Shares of China Longyuan Power Group Corp surged over 5% on Monday after the renewable energy company announced plans to acquire stakes in eight new energy firms from its controlling shareholder for 1.7 billion yuan ($238.8 million).

The acquisitions will expand Longyuan Power's portfolio of wind and solar power assets across China. The deal allows the company to consolidate its position in the rapidly growing renewable energy market as the country accelerates its transition towards cleaner sources of electricity generation.