PN Smart Energy Limited ("PN Smart" or the "Company") (NASDAQ:PN), a global independent power producer (IPP) focused on the development of clean power stations, critical energy materials, and intelligent energy infrastructure, today announced that its Chinese subsidiary, Nanjing Cesun Power Development Co., Ltd. ("Nanjing Cesun"), has signed a framework agreement to acquire a 9.9-megawatt (MW) distributed solar power portfolio from Zhejiang Yuntan Technology Co., Ltd. ("YTKJ").

Under the framework agreement, Nanjing Cesun intends to acquire 100% equity in each of the six target project companies (the "Project Companies") from YTKJ. The Project Companies operate the solar power assets and their associated energy management contracts. Based on the Company's internal auditing assessment, the proposed valuation for the portfolio is approximately RMB30 million ($4.45 million). The portfolio consists of six rooftop solar projects located in Ningbo, Zhejiang Province, with an estimated total capacity of 9.9 MW.