NANJING, China, June 25, 2008 /Xinhua-PRNewswire via COMTEX News Network/ -- China Sunergy Co., Ltd.
(Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China,
announced today that it has entered into a supply agreement (the "Agreement")
with the European wafer provider REC Wafer for a high quality supply of
monocrystalline 156-millimeter wafers for the seven years from 2009 through
2015.
The scheduled shipments are expected to begin in early 2009 and be
completed at the end of 2015. Both amount and price are fixed according to the
thickness of wafer and the year of shipment, with some flexibility on amounts
within certain limits. Total purchases of wafers by China Sunergy from REC
Wafer are expected to exceed $400 million over the life of the Agreement.
China Sunergy believes that, by partnering with its new supplier, it is
reducing its reliance on the spot market, and it believes that the cost
savings involved will ease the pressure it has recently seen on its margins.
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 .
For further information, please contact:
Financial Dynamics
Julian Wilson:
Phone: +86-10-8591-1951
Email: julian.wilson@fd.com
Peter Schmidt:
Phone: +86-10-8591-1953
Email: peter.schmidt@fd.com
SOURCE China Sunergy Co., Ltd.
http://www.chinasunergy.com
