03.31.2017

United PV Announced 2016 Annual Results Sales of Electricity Increased 58% to RMB998 Million


(Hong Kong, March 31 2017) – China’s largest pure play solar power plant investor and operator, United Photovoltaics Group Limited ("United PV" or the "Company", together with its affiliated companies, the "Group", stock code: 00686.HK, whose largest shareholder is China Merchants New Energy Group) is pleased to announce the annual results for the year ended December 31 2016(the “Year”). During the Year, EBITDA of the Company significantly accrued 75% to RMB841 million and EBITDA profit margin reached 85% with a YoY increase of 8%; sales of electricity increased 58% to RMB998 Million; net profit steadily raised to RMB382 million.

As of December 31 2016, the Group beneficially owned 31 solar power plants, with a total installed capacity of 1,291.4MW, up 47.4% comparing to last year. The annual electricity generation in 2016 reached 1.35 billion kWh, representing a YoY increase of approximately 56.5%. In terms of domestic business development in 2016, the Group increased the proportion of self-development projects as achieved acquisitions. Besides the success on developing the 100MW National Demonstration Project of “Top Runner Program” in Datong Shanxi, United PV also won other two “Top Runner Program” projects in Baotou, Inner Mongolia and Anhui Province respectively. In terms of plant operation and management, United PV applied the Global Smart PV Cloud Management System for real-time monitoring of the power plants to enhance the overall operational efficiency. In the meantime, the Group also actively participated in electricity market transactions, striving to maximize the power generation efficiency of the existing plants. In overseas business development, United PV announced to acquire 6 solar power plants in UK with a total installed capacity of 82.4MW in September 2016 and successfully entered the overseas market by completing the acquisition in January 2017. Meanwhile, United PV cooperated with the United Nations Development Programme to build “Panda Solar Power Plant”, and provided a package of innovative clean energy integrated solutions to countries along the “Belt and Road” routes. In terms of corporate financing, United PV successfully explored various financing channels and acquired RMB6.8 billion. In September 2016, United PV announced to introduce strategic shareholders. And in March 2017, ORIX Group and Asia Climate Partners (ACP) under Asia Development Bank officially became the second and third largest shareholder of the Group. In addition, the Group also successfully allocated new shares to China Huarong and China Minsheng Bank during the Year, which further expanded the proportion of institutional investors.

With the “Paris Agreement” came into force, clean energy has become the main trend of global energy structural transformation. The building of "Belt and Road" initiative emphasizes on being green ecological, which has fully demonstrated the China’s determination of promoting de-carbonization and clean energy around the world. Looking forward, the Group will work with its strategic shareholders, namely ORIX, ADB and ACP, and leverage on their powerful global resources network, to fully explore on overseas new energy projects investment, finance and overseas business development.


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