Seven-Year Agreement Solidifies Long-term Sales Presence within China
NANJING, China, Sept. 25NANJING, China, Sept. 25 /Xinhua-PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a seven year sales agreement (the"Agreement") with Wuxi Guofei Green Energy Source Co., Ltd. ("Wuxi Guofei"), a leading Chinese solar energy company.
Under the Agreement, China Sunergy will supply Wuxi Guofei with 10 MW of monocrystalline cells each year, starting from 2009 through 2015, and China Sunergy will receive an advance payment after the signing of the Agreement.
"This represents a significant domestic sales agreement for China Sunergy and secures a long-term demand for our monocrystalline cells," remarked Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. "The payment terms of the agreement also provides China Sunergy with additional capital for investment in the continued development of our highly efficient solar cells, helping to ensure our company remains an industry leader in the solar energy sector in the future."
About China Sunergy Co. Ltd
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("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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