Agreement Marks China Sunergy's First Partnership in Italy
NANJING, China, June 15 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a 6 year, 53MW sales framework agreement and a 3MW sales contract with Renergies Italia S.p.A, ("Renergies Italia"), a manufacturer of solar modules based in Urbisaglia(MC), Italy.
Based on the terms of the non-binding framework agreement, a total of 53MW of solar cells manufactured by China Sunergy may be sold to Renergies Italia between 2009 and 2014. Given the non-specific nature of the agreement, each actual sale of solar cells will be based on definitive contracts which will be negotiated between China Sunergy and Renergies Italia.
Pursuant to this framework agreement, the parties entered into a 3MW contract of solar cells to be supplied from China Sunergy to Renergies Italia during 2009. The remaining potential delivery volume of 50MW solar cells may be provided by China Sunergy to Renergies Italia between 2010 to 2014, with 5-15MW of solar cells sold per year.
Commenting on the agreement, Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy, remarked: "An important part of China Sunergy's growth strategy has been the development of new partnerships with industry leaders across diverse geographies. This agreement demonstrates our ability to execute on both of those initiatives despite the challenging sales environment. We are excited to have a strong partner in Renergies Italia, and to have signed this important framework agreement and sales contract in a new solar market for China Sunergy."
About China Sunergy Co. Ltd.
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell products in China. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com .
For further information contact:
Peter Schmidt
FD Asia
Tel: +86-10-8591-1953
Email: peter.schmidt@fd.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements and are based on current expectations, assumptions, estimates and projections about the company and the industry, and involve known and unknown risks and uncertainties, including but not limited to, the company's ability to raise additional capital to finance the company's activities; the effectiveness, profitability, and the marketability of its products; the economic slowdown in China and elsewhere and its impact on the company's operations; demand for and selling prices of the company's products; the future trading of the common stock of the company; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; the company's ability to protect its proprietary information; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; future shortage or availability of the supply of raw materials; impact on cost-competitiveness as a result of entering into long-term arrangements with raw material suppliers and other risks detailed in the company's filings with the Securities and Exchange Commission. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
