North Coast Solar Stocks

June 25, 2008

China Sunergy Signs Wafer Supply Agreement

Filed under: CSUN — Tags: , , — Jason @ 12:33 pm

Wednesday June 25, 12:33 pm ET

NANJING, China, June 25 /Xinhua-PRNewswire/ — China Sunergy Co., Ltd. (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.

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