Based in Quanzhou, Fujian, Fortune Arena sells and manufactures solar silicon cells.
Both the companies signed a memorandum of understanding regarding the deal in June 2014.
United PV will retain a 30% stake in the unit, which will no longer be regarded a subsidiary and its financial results will not feature the activities of the cell unit.
The company said the net proceeds from the sale are intended to be applied to the capital expenditure and the general working capital for the operation of solar power plants.
United Photovoltaics executive director Zhenwei LU said: "We are delighted to achieve substantial progress for the disposal of the factory, which encourages the Company to focus on the solar power business with consolidated resources.
"In addition, the reflux of capital from the disposal will further enhance the Company’s liquidity, accelerating the acquisition of solar power plants."
The Chinese National Energy Administration director WU Xinxiong has stressed the importance of renewable energy by proposing to build additional large scale solar power plants in regions with better solar resource.
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