HONG KONG, Dec. 30, 2014 /PRNewswire/ -- 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, is pleased to announce today that, the company entered into an investment agreement ("Cooperation Agreement") with Chinastone Capital Management Limited ("Chinastone"), the manager of Taoshi Energy Equity Investment Fund ("Taoshi Fund") under Ping An Insurance (Group) Company of China, Ltd. ("Ping An", 02318.HK, 601318.SH), to jointly acquire solar power plants.
Pursuant to the Cooperation Agreement, Chinastone will subscribe for the 7.5% three-year convertible bonds in the principal amount of RMB1 billion (equivalent to approximately HK$1.26 billion) issued by the Company, at the conversion price of HK$1.03. The proceeds from which will be used to acquire a 300MW solar power plant project.
Chinastone is a Chinese equity investment management company specialized in the investment in the energy sector. As a joint venture founded by Ping An, one of the largest insurance companies in China, and San Shan (HK) Limited in 2010 with its headquarter in Shanghai, Chinastone is the largest energy equity investment fund in China and the manager of Taoshi Fund funded by Ping An with assets of approximately RMB10 billion.
The subscription marks the recognition of United PV from the insurance sector and professional equity investment funds. The support from bank financial capital and insurance funds on solar power plant assets will be beneficial to the comprehensive promotion of new energy. This, in turn, enables the public to get involved in the green environmental protection industry via a variety of means including wealth management, and creates "APEC Blue" with the concerted efforts from all walks of the community.
About United Photovoltaics Group Limited (stock code: 00686.HK)
United Photovoltaics Group Limited, whose largest shareholder is China Merchants New Energy Group, is a leading photovoltaic power plant investor and operator in China. The Company has actively carried out a series of mergers and acquisitions by leveraging strong connections with SOEs and leading conglomerates to consolidate resources in the solar power industry. The Company is committed to becoming China's most efficient and professional operational platform for photovoltaic power plants as well as to establishing a healthy photovoltaic green ecosystem. For more information about United Photovoltaics Group Limited, please visit: http://www.unitedpvgroup.com.
