Hong Kong — The United Photovoltaics Group Limited (“United PV” or the “Company”, together with its subsidiaries referred to as the “Group”, stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group Limited “CMNE”), a leading solar power plant investor and operator in China, is pleased to announce the results of the Company for the year ended 31 December 2015 (the “Year”).

During the Year, the net profit of the Company increased 43%, amounted to RMB373 million (Year 2014: RMB260 million); EBITDA raised 73% to RMB480 million as compared with the same period in year of 2014; sales of electricity accrued 66% to RMB631 million YoY.

In terms of projects, in 2015, the Group continued to focus its resources to expand the solar power generation business, and the aggregate installed capacity reached 976MW with a newly acquired capacity of 419.8MW. Most of the solar power plants are in areas with rich solar power resources such as Qinghai, Inner Mongolia and Xinjiang. At the same time, since 2015, United PV gradually achieved strategic expansion into areas with strong demand for electricity or favorable conditions for power transmission such as Hubei, Shanxi and Yunnan.

The 100MW project in Shanxi Province is located in the Coal Mining Subsidence National Advanced Technology Solar Demonstration Base in Datong City, which is the first demonstration project implemented under the “Top Runner Program” of photovoltaic industry in China. Being successfully granted for the project as the only Hong Kong listed company made United PV a “Top Runner” in photovoltaic industry. This is not only an indication of the Group’s development, construction, operation and maintenance ability, but also recognition of United PV as a “resources integrator” in the industry.

In terms of financing, in 2015, United PV obtained financial supports from numerous financial institutions. The Company completed the issue of three-year convertible bonds with an aggregate amount of approximately RMB1,941 million to China Merchants Fund, China Orient Asset Management, China Huarong Asset Management, Peak Reinsurance under Fosun International and Huaqing Solar Power Limited under Qingdao City Construction and Investment Group. In addition, the Group also achieved substantial progress in long-term loan and finance leasing. For the year of 2015, United PV received a total net proceeds of RMB2,346 million from bank loans, finance leasing and other financing methods.

With unremitted efforts from the management of the Company, United PV has gradually become a cross-border platform integrated with new energy and finance that has received recognition and acknowledgement from the capital market in respect of company performance, potential and future development. In August 2015, United PV was selected as a constituent of the five major indexes by Hang Seng Indexes Company Limited: Hang Seng Composite Index Series (Hang Seng Composite Index, Hang Seng Composite Index – Industrials, Hang Seng Composite MidCap & SmallCap Index and Hang Seng Composite SmallCap Index) and Hang Seng Global Composite Index effective since 14 September 2015. In November 2015, United PV was selected as a constituent stock of the Global Small Cap China Index by Morgan Stanley Capital International (“MSCI”).

Looking Forward, Mr. Alan Li, Chairman of United PV said: “There has been a rising awareness worldwide that renewable energy and energy efficiency are critical not only for addressing climate change, but also for creating new economic opportunities and for providing energy access to the billions of people still living without modern energy services. With the support from a series of policies implemented by the central and local governments, the solar power market in China is growing rapidly and provides new momentum for solar power generation. As the largest consumer for solar energy in the future, China has huge market potential. United PV will continue to uphold the “Top Runner” spirit, together with other outstanding solar power generation enterprises, to embrace new development opportunities by utilizing market mechanism, seizing every chance and integrating scientific and innovative resources.”

Derick Lila
Derick is a Clark University graduate—and Fulbright alumni with a Master's Degree in Environmental Science, and Policy. He has over a decade of solar industry research, marketing, and content strategy experience.

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