Hong Kong, China, 8 June 2015 - United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group “CMNE”), announced today that, the Company and Hareon Solar Technology Company Limited (“Hareon Solar”) commence the delivery of the world’s largest-scale single acquisition of solar power plant projects. Pursuant to the agreement, United PV contributed an aggregate amount of no more than HKD350 million to Hareon Solar as prepayment. Precedently, United PV has agreed to acquire 17 solar power plants with a total installed capacity of 930MW from Hareon Solar with an aggregate contribution of RMB8.8 billion. As the leading Chinese clean energy providers, the collaboration between United PV and Hareon Solar signifies the alliance of the upstream and downstream industry of the solar sector.
On behalf of United PV, Mr. Lu Zhenwei, Managing Director of China Merchants Capital, presents to Mr. Yang Huaijin, Chairman of Hareon Solar, the first payment in cheque.
Pursuant to the agreement, United PV acquires 17 solar power plants with a total installed capacity of 930MW located across Xinjiang, Hebei, Yunnan, Shanxi, Jiangsu, etc. from Hareon Solar. Of which, the installed capacity of the power plant in Jianshui, Yunnan is 172.5MW, while another in Yunan is 115MW. This acquisition costs up to RMB8.8 billion, a record-high amount of single acquisition of solar power plant projects over the globe. Upon completion of the acquisition, the total number of solar power plants owned by United PV will increased from 15 in 2014 to 32, and the installed capacity will increase from 572MW in 2014 to 1,712MW.
Celebrating the Moment of Success. Left to Right: Cao Min, Vice President of Hareon Solar; Liu Quanmin, Chairman of Longde Fund; Zhang Yongxin, Executive Vice President and Chief Operating Officer of Hareon Solar; Alan Li, Chief Executive Officer of United PV; Yang Huaijin, Chairman of Hareon Solar; Ding Guoqi, Chef Financial Officier of Fosun Group; Shi Shunhua, Head of China Merchants Bank (Shanghai Branch); Lu Zhenwei, Managing Director of China Merchants Capital; Wang Yanrong, Head of China Merchants Bank (Wuxi Branch); Sun Xinrong, Chairman of BC Capital.
Mr. Alan Li, Chief Executive Officer of United PV, stated that this acquisition paved the way for United PV to strategically tap into the downstream industry of the solar sector, while the cooperation has gone successful based on the shared corporate values of United PV and Hareon Solar.
As one of the largest silicon solar cell manufacturers in China, Hareon Solar is confident about its collaboration with United PV. Mr. Yang Huaijin, Chairman of Hareon Solar, stated that upon completion of this transaction, Hareon Solar will benefit from the effective usage of capital as well as a significant profit boost. This transaction also marks the start and a significant step forward of Hareon Solar’s participation in the downstream business of the solar power plant industry.
