Eastern International Ltd. (NASDAQ:ELOG) stock rose Wednesday after its wholly owned subsidiary signed a construction contract worth 42.5 million Chinese yuan (about $6.04 million) with the Weifang branch of CSCEC Southwest Architecture & Design Institute (Shandong) Design Consulting Co., Ltd.
Details
The contract is for the Hebei Laiyuan 300 MW centralized photovoltaic power generation project.
As per the agreement, Guizhou Tianrun will serve as a subcontractor for Phase I of the project, covering 50 MW.
The scope of work includes foundation construction, installation of photovoltaic mounting structures and modules, module string wiring, installation and wiring of combiner boxes, and the supply of certain auxiliary materials.
The company expects the construction to begin before December 31, 2025.
Management Commentary
Lin Tan, Chief Operating Officer of Eastern International Ltd., said the start of construction on the company’s first photovoltaic power generation project represents a concrete milestone in its expansion into the new energy sector.
“The commencement of the construction of the company’s first photovoltaic power generation project marks the substantive progress of our business expansion in the new energy sector,” Tan said, adding that Eastern plans to leverage its in-house engineering and construction expertise to remain actively involved in large-scale clean energy developments.
The company aims to deliver projects on time and to a high standard, while supporting the green transition of regional energy systems. With the launch of this project, Tan said Eastern believes it has entered a broader phase of growth as it scales its new energy business.
ELOG Price Action: Eastern International shares were up 7.04% at $1.518 at the time of publication on Wednesday, according to Benzinga Pro data.
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