On October 12, 2023, Yongfu's 18th meeting of the third Board of Directors was held and the Proposal for Investment and Construction of 70MW(AC) Solar Power Generation Project in Bangladesh was reviewed and approved. The company agreed Yongfu One Singapore New Energy Development Company Pte. Ltd.(Yongfu New Energy), its wholly-owned subsidiary to invest and build the project with Pinnacle Omni Traders Ltd. and Air&Wave Pvt. Ltd. The proposed investment amount is approximately US$97.5448 million(equivalent to about RMB 700 million), of which,investment input from Yongfu New Energy will not exceed US$84.8640 million (equivalent to about RMB 609 million).

The project is located in Bandarban, Chittagong, Bangladesh, with an estimated capacity of approximately 95 MWp. The project construction period is expected to be 1 year, the operation period is estimated to be 20 years with estimated annual equivalent utilization of about 1,475 hours and annual average power generation of about 140,080 MWh. Currently, the project is under review by CCGP, Bangladesh.The project construction is expected to commence after the consent of authorization from GOB is obtained.   

Deeply rooted in the power energy industry, Yongfu is focusing on new energy, energy storage, and smart power grid and exploiting investment business in renewable energy development. The 70MW (AC) solar power generation project is the company's first overseas new energy investment. Upon completion of the project, it will contribute to optimization of the company's business structure and landscape, further enhance the company's comprehensive competitiveness and brand influence in overseas markets, especially the "Belt and Road" countries and open up new level of profit growth.