United Renewable Energy and Ye Heng Power Signed MOU for 120MW Module Order

United Renewable Energy (“URE”, or “the Company”, 3576 TT), and Ye Heng Power, signed a memorandum of understanding for purchasing of 120 MW of module. The module is for solar project in Lunwei District of Changhua Coastal Park, this area will be the first and largest green energy zone in Taiwan upon completion.

Ye Heng Power is a project company owned by Partners Group, a Swiss-based world leading private market asset management company. Ye Heng Power currently has 200MW of solar power plant in its portfolio including operational and under construction projects, the group aims to build over 800MW of solar PV plants in Taiwan. Ye Heng Power plans to build a 180MW solar plant in the land reclamation zone located in Changhua Coastal Industrial Park, which will also be the largest offshore solar plant in Taiwan. URE will supply glass-to-glass bi-facial high power modules, the shipment will begin in second half of the 2020, in line with construction schedule. As Taiwan large solar projects (above 100MW) began construction, URE’s domestic module shipment shows significant growth comparing to same period last year. The confirmed orders as of March this year has reached near 500MW. URE chairman Dr. Sam Hong commented, “This MOU signified an important milestone in our cooperation with Ye Heng Power. Our two companies will continue to work closely together to build solar system projects in Taiwan, and are fully committed to support Taiwan to achieve 20GW cumulative solar power installation by 2025. ”

Vince Choi, chairman of Ye Heng Power stated, “Modules from URE are well-known for their high performance and excellent quality. In addition, URE’s localization strategy to prioritize the Taiwan market and the sustainable development plan fit our company policy perfectly. As a renewable power producer devoting to Taiwan market, we plan to invest and own renewable power plants from a long-term perspective. We are extremely glad to work with the local leading module supplier and support the renewable energy development in Taiwan.”