United PV Acquires 930MW Solar Power Plant Projects

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United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), is pleased to announce today that, the Company and Hareon Solar Technology Company Limited (“Hareon Solar”) entered into an agreement, pursuant to which United PV acquired 17 solar power plant project under Hareon Solar with a total installed capacity of 930MW, which is currently the world’s largest-scale single solar power plant acquisition.

Pursuant to the agreement, United PV acquired from Hareon Solar 17 solar power plant project, with a total installed capacity of 930MW, in Xinjiang, Hebei, Yunnan, Shanxi, Jiangsu, etc. Of which, the solar power plant project in Jianshui, Yunnan has an installed capacity of 172.5MW, while the other in Yunnan has an installed capacity of 115MW.

As estimated in the agreement, the aggregate consideration for the acquisition amounted to RMB8.8 billion, a record-high amount of solar power plants acquisition in the year. Upon completion of the acquisition, the number of solar power plants owned by United PV increased from 15 in 2014 to 37, with a total installed capacity increased from 572MW in 2014 to 1,712MW.

Since the beginning of this year, United PV has been actively seeking ways to broaden its financing channels; the Company has issued a total of approximately HK$2.7 billion convertible bonds to China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong and BC Capital to jointly acquire solar power plants.

The acquisition of 930MW solar power projects from Hareon Solar is the largest single solar power plants acquisition across the globe. The Company believes the acquisition will boost United PV’s strength and is a landmark transaction heralding a new era, reaching a milestone for the promotion of clean energy in China. This also signifies China’s solid pace of energy-saving and emission-reduction over climactic changes.

“The acquisition largely raised United PV’s installed capacity and electricity tariff income.” Mr. Alan LI, Chief Executive Officer of United PV said. “This is now an era of universal environmental protection; the people are fighting against smog. We welcome not only institutions with social responsibility, but also the general public, to act together. We aim to be the environmental protection practitioner, bringing clean energy into thousands of households.”


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