Friday, November 28, 2008

China Sunergy Breaks Ground On 400MW Shanghai Base

Nov 28, 2008

Nanjing-based solar cell manufacturer China Sunergy (Nasdaq: CSUN) broke ground on its Shanghai research, development and production base in Songjiang Industrial Park on Friday.

Sunergy said it is targeting production capacity of 400MW for the base that will focus on N-type solar cells. Last December, the company set production targets at 500MW. Sunergy's Shanghai R&D center, a portion of the project, is scheduled for completion in the first half of 2009. Sunergy reported third quarter net income of $0.2 million, compared to a loss of $4.4 million in the third quarter of 2007 and net income of $3.1 million last quarter, on exchange and foreign currency losses earlier this week.

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