United PV's 150MW Solar Power Plant Project in Gonghe, Qinghai Obtains Syndicated Financing of RMB1.02 billion

Hong Kong, China, 19 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 150MW solar power plant project under Zhongli Talesun Gonghe New Energy Limited (“Gonghe New Energy”), an indirect wholly-owned subsidiary of the Company, obtained a syndicated financing of RMB1.02 billion. 

The project obtained a 14-year long-term loan of RMB800 million from Qinghai Branch of China Development Bank. On 19 December, Gonghe New Energy entered into a finance lease agreement with Beijing Culture & Technology Financial Leasing Company Limited to arrange a 8-year long-term sale-leaseback financing of RMB220 million for the project.

Mr. LI Hong, Chief Financial Officer of United PV, said: “As an investment project with future revenue secured, solar power plants will benefit from the lowering interest rate macro-economic environment. And operators with sustainable financing capability will be able to acquire high quality solar power plants more easily. Currently, we are being approached by domestic and overseas financial institutions including banks, fund houses, financial leasing companies, etc., for project financing cooperation. As a new energy business platform under China Merchants Group, CNME and United PV will obtain more long-term capital at lower cost through continuous financial collaborations and funding support from the mother company, to help the Company’s rapid growth and increase the installed capacity of solar power plants and become the most influential solar power plant operator in the industry.”