North Coast Solar Stocks

March 25, 2009

China Sunergy Signs 35MW Sales Framework Agreement and 5MW Sales Contract to Supply the Korean Market

Filed under: CSUN — Tags: , , — Jason @ 8:00 am

Wednesday March 25, 2009, 8:00 am EDT

NANJING, China, March 25 /PRNewswire-Asia/ — China Sunergy Co., Ltd. (CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a 35MW solar photovoltaic products framework agreement, and a 5MW solar photovoltaic products sales contract under the 35MW solar photovoltaic products framework agreement, with Global Service LTM. L.L.C. (“GSL”) in Taiwan.

The framework agreement outlines the potential supply of up to 35MW of solar photovoltaic products from China Sunergy to GSL from March through until December 2009. GSL will then supply the solar photovoltaic products to the customer in Korea.

With respect to the specific delivery during the term of the framework agreement, sales contracts will be negotiated and entered into between the parties to finalize the products to be delivered, and the quantity and price of the products. The first 5MW sales agreement has been signed, with China Sunergy to provide 5MW of solar photovoltaic products to GSL in the second quarter of 2009, for eventual shipment to Korea.

The CEO of China Sunergy, Dr. Allen Ruennsheng Wang, remarked: “Signing this framework agreement represents progress in China Sunergy’s recently discussed strategy of geographically diversifying our customer base. Although this framework agreement is not binding, we are pleased to have signed the first 5MW sales contract according to the mutual understanding outlined in the framework agreement, an indication of the solid foundations we have set for an ongoing partnership. We seek to continue this momentum through the securing of additional sales agreements for our solar products within key Asian markets including Korea.”

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