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 and CITIC Capital Holdings Limited (“CITIC Capital”), entered into a term sheet, pursuant to which United PV issues US$100 million convertible bonds to CITIC Capital, where the proceeds will be used to acquire solar power plant projects in China.

Pursuant to the term sheet, CITIC Capital will subscribe for the 6.75% three-year convertible bonds in the principal amount of US$100 million issued by the Company, at the conversion price of HK$1.59. The proceeds from which will be used to finance the acquisition of solar power plants in China. 

CITIC Capital is an alternative investment management and advisory company owned by CITIC Limited. Its principal business includes structured investment, real estate and finance, asset management and venture, also manages over USD4.6 billion of capital. CITIC Capital has its offices in Hong Kong, Shanghai, Beijing, Tokyo and New York.

Since the early 2015, United PV’s financing plan has topped the industry, the Company has partnered up with China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong, BC Capital and China Merchants Yinke and Credit Suisse through the issue of convertible bonds that amounted to approximately HK$6 billion in the first half of the year.

Being the first solar power plant operating enterprise which discloses its solar power operation data and statistics to the HKEx, United PV will continue to lead the industry with its ability to afford a high level of public transparency.

Mr. Alan LI, Chief Executive Officer of United PV said, “At the next stage, the Company will gather the strengths of our team to focus on the development, merger and acquisition of solar power plants in China, hoping to fully utilize our funds to raise the volume of our installed capacity so as to bring value gain to our Company at the fastest pace.”

Looking forward, United PV will continue to develop collaborative partnerships with fellow shareholding companies and strategic partners. Leveraging on the new business model of “Internet + New Energy + Finance” and the Company’s motto of bringing green energy into households, United PV will gather all strengths and power from different stakeholders in the energy sector and create the most sizable and professional solar power plant platform in China. The Company is striving to build up ecological interconnectedness through solar power and green energy, and bring clean energy into households via the low-carbon and environmentally friendly technologies.