Hong Kong, China, 16 January 2015 - United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), a leading solar power plant investor and operator in China, is pleased to announce today that, the Company’s subsidiary, United Photovoltaics (Changzhou) Investment Co., Ltd entered into an equity transfer agreement with ZNSHINE PV-Tech Co. Ltd (“ZNSHINE SOLAR”). Mr. LI Hong, Chief Financial Officer of United PV and Mr. WANG Yingchun, Chief Executive Officer of ZNSHINE SOLAR, signed on behalf of their respective companies at the head office of China Merchants Capital (“CM Capital”) in Shenzhen, China. The signing ceremony was attended and endorsed by, Mr. LU Zhenwei, Managing Director of CM Capital and Executive Director of United PV, Mr. Alan LI, Chairman of United PV and Mr. YU Sheng, Chairman of Photovoltaic Green-Ecosystem Organization and General Manager of State Grid Nari Electric Power Design Co. Ltd, and Mr. LI Yinquan, Deputy General Manager of China Merchants Group and Chief Executive of CM Capital met with all representatives after the ceremony.

Pursuant to the agreement, the Company will subscribe for 90.9% equity interest in Minfeng Solar Power Plant Company from ZNSHINE SOLAR at a consideration of RMB136.35 million (equivalent to approximately HK$171.801 million). Minfeng Solar Power owns 20MW on-grid connected solar power project, and 30MW solar power project which is to be developed and constructed in Minfeng County, Xinjiang.

Mr. LU Zhenwei, Managing Director of CM Capital and Executive Director of United PV, said: “The acquisition of 50MW solar power plant in Xinjiang heralded the series of United PV’s acquisitions in 2015. With the announcement of the National Strategy of building the New Silk Road by President XI Jinping; leveraging on the Company’s advantages in financing, management of operation and maintenance and industrial innovation, United PV will undertake the mission of the time with staunch support from the sister companies under China Merchants Group and other leading financial institutions in the market. We wish the widespread establishment of solar power plants on Silk Road will continuously transmit clean energy across the nation through the ultra-high voltage power lines that currently under construction, and creates green environment for millions of households in foreseeable future. ”