LUXEMBOURG and DONGYING, China, August 9, 2010 /PRNewswire/ -- CNPV Solar Power SA, a public limited liability company organized under the laws of the Grand Duchy of Luxembourg with registered address at 23 Val Fleuri, L-1526 Luxembourg and a leading integrated manufacturer of solar photovoltaic products, announced today that, on July 8, 2010, it completed the issuance of US$10 million convertible notes and the issuance of 2,050,249 warrants in a private placement transaction to the certain investors.

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The notes will pay an interest at the annual rate of 20% and will mature on June 1, 2011. The notes will be converted into preference shares or common shares subject to the terms and conditions agreement set out between the company and the convertible notes holders. The notes can be converted into preferred shares where the number of the preference share is equal to the quotient of the principal amount (plus accrued and unpaid interest) of the Notes divided by the liquidation value of US$10,000. The notes are initially convertible into such number of common shares equal to the quotient of the principal amount (plus accrued and unpaid interest) of the Notes divided by the conversion price of US$4.042896, subject to certain adjustments. Notwithstanding the foregoing the total aggregate principal amount of the notes shall always be convertible into such number of common shares of the Company as shall constitute 29.66% of the total issued and outstanding common shares of the Company at the time of conversion. It shall be noted that the valuation method and ratios have been reviewed by a Luxembourg Auditor of the Company in accordance with the applicable laws of the Grand Duchy of Luxemburg.

In connection with the issuance of the convertible notes, the Company issued to the purchasers of the convertible notes, warrants entitling them to subscribe for a total of 2,050,249 new common shares of the Company to be issued at a price of US$4.85 per share, subject to certain adjustments.

At the occasion of this extraordinary shareholders meeting, the Company has decided to authorize the board of directors to put into place a stock option plan in favour of the employees of the Company

CNPV intends to use the proceeds of the transaction for the expansion of its global business and in particular manufacturing lines for the production of silicon ingots, wafers, solar cells and solar modules, the purchase of raw materials, research and development and other general corporate purposes.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities, and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer; solicitation or sale would be unlawful.

About CNPV

CNPV Solar Power SA , through its wholly-owned subsidiary, CNPV Dongying Solar Power Company Limited, is a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules. CNPV designs, manufactures and supplies highly efficient and cost effective crystalline solar photovoltaic modules. For further information, please visit CNPV's website at http://www.cnpv-power.com

For more information, please contact:

B.Veerraju Chaudary, COO, CTO Member of the Board CNPV Solar Power SA Direct Land Line: +86-546-7795053 Mobile: +86-13656-473355 Email: chaudary@cnpv-power.com CNPV Investor Relations Help Desk, Direct Land Line: +86-546-7795888 Email: ir@cnpv-power.com

SOURCE: CNPV Solar Power SA

CONTACT: B.Veerraju Chaudary, COO, CTO Member of the Board, CNPV SolarPower SA, +86-546-7795053 or +86-13656-473355, or chaudary@cnpv-power.com;Or CNPV Investor Relations Help Desk, +86-546-7795888, or ir@cnpv-power.com