(PRC, Hong Kong, 21 January 2014) Goldpoly New Energy Holdings Limited (“Goldpoly” or “the Company,” HK stock code: 686, whose largest shareholder is China Merchants New Energy Group “CMNE”) , a leading solar power plant investor and operator in China, today announced that it entered into a framework agreement with GD Solar Company Limited (“GD Solar”) to acquire its subsidiary Target Companies which own solar power plants located in Jinchang, Gansu Province. The aggregate installed capacity amounts to 400MW, 200MW among which have been connected to the grid with an on-grid electricity price of RMB1 per kWh.

The entering into sale and purchase agreements is conditional upon fulfillment of certain conditions, including obtaining approval from relevant authorities, obtaining all approval for access system connections, possessing technical conditions to connect to grids and fulfilling related legal and financial requirements, GD Solar having provided the warranty as to the quality of the design, equipment, construction, installation, debugging and operation of the Target Projects and GD Solar having provided guarantee for the electricity volume generated by the Target Projects. The actual consideration will be calculated based on the finalized on-grid electricity price.

Mr. XU Zhong, General Manager of GD Solar, said, “Committed to the development and application of new energy since its setup, GD Solar has possessed rich experience in providing EPC service. On the other hand, Goldpoly has demonstrated solid track records in the investment and operation of solar power plants. With our joint efforts, we are able to enhance the investment return efficiency and usher in the landmark cooperation model in the photovoltaic industry."

Mr. Alan LI, Chairman/Chief Executive Officer of Goldpoly , said, “We are pleased to kick off our development and construction of large power plants at the very beginning of 2014, which allows us to extend the operation cycle to the first half of the year. Members of Photovoltaic Green Ecosystem Organization ("PGO"), will once again cooperate with each other on solar power plants projects. We are fully confident of the long-term stable operation of power plants due to GD Solar’s successful experience in solar power plant construction and its excellent team execution. Looking ahead, we will continue to partner up with PGO members and qualified institutions at home and abroad, to drive forward our goal of building the most efficient and professional platform for operating solar power plants in China.”