(PRC, Hong Kong, 14 April 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, today announced it entered into a framework agreement with Yingli Green Energy Holding Company Limited (“Yingli Green Energy”) for the conditional acquisition of China-based solar power plants to be designed and constructed by Yingli Green Energy.

According to the agreement, the Company will acquire not less than 300MW of ground-mounted solar power plants in China from Yingli Green Energy from 2014 to 2016, subject to the fulfillment of certain conditions. These projects will be mainly located in Hebei, Guangxi, Shanxi, Shandong and other provinces. Yingli Green Energy’s wholly-owned project companies will hold 100% equities in the solar power plants, and are responsible for their development and construction. The acquisition will be completed upon successful grid-connection, completed assessment and fulfillment of other preconditions as addressed in the agreement.

“United PV has attracted significant public attention and recognition because of its success in China’s downstream solar industry. United PV’s extensive experience in the acquisition and operation of solar PV plants complements Yingli’s leading position in PV module manufacturing, system design, and construction.” said Mr. Yiyu WANG, Chief Financial Officer of Yingli Green Energy.

Mr. Hong LI, Chief Financial Officer of United PV, said: “The collaboration with Yingli Green Energy will benefit both of our companies as we work to expand China’s installed solar capacity through large-scale PV projects and create the leading operation platform for solar PV plants in China. Yingli Green Energy is one of the global PV industry leaders and the world’s largest PV module manufacturer, which has strong capabilities in developing high quality solar plants. These plants are expected to be parts of our project pipelines and strengthen our market presence in China’s downstream solar business. In addition, Yingli Green Energy and United PV look forward to further cooperative opportunities in PV sector across the globe, which will help drive United PV’s global expansion in the solar farm operation market.”