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, 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
	the year ended Dec 31, 2013	461,347,314	1,534,317,541	517.8	N/A	N/A	0.33	34.0
Binglangjiang I	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
	the year ended Dec 31, 2013	17,843,729	105,140,774	21.0	365	1.06	0.18	57.2
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
	the year ended Dec 31,2013	10,612,111	62,529,840	20.0	365	1.06	0.18	35.7
Liyuan	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
	the year ended Dec 31, 2013	2,310,206	8,444,200	12.0	273	1.06	0.29	10.7
Yingchuan	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
	the year ended Dec 31, 2013	60,011,855	139,554,431	40.0	365	1.06	0.46	39.8

		Total Revenues (RMB)	Total Electricity Sold (kWh)	Installed Capacity (MW)		Number of days	Tax Rate*	Effective Tariff** (RMB)	Effective Utilization Rate*** (%)
Wuliting	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
	the year ended Dec 31, 2013	49,124,571	117,231,840	42.0		365	1.06	0.44	31.9
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
	the year ended Dec 31, 2013	35,647,612	80,512,711	37.6		365	1.06	0.47	24.4
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
	the year ended Dec 31, 2013	20,613,608	46,963,319	16.0		365	1.06	0.47	33.5
Ruiyang	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
	the year ended Dec 31, 2013	32,029,983	72,077,280	32.0		365	1.06	0.47	25.7
Shapulong	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
	the year ended Dec 31, 2013	25,453,767	55,764,645	25.0		365	1.06	0.48	25.5
Banzhu	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
	the year ended Dec 31, 2013	52,953,627	162,613,500	45.0		365	1.17	0.38	41.3

		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, 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
	the year ended Dec 31, 2013	35,743,853	126,323,663	40.0	365	1.17	0.33	36.1
Yuanping	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 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 to Oct 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
	the year ended Dec 31, 2013	9,805,386	58,632,431	18.7	365	1.06	0.18	35.8
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
	the year ended Dec 31, 2013	13,956,784	87,165,181	25.2	365	1.06	0.17	39.5
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
	the year ended Dec 31, 2013	4,891,410	30,548,628	10.0	365	1.06	0.17	34.9
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
	the year ended Dec 31, 2013	8,232,122	50,163,960	18.9	365	1.06	0.17	30.3
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
	the year ended Dec 31, 2013	16,124,244	81,161,158	44.0	365	1.06	0.21	21.1
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
	the year ended Dec 31, 2013	9,482,706	35,887,928	10.0	365	1.06	0.28	41.0
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	74.4
	the year ended Dec 31, 2013	4,991,244	18,889,692	3.0	365	1.06	0.28	71.9

		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
	the year ended Dec 31, 2013	3,661,698	13,857,940	4.8	365	1.06	0.28	33.0
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
	the year ended Dec 31, 2013	12,203,220	40,297,236	10.0	365	1.06	0.32	46.0
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
	the year ended Dec 31, 2013	11,463,473	43,242,996	11.6	365	1.06	0.28	42.6
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
	the year ended Dec 31, 2013	15,213,598	52,856,160	16.0	365	1.06	0.31	37.7
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
	the year ended Dec 31, 2013	8,976,507	44,458,027	15.0	365	1.06	0.21	33.8
	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	%

*	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.