Under the Terms China Sunergy Will Supply at Least 30 MW of Solar Cells in 2008
October 18, 2007: 01:30 AM EST
NANJING, China, Oct. 18 /Xinhua-PRNewswire/ -- China Sunergy Co. Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has signed a solar cell supply agreement (the ''Agreement'') with aleo solar AG (''aleo''), a leading German solar module manufacturer, to supply at least 30 MW of high quality silicon solar cells in 2008.
China Sunergy will supply 10 MW of solar cells to aleo during the first half of 2008, and deliver the additional 20 MW during the second half of the year. aleo also owns an option to buy an additional 10 MW from China Sunergy in 2008. The negotiations regarding this option will be finalized before June 1st, 2008. The price for the first half of 2008 is fixed and both parties agree to fix the price for the second half of 2008 before March 30th, 2008.
In addition to the supply agreement in 2008, both parties have agreed to explore a longer-term business relationship extending into 2009. Details of this longer-term relationship will be negotiated by June next year.
The average conversion efficiency of the solar cells China Sunergy will supply should be no less than 16%, according to the terms of the Agreement.
Commenting on the Agreement, Allen Wang, CEO of China Sunergy, said: ''One of my key objectives has been to enlarge and diversify our customer base and this new agreement is another important step in that direction. Even though this Agreement and the recent wafer and polysilicon supply contracts are very positive developments as we look into 2008, I remain cautious about the outlook for the remainder of the year given the continued tight wafer supply and rise in wafer pricing that we have experienced so far in the second half of 2007.''
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. 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 .
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