Vpower International : VOLUNTARY ANNOUNCEMENT - (1) LETTERS OF ACCEPTANCE FOR THREE LNG POWER PROJECTS AND ONE GAS POWER PROJECT AWARDED BY THE MYANMAR GOVERNMENT AND (2) DEPLOYMENT OF CERTAIN POWER GENERATION CAPACITY FROM MYINGYAN I PROJECT TO MAGWAY PROJECT

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VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED 偉 能 集 團 國 際 控 股 有 限 公 司

（Incorporated in the Cayman Islands with limited liability）

(Stock Code: 1608)

VOLUNTARY ANNOUNCEMENT

(1) LETTERS OF ACCEPTANCE

FOR THREE LNG POWER PROJECTS AND ONE GAS POWER PROJECT

AWARDED BY THE MYANMAR GOVERNMENT

AND

1. DEPLOYMENT OF CERTAIN POWER GENERATION CAPACITY FROM MYINGYAN I PROJECT TO MAGWAY PROJECT

The board of directors (the "Board") of VPower Group International Holdings Limited (the "Company", together with its subsidiaries, collectively the "Group") is pleased to announce that Electric Power Generation Enterprise ("EPGE"), Ministry of Electricity and Energy of the Government of the Republic of the Union of Myanmar ("Myanmar") has declared (i) the consortium comprising the Group and a strategic partner to be the winning bidder of three tenders on liquefied natural gas ("LNG") to power projects (the "LNG Power Projects"); and (ii) the Group to be the winning bidder of a tender on a pipeline gas power project (the "Gas Power Project").

Letters of acceptance for the LNG Power Projects and Gas Power Project, confirming the key terms for power purchase by EPGE, have been issued by EPGE to the winning bidders. Key particulars of the respective projects are set out below:

LNG Power Projects

400MW project in Thaketa 350MW project in Thanlyin 150MW project in Kyauk Phyu

Gas Power Project

20MW project in Kyun Chaung

Contract length (months)

60

60

60

Contract length (months)

24

(extendable up to 60 months upon fulfilment of certain requirements)

All the above projects are expected to commence commercial operation in the first half of 2020.

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The Group believes the commencement of commercial operations of the above projects will further strengthen the leadership of the Group in the distributed power generation industry in Myanmar and Asia, and will be a milestone of the Group's entry into the LNG to power market. The management believes LNG will soon become one of the significant fuel sources in the electricity market in Myanmar and other Asian countries, making our investments in the LNG to power market in Myanmar an important foundation for the Group's business development in the LNG to power market in the future.

Further announcement in compliance with the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") will be made if the joint venture arrangements to be entered into between the Group and the strategic partner constitute a notifiable transaction under the Listing Rules.

The Board is also pleased to announce that according to the agreement between the Group and EPGE, the Group is going to deploy power generation capacity of 74.9MW from Myingyan I Project to Magway in Myanmar (the "Magway Project") to meet the local electricity supply planning on a flexible and timely manner. The Magway Project is expected to commence commercial operation in December 2019.

By Order of the Board

VPower Group International Holdings Limited

Lam Yee Chun

Executive Chairman

Hong Kong, 9 October 2019

As at the date hereof, the Board comprises Mr. Lam Yee Chun, Mr. Lee Chong Man Jason, Mr. Au-Yeung Tai Hong Rorce and Mr. Lo Siu Yuen as executive directors; Ms. Chan Mei Wan and Mr. Kwok Man Leung as non-executive directors; and Mr. David Tsoi, Mr. Yeung Wai Fai Andrew and Mr. Suen Wai Yu as independent non-executive directors.

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