Hong Kong, China, 31 December 2014 - 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, is pleased to announce today that, the Company entered into an investment agreement (“Cooperation Agreement”) with China Orient Asset Management (International) Holding Limited (“COAMI”) to jointly acquire solar power plants.
Pursuant to the Cooperation Agreement, COAMI will subscribe for the 7.5% three-year convertible bonds in the principal amount of US$30 million (equivalent to approximately RMB186 million or HK$232.5 million) issued by the Company, at the conversion price of HK$1.03. The proceeds from which will be used to acquire a 50MW solar power plant project.
COAMI is a wholly-owned subsidiary of China Orient Asset Management Corporation (‘‘COAMC’’) under the Ministry of Finance of China. As a solely state-owned non-banking financial institution approved by the State Council of China and the People’s Bank of China, COAMC is principally engaged in the asset investment business.
Following the cooperation with CM Wealth and Ping An, this acquisition is another directional collaboration between a leading financial institution and United PV’s capital and projects, allowing United PV to collaborate with more financial institutions to integrate the promotion of green new energy and bank financial capital in the future.
Mr. LU Zhenwei, Managing Director of China Merchants Capital and Executive Director of United PV, said: “We are delighted to see more and more large institutions selecting United PV as their partner to develop new energy and create with China Merchants Group a green platform for China. Looking ahead to 2015, United PV is set to promote green energy to more and more families in China.”