Huaxia Life Invests RMB9 Billion Insurance Fund to Jointly Develop 1GW Solar Power Plants With United PV
Time:2015-05-26

Hong Kong, China, 26 May 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 today announced that, the Company will partner up with Huaxia Life Insurance Company Limited (“Huaxia Life”) to develop solar power plants in China, with a total installed capacity of 1GW and an aggregate consideration of RMB9 billion, in the coming two years.


Huaxia Life is a joint-stock life insurance company in the People's Republic of China. The registered capital of Huaxia Life is RMB15.3 billion; it has over RMB160 billion of total assets, with more than 400 branches and approximately 40 thousand staff members across China. As insurance can offer a long term stability of financing, United PV sees the cooperation with Huaxia Life as another big step forward for its acquisition business of solar power plants. This cooperation will also push forward the installed solar power capacity of the Company.


It is believed that this cooperation will enhance the business structure and strengthen the capital base of the Company, also paving the way to a successful future and providing staunch support to the Company’s business. The Company strives to develop more investment and financing channels through alliancing with Chinese and overseas sizable financial institutions. United PV aims to create a cross-border platform for the new energy and finance sector through business collaborations with leading financial institutions overseas.


Mr. LU Zhenwei, Executive Director of United PV, said: “This cooperation marks the injection of Chinese insurance funds into the solar industry, fulfilling the strategic plan of the State Council. We look forward to welcoming new opportunities ahead through various collaborations.”