of 100 MW, pending the approval for the remaining grid-connection of 100MW, which is currently anticipated to be obtained by 31 December 2021.

– 2 – Subject to the necessary approvals and/or clearances (including but not limited to the above-mentioned approval for grid-connection) being obtained from the relevant authorities, it is currently anticipated that the construction of the Guazhou Beidaqiao Wind Power Project will proceed in two phases with the target to achieve the initial 100MW grid-connection by 31 December 2021, and the remaining 100 MW grid- connection by 31 August 2022. The construction plans may not proceed if the Company cannot obtain relevant approvals and/or clearances.

Estimated on-grid power price

The on-grid power price under the Guazhou Beidaqiao Wind Power Project is expected to be RMB0.285/kWh (subject to adjustment once every three years), which was agreed between the relevant authorities of Gansu Province and Hunan Province pursuant to a long-term power transmission and reception cooperation agreement in respect of the direct current transmission from Jiuquan City in Gansu Province to Xiangtan City in Hunan Province.

REASONS AND BENEFITS FOR ENTERING INTO THE GUAZHOU BEIDAQIAO WIND POWER PROJECT

The Jiuquan Wind Power Base is located in the western end of the Hexi Corridor in Gansu Province which has ample wind power resources. It also has nation-wide recognition, being one of the nine “Ten Million Kilowatt Wind Power Bases” approved by the PRC. Since the Guazhou Beidaqiao Wind Power Project forms part of the Jiuhu Direct Current Transmission Plan, such project is significant for improving the clean energy transmission capabilities of the Jiuhu Direct Current Transmission Plan, and thereby promoting sustainable development of the regional renewable energy industry.

The Board is of the view that the Guazhou Beidaqiao Wind Power Project will promote the increase of the Group’s additional installed capacity and contribute to the future development of the Group’s operations in the northwestern region of the PRC. Therefore, the Board believes that the implementation of the Guazhou Beidaqiao Wind Power Project is in line with the development strategy of the Group in the long run and in the interest of Shareholders as a whole.

The Company has yet to enter, or agree to enter, into any transaction (as defined in Chapter 14 of the Listing Rules) in connection with the Guazhou Beidaqiao Wind Power Project. If any transaction(s) shall take place or if there is any material development or update relating to the Guazhou Beidaqiao Wind Power Project, the Company will comply with the relevant requirements under the Listing Rules and make further announcement(s) as and when necessary.

– 3 – The Guazhou Beidaqiao Wind Power Project is in the planning stage and is subject to certain approvals or clearances from the relevant authorities. The Guazhou Beidaqiao Wind Power Project and the transactions contemplated thereunder (if any) may or may not be implemented as described or at all.

Shareholders and potential investors of the Company are advised to exercise caution when dealing in the shares of the Company.

DEFINITIONS

In this announcement, unless the context otherwise requires, the following expressions shall have the following meanings:

“Board” the board of directors of the Company

“Company” CGN New Energy Holdings Co., Ltd. （中國廣核新能源 , a company incorporated in Bermuda 控股有限公司） with limited liability, the shares of which are listed on the Main Board of the Stock Exchange (stock code: 1811)

“Directors” the directors of the Company

“Group” the Company and its subsidiaries

“Guazhou Beidaqiao the wind power project on the west side of the Wind Power Project” Beidaqiao Wind Farm No. 8* of （北大橋第八風電場） the Group and near , Jiuquan City in Gansu Province of the PRC, with （甘肅省酒泉市瓜州縣） an approved capacity of 200MW in total, the details of which are set out in the section headed “Guazhou Beidaqiao Wind Power Project” of this announcement

“Hong Kong” Hong Kong Special Administrative Region of the PRC

“Jiuhu Direct Current the 2021 Jiuquan-Hunan Direct Current Transmission Transmission Plan ” (Jiuhu Direct Current) Support Project Construction Plan* (2021 年酒泉至湖南直流輸電（酒湖直流）配套專 案建設計劃） “Jiuquan Wind Power the Ten Million Kilowatt Wind Power Base in Jiuquan Base” City, Gansu Province* （甘肅省酒泉市千萬千瓦級風電 基地）

– 4 – “kWh” kilowatt-hour, the standard unit of energy used in the power industry. One kilowatt-hour is the amount of energy that would be produced by a generator producing one thousand watts for one hour

“Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange

“MW” megawatt, or one million watts. The installed capacity of power projects is generally expressed in terms of MW

“PRC” The People’s Republic of excluding, for the purpose of this announcement, Hong Kong, Macau Special Administrative Region and Taiwan

“RMB” Renminbi, the lawful currency of the PRC

“Shareholder(s)” registered holder(s) of the share(s) of the Company

“Stock Exchange” The Stock Exchange of Hong Kong Limited

By Order of the Board CGN New Energy Holdings Co., Ltd. Li Yilun President and Executive Director

Hong Kong, 30 July 2021

As at the date of this announcement, the Board comprises seven Directors, namely:

Chairman and non-executive Director : Mr. Chen Sui

Executive Directors : Mr. Li Yilun (President) and Mr. Zhang Zhiwu

Non-executive Director : Mr. Xia Linquan

Independent non-executive Directors : Mr. Wang Minhao, Mr. Yang Xiaosheng and Mr. Leung Chi Ching Frederick

* For identification purpose only

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