United PV Acquired 82.4MW Solar Power Plants in UK

(Hong Kong, 23 September 2016) United Photovoltaics Group Limited (“United PV” or the “Company”, stock code: 00686.HK, the largest shareholder - China Merchants New Energy) was pleased to announce that an indirect wholly-owned subsidiary of the Company, Renewable Energy UK Portfolio Limited, and Notus Investments 1 S.à r.l., Luxemburg entered into an agreement about the acquisition of 6 solar power plants with total installed capacity of power plants about 82.4 MW. Elliott Management US and British Equinox Energy Capital are the shareholders of Notus Investments 1 S.à r.l.

This acquisition is known by the public as the first overseas acquisition of new energy asset by Chinese enterprise after Brexit.

According to the agreement, United PV will acquire 6 solar power plants located in Oxfordshire, Northamptonshire, Nottinghamshire and Cumbria. The project commenced operations in first quarter, 2015. All power plants has got the authentication of the responsibility of British renewable energy certificate, valid for 20 years from 2015 onwards. The total consideration of the acquisition is up to 30 million pounds.

The Company has been working on identifying suitable new energy investment project, in order to acquire solar power plant with favorable development prospect and stable and significant returns. As the first overseas acquisition of solar project assets, which will enrich the Company’s combination of existing solar power stations, further expand the Company’s scale of business and coverage, and enhance returns to shareholders.

The acquisition marks another significant move of United PV after its series of recent progress in international cooperation: On September 1, United PV and the United Nations Development Programme entered into a strategic cooperation agreement. As an international platform of the United Nations to address climate change and with "Panda Power Station" as the carrier, United PV will combine China-USA’s iconic science and technology enterprises to build Panda Power Stations over the world. On September 20, sizeable international investment institution ORIX Group become a shareholder of United PV, it has a far-reaching significance for the Company’s strategic goal. With promote of the United Nations and the join of ORIX, combined with United PV’s professional experience and industry influence, as well as expertise in solar project investment, development and operational aspects, the Company has big step forward towards internationalization, from China to the world.