Hong Kong, China, 18 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 Credit Suisse (“Credit Suisse”), entered into a memorandum of understanding (“MOU”), pursuant to which United PV issues US$100 million convertible bonds to Credit Suisse, where the proceeds will be used to acquire solar power plant projects in China.

Pursuant to the MOU, Credit Suisse 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$1.56. The proceeds from which will be used to finance the acquisition of solar power plants in China.

United PV announced previously that the Company acquired from Hareon Solar 17 solar power plant projects, with a total installed capacity of 930MW with an aggregate consideration of RMB8.8 billion, a record-high amount of solar power plants acquisition in the year. Taking into account the projects acquired in 2015, upon completion of acquisition, the total installed capacity of solar power plants owned by United PV will increase from 572MW in 2014 to 1,852MW.

United PV’s cooperation with Credit Suisse implies global financial institutions’ recognition in the rapid development of solar power application in China. Leveraging on the collaboration with solar power plant operators, these global institutions will be able to seek opportunities in the new emerging market in the midst of economic transformation. Over 2015, the Company has issued a total of over HK$4 billion convertible bonds to China Orient Asset Management, Fosun International, Chinastone, China Merchants Fund, China Huarong, BC Capital and China Merchants Yinke, to jointly acquire solar power plants.