North Coast Solar Stocks

August 28, 2009

China Sunergy to Enter Into Renegotiation With REC for the Long Term Supply Contract

Filed under: CSUN — Tags: , , , — Jason @ 3:04 pm

Friday August 28, 2009, 3:04 pm EDT

NANJING, China, Aug. 28 /PRNewswire-Asia/ — China Sunergy Co., Ltd. (CSUN), a specialized solar cell manufacturer based in Nanjing, China, announced today that it has entered into the renegotiation with the counter-party regarding to a June, 2008 supply agreement signed with REC SiTech AS.

On June 25, 2008, China Sunergy entered into a Standard Agreement for the Supply of Monocrystalline Silicon Ingots and/or Wafers with the European wafer provider REC SiTech As for the high quality supply of monocrystalline 156- millimeter wafers for seven years from 2009 through 2015. It has been revealed that REC SiTech As now is dissolved as a result of a merger early this year.

As the polysilicon supply market has changed dramatically since the fourth quarter of 2008, key raw material suppliers such as REC have indicated the renegotiation of supply agreements with their respective customers and against this background, China Sunergy has entered into the renegotiation with its counter-party in respect to the overall arrangement of the supply agreement, with the good faith to reach a mutually beneficial agreement between both parties.

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