Hong Kong, China, 19 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 announced that, the Company entered into a subscription agreement with a state owned leading financial enterprise, issues US$50 million convertible bonds, where the proceeds will be used to acquire solar power plant projects in China.

Pursuant to the subscription agreement, the state owned financial enterprise mentioned above will subscribe for the 6.75% three-year convertible bonds in the principal amount of US$50 million issued by the Company, at the conversion price of HK$1.56. The proceeds from which will be used to finance the acquisition of solar power plants in China.

United PV has been actively diversifying its financing channels via variety of cooperation with local and overseas financial institutions. Issuing convertible bonds reinforce investors’ confidence in United PV. The subscription of the state owned financial enterprise mentioned above implies its recognition in the rapid development of solar power application in China. Leveraging on the collaboration with solar power plant operators, it will be able to gain opportunities in the emerging market in the midst of economic transformation.

United PV completed series of movements over the past month, including issue of convertible bond to numbers of leading financial institution and major acquisitions, namely the 210MW project in Inner Mongolia and Haining Zhejiang, as well as the 930MW projects from Hareon Solar. By joining hands with leading industrial enterprises and sizable financial institutions, United PV will obtain valued resources to accelerate its increase in installed capacity.