In October 2021, the State Council issued the "Action Plan for Achieving Carbon Emission Peaks by 2030", which proposes to actively develop solar energy, promote the establishment of a comprehensive solar and wind renewable energy generation base, and enhance regulatory capacity of power systems. In August 2022, the "Action Plan for Accelerating Green and Low-Carbon Innovation and the Development of Electric Power Equipment” was jointly issued by the State-owned Assets Supervision and Administration Commission of the State Council, the State Administration of Market Regulation, and the Ministries of Information Technology, Finance, and Commerce, This action plan a emphasized the need to accelerate development of clean low-carbon power generation equipment, and promote the innovative development of solar energy and other green low-carbon power equipment. In addition, the action plan will drive forward the establishment of solar power generation, photovoltaic energy storage, and other multi-energy complementary integration. All of these measures will further materialize the Dual Carbon Strategy launched earlier in 2021. It is understood that solar power generation will continue to be one of the main trends for the foreseeable future, supported by national policies and optimistic development prospects.

Domestic business development:

Recent years have shown the installed PV capacity in China has been climbing year by year. By the end of 2021, the cumulative installed PV grid-connected capacity in China reached 305.987 MW. Since the second half of 2019 when NEFIN began to be involved in the domestic market, NEFIN’s business scale has expanded, with the number of customers increasing every year. Recently, NEFIN successfully connected 11.4MW projects to the grid in Shenyang, Tianjin, Liuzhou, Jiaxing and Hefei. Customers include Fortune 500 automotive companies, multinational auto parts manufacturers, A-Share-listed food enterprise, and a listed company of green building materials in Hong Kong. The green energy projects concluded an estimated total power generation capacity of more than 1,100MWh and an estimated carbon emission reduction of more than 950,000 tons, equivalent to the planting of an estimation of 5,600 trees.

NEFIN will continue its efforts within domestic business territory, and will strive to establish long-term win-win cooperative relations with more customers and partners. This will allow the development of domestic green energy to reach its full potential and make a truly lasting impact on society.

Mr Glenn Lim, Founder and CEO of NEFIN Group, stated "China is a market with unlimited potential, and under the guidance of the central government, we hope that we can contribute to the development of China's green energy cause. At present, NEFIN is actively recruiting talents in energy management from China, aggressively exploring new resources, and aims to further provide high-quality, tailor-made carbon neutrality technology and financing solutions to enterprises and government developments locally.”

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The issuer is solely responsible for the content of this announcement.

References

1. ^{^} Media OutReach (www.media-outreach.com)