Hong Kong, China, 29 October 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, is pleased to announce today that the Group completed acquisition of a 100MW solar power project (“the Project”) owned by Hubei Jingtai Photovoltaics Power Company Limited (“Hubei Jingtai”).
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 in July 2015.
Pursuant to the agreement, United Photovoltaics (Changzhou) Investment Co., Ltd. acquired the 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, Hubei Jingtai has become an indirect wholly-owned subsidiary of United PV. Therefore its results, assets and liabilities will be consolidated into the financial statements of the Group.
The Project is the largest single plant in Hubei Province, as well as in Central China, has connected to grid in the second quarter of 2015 and enjoys the feed-in tariff. Hubei Jingtai agreed to provide a guarantee of annual volume of electricity generation for five years.
United PV is a leading solar power plant investor, developer and operator in China. As of 29 October 2015, the Group owns or is in the process of completion acquisition of 45 solar power plants with a total installed capacity of about 2GW across Xinjiang, Inner Mongolia, Qinghai, Gansu, Jiangsu, Fujian, Guangdong, etc.