United Renewable Energy and Vena Energy Sign MOU for Cooperation on Development of PV Power Plant Business worth NT$10 Billion to NT$15 Billion

United Renewable Energy (“URE”, or “the Company”, 3576 TT), and Vena Energy, the largest independent renewable energy company in Asia-Pacific region, signed a memorandum of understanding for cooperation on development of 200MW-300MW PV power plant business. The agreement was signed by Chairman of URE Dr. Sam Hong and CEO of Vena Energy, Nitin Apte.

Dr. Hong pointed out that Vena Energy is a portfolio company of Global Infrastructure Partners (GIP), a leading global independent infrastructure investor. Vena Energy operates from 18 offices throughout the Asia Pacific region with 43 operational assets totaling 1.3GW and another 0.7GW of construction and shovel-ready assets, with over 9GW of assets in development. With outstanding system development teams and excellent module design abilities, URE will provide professional construction management and asset management services. This memorandum will mark an important milestone to the relationship between URE and Vena Energy. It will cover development, construction and management of several PV power plants. The projects are estimated to be around 200MW-300MW and worth between NT$10 billion to NT$15 billion and to be completed in 3 years.

Dr. Hong commented, “our module products are famous for outstanding performance and high quality, and we are able to maintain our market share in Taiwan well above 50% over the years. URE has developed strong system development capabilities and built up excellent system development teams. With the government policy goal of 20GW cumulative solar power installation by 2025, URE is committed to help Taiwan achieve this target. With accumulated domestic experience, URE can expand to participate in large projects globally, and create a blue ocean market for our services and products. It is our goal to complete PV System projects of 6GW within next 10 years.”

Nitin Apte, Vena Energy CEO further stated, “Since October 2015, Vena Energy has developed a portfolio of over 20 projects in operation or in development and construction in Taiwan, totaling over 1.4 gigawatts in solar generation capacity. As a committed renewable energy developer, we have long-term plans to invest in targeted renewable energy projects across Taiwan and we are excited about our partnership with URE and the opportunity to work with Taiwan’s eminent PV modules supplier and solar industry integrator to contribute to the country’s clean energy goals.”