United Photovoltaics Group

Investment Year : 2017
Region : China
Headquarters : Hong Kong
Sector : Renewable Energy - Solar

The Company

Asia Climate Partners L.P. (“ACP”) closed on March 20, 2017 an investment of US$25 million into United Photovoltaics Group Limited (“United PV”, or the “Company”) in form of equity and warrants, which is part of a joint-investment alongside with ORIX Asia Capital Limited and the Company’s largest shareholder China Merchants New Energy Group. United PV is the only listed platform under China Merchants Group engaged in the investment and operation of solar farms and renewable energy business. As of December 2016, the Company has 31 grid-connected solar farms with total capacity of 1,291.4 MW in 12 provinces in China. The Company has also recently completed acquisition of 6 solar plants in UK with total installed capacity of 82 MW (the first overseas project acquisition) in Q1 2017.

Impact

As a result of ACP’s investment, there will be an increase in grid-connected solar projects in China.  United PV’s photovoltatic power systems derive energy from the sun which is considered to be a renewable energy source.  The production of electricity does not generate any greenhouse gas emissions and does not cause any air or water pollution. United PV’s proposed portfolio of renewable energy projects will contribute to China’s renewable energy mix which will displace thermal energy generation and also delay any planned expansion of the grid generation by its equivalent size. The Company is expected to generate at least 3.3 million megawatt-hours of electricity annually which will avoid approximately 2.3 million tons of carbon dioxide annually from 2018 onwards. 

United PV is implementing an Environmental and Social Management System (ESMS) which incorporates requirements on environment, health and safety and social (including involuntary resettlement, indigenous peoples and labour).  Through implementation of the ESMS ACP’s investment will result in improved ESG governance at United PV, including enhanced management of potential environment, health and safety and social risks through capacity building and training. The development of the projects will create both skilled and unskilled job opportunities in China for both men and women.   Since United PV’s projects are generally developed in rural locations, the solar projects present employment where opportunities are limited. 

Company’s Solar Farms in China

United PV Cloud-based Power Plant Monitoring System

Panda Solar Project