**EXHIBIT 15.1**

 

**Calculation of Effective Tariff and Effective Utilization Rate**

 
| ** **           | ** ** | ** **                             | ** ** | **Total   Revenues   (RMB)** | ** ** | **Total   Electricity   Sold (kWh)** | ** ** | **Installed   Capacity   (MW)** | ** ** | **Number   of   days** | ** ** | **Tax   Rate*** | ** ** | **Effective   Tariff**   (RMB)** | ** ** | **Effective   Utilization   Rate*** (%)** | ** ** |
|----------------------|------------|----------------------------------------|------------|------------------------------|------------|-------------------------------------------|------------|---------------------------------|------------|------------------------|------------|-----------------|------------|----------------------------------|------------|------------------------------------------------|------------|
| **Our Company**      |       | the year ended Dec 31, 2008            |       | 110,076,549                  |       | 333,964,005                               |       | 271.0                           |       | N/A                    |       | N/A             |       | 0.33                             |       | 29.2                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2009            |       | 247,120,130                  |       | 798,945,372                               |       | 376.6                           |       | N/A                    |       | N/A             |       | 0.34                             |       | 30.8                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2010            |       | 448,218,584                  |       | 1,480,742,042                             |       | 548.8                           |       | N/A                    |       | N/A             |       | 0.33                             |       | 39.4                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2011            |       | 383,371,322                  |       | 1,374,178,037                             |       | 563.8                           |       | N/A                    |       | N/A             |       | 0.30                             |       | 28.0                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2012            |       | 566,774,348                  |       | 1,876,765,124                             |       | 563.8                           |       | N/A                    |       | N/A             |       | 0.33                             |       | 39.5                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Binglangjiang I**  |       | the year ended Dec 31, 2008            |       | 19,410,025                   |       | 117,278,061                               |       | 21.0                            |       | 366                    |       | 1.06            |       | 0.18                             |       | 63.6                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2009            |       | 16,556,208                   |       | 95,514,582                                |       | 21.0                            |       | 365                    |       | 1.06            |       | 0.18                             |       | 51.9                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2010            |       | 16,818,484                   |       | 94,591,565                                |       | 21.0                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 51.4                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2011            |       | 15,531,109                   |       | 86,994,684                                |       | 21.0                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 47.3                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2012            |       | 12,345,519                   |       | 73,643,279                                |       | 21.0                            |       | 366                    |       | 1.06            |       | 0.18                             |       | 39.9                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Binglangjiang II** |       | the year ended Dec 31, 2009            |       | 3,706,529                    |       | 29,141,455                                |       | 20.0                            |       | 118                    |       | 1.06            |       | 0.13                             |       | 51.5                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2010            |       | 11,386,666                   |       | 64,041,599                                |       | 20.0                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 36.6                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2011            |       | 16,531,143                   |       | 92,596,193                                |       | 20.0                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 52.9                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2012            |       | 14,164,841                   |       | 84,495,870                                |       | 20.0                            |       | 366                    |       | 1.06            |       | 0.18                             |       | 48.1                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Liyuan**           |       | the year ended Dec 31, 2008            |       | 6,866,482                    |       | 25,098,176                                |       | 12.0                            |       | 366                    |       | 1.06            |       | 0.29                             |       | 23.8                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2009            |       | 6,411,614                    |       | 23,435,555                                |       | 12.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 22.3                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2010            |       | 4,436,922                    |       | 16,217,714                                |       | 12.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 15.4                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2011            |       | 3,583,081                    |       | 13,096,779                                |       | 12.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 12.5                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2012            |       | 3,764,195                    |       | 13,758,781                                |       | 12.0                            |       | 245                    |       | 1.06            |       | 0.29                             |       | 19.5                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Yingchuan**        |       | the period from Jan 31 to Dec 31, 2008 |       | 37,594,669                   |       | 90,254,137                                |       | 40.0                            |       | 336                    |       | 1.06            |       | 0.44                             |       | 28.0                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2008            |       | 37,659,160                   |       | 90,768,127                                |       | 40.0                            |       | 366                    |       | 1.06            |       | 0.44                             |       | 25.8                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2009            |       | 44,925,331                   |       | 107,225,642                               |       | 40.0                            |       | 365                    |       | 1.06            |       | 0.44                             |       | 30.6                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2010            |       | 56,172,286                   |       | 138,329,823                               |       | 40.0                            |       | 365                    |       | 1.06            |       | 0.43                             |       | 39.5                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2011            |       | 43,375,819                   |       | 101,896,872                               |       | 40.0                            |       | 365                    |       | 1.06            |       | 0.45                             |       | 29.1                                           |       |
|                 |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **           |       | the year ended Dec 31, 2012            |       | 60,205,161                   |       | 144,948,740                               |       | 40.0                            |       | 366                    |       | 1.06            |       | 0.44                             |       | 41.3                                           |       |

 

----

 
| ** **       | ** ** | ** **                             | ** ** | **Total   Revenues   (RMB)** | ** ** | **Total   Electricity   Sold (kWh)** | ** ** | **Installed   Capacity   (MW)** | ** ** | **Number   of   days** | ** ** | **Tax   Rate*** | ** ** | **Effective   Tariff**   (RMB)** | ** ** | **Effective   Utilization   Rate*** (%)** | ** ** |
|------------------|------------|----------------------------------------|------------|------------------------------|------------|-------------------------------------------|------------|---------------------------------|------------|------------------------|------------|-----------------|------------|----------------------------------|------------|------------------------------------------------|------------|
| ** **       | ** ** | ** **                             | ** ** | ** **                   | ** ** | ** **                                | ** ** | ** **                      | ** ** | ** **             | ** ** | ** **      | ** ** | ** **                       | ** ** | ** **                                     | ** ** |
| **Wuliting**     |       | the period from Jan 31 to Dec 31, 2008 |       | 29,946,906                   |       | 69,232,680                                |       | 42.0                            |       | 336                    |       | 1.06            |       | 0.46                             |       | 20.4                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2008            |       | 30,371,102                   |       | 70,224,000                                |       | 42.0                            |       | 366                    |       | 1.06            |       | 0.46                             |       | 19.0                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2009            |       | 40,143,784                   |       | 92,554,440                                |       | 42.0                            |       | 365                    |       | 1.06            |       | 0.46                             |       | 25.2                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2010            |       | 61,927,235                   |       | 148,943,520                               |       | 42.0                            |       | 365                    |       | 1.06            |       | 0.44                             |       | 40.5                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2011            |       | 37,850,518                   |       | 92,118,840                                |       | 42.0                            |       | 365                    |       | 1.06            |       | 0.44                             |       | 25.0                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2012            |       | 60,013,023                   |       | 146,626,920                               |       | 42.0                            |       | 366                    |       | 1.06            |       | 0.43                             |       | 39.7                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Jiulongshan**  |       | the year ended Dec 31, 2009            |       | 27,124,666                   |       | 73,964,924                                |       | 37.6                            | (1)        | 280                    |       | 1.17            |       | 0.43                             |       | 20.0                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2010            |       | 27,706,976                   |       | 69,618,958                                |       | 37.6                            | (1)        | 365                    |       | 1.06            |       | 0.47                             |       | 21.1                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2011            |       | 28,414,330                   |       | 67,157,924                                |       | 37.6                            | (1)        | 365                    |       | 1.06            |       | 0.45                             |       | 20.4                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2012            |       | 50,105,070                   |       | 116,570,891                               |       | 37.6                            | (1)        | 366                    |       | 1.06            |       | 0.46                             |       | 35.3                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Zhougongyuan** |       | the year ended Dec 31, 2009            |       | 1,197,109                    |       | 2,934,316                                 |       | 16.0                            | (1)        | 61                     |       | 1.17            |       | 0.48                             |       | 12.5                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2010            |       | 16,976,305                   |       | 41,837,946                                |       | 16.0                            | (1)        | 365                    |       | 1.06            |       | 0.47                             |       | 29.9                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2011            |       | 16,923,433                   |       | 39,827,794                                |       | 16.0                            | (1)        | 365                    |       | 1.06            |       | 0.45                             |       | 28.4                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2012            |       | 27,787,589                   |       | 64,816,701                                |       | 16.0                            | (1)        | 366                    |       | 1.06            |       | 0.45                             |       | 46.1                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Ruiyang**      |       | the year ended Dec 31, 2008            |       | 22,862,842                   |       | 51,237,120                                |       | 32.0                            |       | 366                    |       | 1.06            |       | 0.47                             |       | 18.2                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the period from Jan 1 to Aug 19, 2009  |       | 24,167,675                   |       | 55,261,800                                |       | 32.0                            |       | 231                    |       | 1.06            |       | 0.46                             |       | 31.1                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the period from Aug 20 to Dec 31, 2009 |       | 3,109,994                    |       | 7,191,974                                 |       | 32.0                            |       | 134                    |       | 1.06            |       | 0.46                             |       | 6.1                                            |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31,   2009          |       | 27,277,669                   |       | 62,453,774                                |       | 32.0                            |       | 365                    |       | 1.06            |       | 0.46                             |       | 22.3                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31,   2010          |       | 31,933,990                   |       | 77,819,280                                |       | 32.0                            |       | 365                    |       | 1.06            |       | 0.43                             |       | 27.8                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31,   2011          |       | 21,305,440                   |       | 49,810,200                                |       | 32.0                            |       | 365                    |       | 1.06            |       | 0.45                             |       | 17.8                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31,   2012          |       | 39,755,322                   |       | 92,434,320                                |       | 32.0                            |       | 366                    |       | 1.06            |       | 0.46                             |       | 32.9                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Shapulong**    |       | the year ended Dec 31, 2008            |       | 17,723,482                   |       | 42,308,157                                |       | 25.0                            |       | 366                    |       | 1.06            |       | 0.44                             |       | 19.3                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the period from Jan 1 to Aug 2, 2009   |       | 9,702,244                    |       | 22,279,828                                |       | 25.0                            |       | 215                    |       | 1.06            |       | 0.44                             |       | 17.3                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the period from Aug 3 to Dec 31, 2009  |       | 7,581,398                    |       | 18,351,068                                |       | 25.0                            |       | 150                    |       | 1.06            |       | 0.44                             |       | 20.0                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2009            |       | 17,283,642                   |       | 40,630,896                                |       | 25.0                            |       | 365                    |       | 1.06            |       | 0.44                             |       | 18.6                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2010            |       | 26,947,680                   |       | 64,624,002                                |       | 25.0                            |       | 365                    |       | 1.06            |       | 0.44                             |       | 29.5                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2011            |       | 16,141,486                   |       | 36,611,340                                |       | 25.0                            |       | 365                    |       | 1.06            |       | 0.54                             |       | 14.4                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2012            |       | 24,033,386                   |       | 55,304,212                                |       | 25.0                            |       | 366                    |       | 1.06            |       | 0.46                             |       | 25.2                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Banzhu**       |       | the year ended Dec 31, 2008            |       | 47,872,768                   |       | 155,536,410                               |       | 45.0                            |       | 366                    |       | 1.17            |       | 0.36                             |       | 39.3                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2009            |       | 38,972,232                   |       | 126,659,753                               |       | 45.0                            |       | 365                    |       | 1.17            |       | 0.36                             |       | 32.1                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2010            |       | 57,011,622                   |       | 185,287,772                               |       | 45.0                            |       | 365                    |       | 1.17            |       | 0.36                             |       | 47.0                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2011            |       | 34,535,879                   |       | 112,241,606                               |       | 45.0                            |       | 365                    |       | 1.17            |       | 0.36                             |       | 28.5                                           |       |
|             |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **       |       | the year ended Dec 31, 2012            |       | 69,201,797                   |       | 214,147,080                               |       | 45.0                            |       | 366                    |       | 1.17            |       | 0.38                             |       | 54.2                                           |       |

 

----

 
| ** **     | ** ** | ** **                             | ** ** | **Total   Revenues   (RMB)** | ** ** | **Total   Electricity   Sold (kWh)** | ** ** | **Installed   Capacity   (MW)** | ** ** | **Number   of   days** | ** ** | **Tax   Rate*** | ** ** | **Effective   Tariff**   (RMB)** | ** ** | **Effective   Utilization   Rate*** (%)** | ** ** |
|----------------|------------|----------------------------------------|------------|------------------------------|------------|-------------------------------------------|------------|---------------------------------|------------|------------------------|------------|-----------------|------------|----------------------------------|------------|------------------------------------------------|------------|
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Wangkeng**   |       | the year ended Dec 31, 2008            |       | 34,237,226                   |       | 129,217,917                               |       | 40.0                            |       | 366                    |       | 1.17            |       | 0.31                             |       | 36.8                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2009            |       | 28,713,380                   |       | 108,369,852                               |       | 40.0                            |       | 365                    |       | 1.17            |       | 0.31                             |       | 30.9                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2010            |       | 48,704,698                   |       | 183,820,955                               |       | 40.0                            |       | 365                    |       | 1.17            |       | 0.31                             |       | 52.5                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 25,543,219                   |       | 96,398,922                                |       | 40.0                            |       | 365                    |       | 1.17            |       | 0.31                             |       | 27.5                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 46,384,111                   |       | 165,273,169                               |       | 40.0                            |       | 366                    |       | 1.17            |       | 0.33                             |       | 47.0                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Yuanping**   |       | the year ended Dec 31, 2008            |       | 8,004,678                    |       | 38,393,478                                |       | 16.0                            |       | 366                    |       | 1.06            |       | 0.22                             |       | 27.3                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2009            |       | 12,624,433                   |       | 44,316,824                                |       | 16.0                            |       | 365                    |       | 1.06            |       | 0.27                             |       | 31.6                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2010            |       | 22,682,552                   |       | 82,908,637                                |       | 16.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 59.2                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 11,565,379                   |       | 42,273,514                                |       | 16.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 30.2                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the period from Jan 1 to Feb 29, 2012  |       | 1,909,541                    |       | 6,979,641                                 |       | 16.0                            |       | 60                     |       | 1.06            |       | 0.29                             |       | 30.3                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Yuheng**     |       | the period from Jan 1 to Oct 20, 2008  |       | 14,154,407                   |       | 82,893,211                                |       | 30.0                            |       | 294                    |       | 1.06            |       | 0.18                             |       | 39.2                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the period from Oct 21 to Dec 31, 2008 |       | 2,180,392                    |       | 8,090,245                                 |       | 30.0                            |       | 72                     |       | 1.06            |       | 0.29                             |       | 15.6                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2008            |       | 16,334,799                   |       | 90,983,456                                |       | 30.0                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 34.6                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2009            |       | 16,053,453                   |       | 69,284,988                                |       | 30.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 26.4                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2010            |       | 34,445,274                   |       | 134,173,611                               |       | 30.0                            |       | 365                    |       | 1.06            |       | 0.27                             |       | 51.1                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 19,042,649                   |       | 69,593,044                                |       | 30.0                            |       | 365                    |       | 1.06            |       | 0.29                             |       | 26.5                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the period from Jan 1   toOct 31, 2012 |       | 27,502,092                   |       | 101,807,451                               |       | 30.0                            |       | 305                    |       | 1.06            |       | 0.29                             |       | 46.4                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Husahe**     |       | the year ended Dec 31, 2010            |       | 11,413,357                   |       | 66,801,125                                |       | 18.7                            |       | 257                    |       | 1.06            |       | 0.18                             |       | 57.9                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 12,046,457                   |       | 67,753,458                                |       | 18.7                            |       | 365                    |       | 1.06            |       | 0.19                             |       | 41.4                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 8,412,869                    |       | 51,666,207                                |       | 18.7                            |       | 366                    |       | 1.06            |       | 0.17                             |       | 31.5                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Zilenghe**   |       | the year ended Dec 31, 2010            |       | 7,730,041                    |       | 46,546,038                                |       | 25.2                            |       | 193                    |       | 1.06            |       | 0.18                             |       | 39.9                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 13,961,579                   |       | 86,162,474                                |       | 25.2                            |       | 365                    |       | 1.06            |       | 0.17                             |       | 39.0                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 13,598,500                   |       | 90,217,295                                |       | 25.2                            |       | 366                    |       | 1.06            |       | 0.16                             |       | 40.8                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Aluhe**      |       | the year ended Dec 31, 2010            |       | 2,316,881                    |       | 13,950,979                                |       | 10.0                            |       | 193                    |       | 1.06            |       | 0.18                             |       | 30.1                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 4,776,665                    |       | 29,478,703                                |       | 10.0                            |       | 365                    |       | 1.06            |       | 0.17                             |       | 33.7                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 4,707,294                    |       | 31,229,866                                |       | 10.0                            |       | 366                    |       | 1.06            |       | 0.16                             |       | 35.6                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Latudi**     |       | the year ended Dec 31, 2010            |       | 3,730,075                    |       | 21,312,493                                |       | 18.9                            |       | 138                    |       | 1.06            |       | 0.19                             |       | 34.0                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 7,159,053                    |       | 45,296,415                                |       | 18.9                            |       | 365                    |       | 1.06            |       | 0.17                             |       | 27.4                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 9,704,342                    |       | 62,695,720                                |       | 18.9                            |       | 366                    |       | 1.06            |       | 0.16                             |       | 37.8                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Xiaopengzu** |       | the year ended Dec 31, 2010            |       | 5,877,644                    |       | 29,916,026                                |       | 44.0                            |       | 115                    |       | 1.06            |       | 0.21                             |       | 24.6                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 13,844,808                   |       | 68,255,227                                |       | 44.0                            |       | 365                    |       | 1.06            |       | 0.22                             |       | 17.7                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 14,242,959                   |       | 72,662,313                                |       | 44.0                            |       | 366                    |       | 1.06            |       | 0.21                             |       | 18.8                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Qianling**   |       | the year ended Dec 31, 2010            |       | N/A                          |       | N/A                                       |       | 10.0                            |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 6,180,492                    |       | 27,297,172                                |       | 10.0                            |       | 365                    |       | 1.06            |       | 0.26                             |       | 31.2                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 11,534,362                   |       | 47,216,556                                |       | 10.0                            |       | 366                    |       | 1.06            |       | 0.26                             |       | 53.8                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Jinjiu**     |       | the year ended Dec 31, 2010            |       | N/A                          |       | N/A                                       |       | 3.0                             |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2011            |       | 3,062,168                    |       | 11,592,491                                |       | 3.0                             |       | 365                    |       | 1.06            |       | 0.26                             |       | 44.1                                           |       |
|           |       |                                   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **     |       | the year ended Dec 31, 2012            |       | 5,541,659                    |       | 19,602,939                                |       | 3.0                             |       | 366                    |       | 1.06            |       | 0.30                             |       | 57.0                                           |       |

 

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| ** **   | ** ** | ** **                                                         | ** ** | **Total   Revenues   (RMB)** | ** ** | **Total   Electricity   Sold (kWh)** | ** ** | **Installed   Capacity   (MW)** | ** ** | **Number   of   days** | ** ** | **Tax   Rate*** | ** ** | **Effective   Tariff**   (RMB)** | ** ** | **Effective   Utilization   Rate*** (%)** | ** ** |
|--------------|------------|--------------------------------------------------------------------|------------|------------------------------|------------|-------------------------------------------|------------|---------------------------------|------------|------------------------|------------|-----------------|------------|----------------------------------|------------|------------------------------------------------|------------|
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Dongguan** |       | the year ended Dec 31, 2010                                        |       | N/A                          |       | N/A                                       |       | 4.8                             |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2011                                        |       | 2,152,048                    |       | 8,147,040                                 |       | 4.8                             |       | 365                    |       | 1.06            |       | 0.26                             |       | 19.4                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2012                                        |       | 4,242,160                    |       | 15,041,000                                |       | 4.8                             |       | 366                    |       | 1.06            |       | 0.30                             |       | 46.6                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Jinlong**  |       | the year ended Dec 31, 2010                                        |       | N/A                          |       | N/A                                       |       | 10.0                            |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2011                                        |       | 8,423,034                    |       | 29,761,388                                |       | 10.0                            |       | 365                    |       | 1.06            |       | 0.30                             |       | 34.0                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2012                                        |       | 15,448,236                   |       | 51,311,594                                |       | 10.0                            |       | 366                    |       | 1.06            |       | 0.32                             |       | 58.4                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Jintang**  |       | the year ended Dec 31, 2010                                        |       | N/A                          |       | N/A                                       |       | 11.6                            |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2011                                        |       | 7,229,890                    |       | 29,475,704                                |       | 11.6                            |       | 365                    |       | 1.06            |       | 0.26                             |       | 29.0                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2012                                        |       | 14,141,584                   |       | 53,688,256                                |       | 11.6                            |       | 366                    |       | 1.06            |       | 0.28                             |       | 52.7                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Jinwei**   |       | the year ended Dec 31, 2010                                        |       | N/A                          |       | N/A                                       |       | 16.0                            |       | N/A                    |       | 1.06            |       | N/A                              |       | N/A                                            |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2011                                        |       | 8,854,564                    |       | 37,846,120                                |       | 16.0                            |       | 365                    |       | 1.06            |       | 0.25                             |       | 27.0                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2012                                        |       | 20,499,343                   |       | 62,600,520                                |       | 16.0                            |       | 366                    |       | 1.06            |       | 0.35                             |       | 44.5                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| **Dazhaihe** |       | the year ended Dec 31, 2011                                        |       | 5,337,079                    |       | 32,494,133                                |       | 15.0                            |       | 265                    |       | 1.06            |       | 0.17                             |       | 34.1                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | the year ended Dec 31, 2012                                        |       | 7,529,393                    |       | 38,025,803                                |       | 15.0                            |       | 366                    |       | 1.06            |       | 0.21                             |       | 28.9                                           |       |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | Weighted Average Utilization Rate for Consolidated Number 2008**** |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       | 29.2                                           | %          |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | Weighted Average Utilization Rate for Consolidated Number 2009**** |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       | 30.8                                           | %          |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | Weighted Average Utilization Rate for whole year Number 2008****   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       | 33.7                                           | %          |
|         |       |                                                               |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       |                                           |       |
| ** **   |       | Weighted Average Utilization Rate for whole year Number 2009****   |       |                         |       |                                      |       |                            |       |                   |       |            |       |                             |       | 30.2                                           | %          |

 

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----

| *      |   | Tax rate = 1+VAT (VAT is 6% or 17%, as applicable)                                                                                                                                                                    |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                  |
| **     |   | Effective Tariff = Total Revenues / Total Electricity Sold *tax rate                                                                                                                                                  |
|   |   |                                                                                                                                                                                                                  |
| ***    |   | Effective Utilization Rate=Total Electricity Sold / (Installed   Capacity *1000*24*Number of Days)*100, Consolidated Utilization Rate=Total Electricity Sold/SUM(Installed   Capacity(MW)*1000*24*Number of Days)*100 |
|   |   |                                                                                                                                                                                                                  |
| ****   |   | Weighted Average Utilization Rate = (Total Sold KWh)/(Total Installed   Capacity), with/without Shapulong                                                                                                             |
|   |   |                                                                                                                                                                                                                  |
| (1)    |   | Jiulongshan and Zhougongyuan projects were split from Zhougongyuan   projects in December 2009. The total installed capacity for Jiulongshan   was 37.6 MW and for Zhougongyuan 16.0 MW.                         |

 

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