CMNE, United PV and CITIC Leasing Signed RMB10 Billion Financing Strategic Cooperation Agreement

Shen Zhen, China, 29 December 2015 –United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK), a leading solar power plant investor and operator in China, announced that, the Company, together with China Merchants New Energy Group Limited (“CMNE”), the largest shareholder of the Company, has entered into a strategic cooperation agreement, with CITIC Financial Leasing Co., Ltd (“CITIC Leasing”), pursuant to which CITIC Leasing will finance up to RMB10 billion to United PV.

Pursuant to the agreement, CMNE and United PV, preferred strategic partners of CITIC Leasing, will receive comprehensive, one-stop and customized financial service provided by CITIC Leasing, including the RMB10 billion financial support for United PV’s specific solar power plants and potential solar power plant projects.

Since this year, CMNE has developed cooperation with several financial central enterprises. In November, China Kangfu International Leasing Co., Ltd, a lease finance subsidiary of State Power Investment Corporation, has provided RMB5 billion credit support to CMNE.

According to this cooperation, United PV and CITIC Leasing reached an agreement on the future development, where both parties would leverage on their strengths and join the top runner force to tackle climate change. As a representative of the 2015 Paris Climate Conference (COP21), CMNE will lead more Chinese excellent enterprises to jointly respond to global climate change issues with the action of energy conservation and emission reduction.

CITIC Leasing is a wholly-owned subsidiary of China CITIC Bank Corporation Limited, mainly engaged in environmental protection and energy saving, clean energy, provision the aged and medical service, modern agriculture, equipment manufacturing, urban digitized tranformation and the other finance lease businesses.

The management attending the signing ceremony includes: Mr. YU Ziyan, President of CITIC Financial Leasing, Mr. SHAO Bin, Vice-president of CITIC Financial Leasing, Mr. ZHU Xiaodong, manager of the forth business department of CITIC Financial Leasing; Mr. Alan LI, CEO of CMNE, Mr. LI Hong, Executive Director and CFO of United PV, Mr. ZENG Xiangyi, Executive Director of CMNE, etc.