(Hong Kong, 21 September 2016) - United Photovoltaics Group Limited (“United PV”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group), a leading solar power plant investor and operator in China, announced an indirect wholly-owned subsidiary of the Company, Changzhou Zhaolian Green PV New Energy Co., Ltd., and Jiangxi Shunfeng Photovoltaic Investment Co., Ltd. entered into an agreement in Shunfeng Photovoltaic Headquarters, Changzhou City, Jiangsu Province about the acquisition of 40MW solar power plant.

According to the agreement, United PV will acquire a solar power plant project with an installed capacity of approximately 40MW located in Yantai City, Shandong Province, the PRC. The project has achieved on-grid since the end of 2015. The total consideration for the acquisition is approximately RMB409 Million. The exact cost for the solar power plant is approximately RMB8.82 per watt (earning rebate from the original shareholders and unrealised subsidy included).

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. The acquisition of the first batch of Shunfeng Photovoltaic solar power plant assets will enrich the Company’s combination of existing solar power stations, further expand the Company’s scale of business and enhance returns to shareholders.

Referring to this acquisition, Mr. Li Yuan, Chairman of the Board and CEO of United PV, Said, “Looking ahead, we will unite more excellent new energy enterprises, in response to the purpose of climate agreement signed by the United Nations and China-USA earlier this month, and work together to build a new world energy platform.”

Mr. Li Yuan, Chairman of the Board and CEO of United PV Having Conversation with Mr. Shi Jianmin, Chairman of the Board and CEO of Shunfeng Photovoltaic