Hong Kong, China, 30 July 2015 - United Photovoltaics Group Limited (“United PV” or the “Group”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), a leading solar power plant investor and operator in China, announced today that, United Photovoltaics (Changzhou) Investment Co., Ltd., a wholly-owned subsidiary of the Group, entered into the acquisition agreement with Hubei Qixing Auto-Body Company Limited (“Hubei Qixing”), whereby United PV will acquire a 100MW solar power project owned by Hubei Jingtai Photovoltaics Power Company Limited (“Hubei Jingtai”), a wholly owned subsidiary of Hubei Qixing.

Pursuant to the agreement, United Photovoltaics (Changzhou) Investment Co., Ltd. will acquire Hubei Jingtai’s 100MW solar power project located in Hubei Province at the consideration of RMB850 million (RMB200 million of which being the consideration to acquire the equity interest). Upon the completion of the acquisition, Hubei Jingtai will become an indirect wholly-owned subsidiary of the Group.

Hubei Jingtai’s 100MW solar power project, the largest single plant in Hubei Province, has achieved on-grid connection in the second quarter of 2015 and enjoys the feed-in tariff. Hubei Jingtai, the seller, agreed to provide a guarantee of annual volume of electricity generation for five years.

The acquisition is the Group’s major step following the acquisition of 930MW of Hareon Solar. As of 30 July 2015, the Group owns or is in the process of acquisition of 45 grid-connected solar power plants with a total installed capacity of 1.952GW across Xinjiang, Inner Mongolia, Qinghai, Hubei, Jiangsu, Fujian, Guangdong, etc.

Despite the downside pressure on Chinese economy, the solar energy-led clean energy industry remained strong with the public’s increasing emphasis on environmental issues. According to the National Energy Administration, newly added solar power capacity reached 7.73GW in first half of 2015, including 6.69GW of newly installed solar power plant capacity.

United PV focuses on the fast-growing solar power plant market in China, and strives for future expansion in green energy via the investment in high-quality power plants. This helps stimulate the rapid development of the entire energy conservation and emission reduction industry chain including raw material supply, equipment manufacturing, system integration, electricity operation and information service through terminal advantages.