(Yicai) Oct. 12 -- Shares of Jinguan Electric soared by their daily trading limit after the Chinese provider of power grid surge arrester said its subsidiary has won an engineering, procurement, and construction contract for 50 photovoltaic energy storage and charging integrated power stations in multiple African countries worth up to USD296 million.

Jinguan Electric [SHA: 688517] surged 20 percent to CN21.18 (USD3.16) a share in Shanghai today.

Jinguan Electric’s PV storage and charging unit in Shenzhen recently inked an EPC framework agreement with Spiro Mobility Holdco FZCO to build the 50 on-grid or off-grid stations in Africa, the Neixiang-based parent company announced late Oct. 9. The projects will be implemented in batches, with commencement dates and construction periods to be determined by specific project EPC execution agreements signed by the pair for each station, it added.

The contract value is estimated based on the benchmark price for constructing each standard power station of about USD5.9 million and the number of power stations planned, with the actual price subject to the special EPC execution agreements for each station, Jinguan Electric stressed.

Dubai-based Spiro Mobility is the largest battery-swapping platform service provider for electric two-wheel vehicles in Africa, with commercial operations in Kenya, Uganda, Rwanda, Nigeria, Benin, Togo, and Cameroon, and plans to expand to more African countries, Jinguan Electric pointed out.

Jinguan Electric, whose core product is lightning protection facilities for the power grid, expanded into the research and development, design, manufacturing, and sales of EV charging piles in recent years. Its products are used in various charging scenarios, including public charging stations, charging stations for new energy heavy-duty trucks/mining trucks/logistics heavy-duty vehicles, and super-fast charging stations. It has experience contracting and building entire charging stations in China.

Editor: Martin Kadiev