China Sunergy Signs Sales Contract with INFiNi in Japan
Year to date over 6.7MW of solar modules shipped to Japan
NANJING, China, Oct. 15, 2012
NANJING, China, Oct. 15, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq:
CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module
manufacturer, today announced that it signed a sales contract of 1.65MW of
solar modules with INFiNi Group ("INFiNi"), a well-known conglomerate
headquartered in Osaka, Japan. China Sunergy's solar modules will be shipped
by the end of October 2012 and installed in Okayama First Solar Plant in
Japan, the first ground-mounted solar project of INFiNi.
INFiNi Group is operating and expanding globally in many industries, including
PV power plant investment and management. Mr. Tomoyuki Oyakama, CEO of
INFiNi, noted, "This solar project is a significant milestone of INFiNi, and
demonstrates our devotion to expanding our solar business with a focus on
project investments. China Sunergy has been a reliable partner of INFiNi since
October 2010, and we are pleased that the two companies have made solid
progress together in the Japan market."
Based on Solarbuzz research report, Japan's annual photovoltaic installations
reached 1.24 GW in 2011, an increase of 29% compared to 2010, which drove the
cumulative installation capacity up to 4.8 GW by the end of 2011,
predominantly on residences. Nowadays, Japan has become one of the most
promising solar markets for global vendors with attractive IRR, especially
after the new solar incentive scheme announced in June this year. The
consensus expects the annual installation in Japan could exceed 2GW in 2012,
according to Photon Magazine.
Mr. Stephen Cai, CEO of China Sunergy, commented, " China Sunergy has already
built firm and trustworthy partnership with INFiNi in residential segment, and
this time, we are truly delighted to supply our high quality solar modules to
INFiNi for its first ground-mounted solar plant. Japan, strategically, is one
of the most important markets to China Sunergy, and we will continue to
enlarge and diversify customer base there step by step. So far this year,
China Sunergy has shipped more than 6.7MW of solar modules to Japan and we
expect this to continue increasing over the remainder of 2012."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module
products in China. China Sunergy manufactures solar cells from silicon wafers,
which utilizes crystalline silicon solar cell technology to convert sunlight
directly into electricity through a process known as photovoltaic effect, and
assembles solar cells into solar modules. China Sunergy sells these solar
products to Chinese and overseas module manufacturers, system integrators and
solar power systems for use in China and many other markets. For additional
information, please visit http://www.chinasunergy.com.
China Sunergy Co., Ltd.
Phone: +86 25 5276 6696
Hong Kong Hong Kong
Ginny Wilmerding Annie Choi
Phone: + 852 3512 5000 Phone: + 852 3512 5000
Email: firstname.lastname@example.org Email: email@example.com
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts in this
announcement are forward-looking statements. These forward-looking statements
are based on current expectations, assumptions, estimates and projections
about the Company and the industry, and involve known and unknown risks and
uncertainties, including but not limited to, the Company's ability to raise
additional capital to finance the Company's activities; the effectiveness,
profitability, and the marketability of its products; litigations and other
legal proceedings, including any decisions by the US International Trade
Committee and Department of Commerce on the petitions filed; the economic
slowdown in China and elsewhere and its impact on the Company's operations;
demand for and selling prices of the Company's products, execution of our
strategy to expand into downstream solar power businesses, the future trading
of the common stock of the Company; the ability of the Company to operate as a
public company; the period of time for which its current liquidity will enable
the Company to fund its operations; the Company's ability to protect its
proprietary information; general economic and business conditions; the
volatility of the Company's operating results and financial condition; the
Company's ability to attract or retain qualified senior management personnel
and research and development staff; future shortage or availability of the
supply of raw materials; impact on cost-competitiveness as a result of
entering into long-term arrangements with raw material suppliers and other
risks detailed in the Company's filings with the Securities and Exchange
Commission. The Company undertakes no obligation to update forward-looking
statements to reflect subsequent occurring events or circumstances, or to
changes in its expectations, except as may be required by law. Although the
Company believes that the expectations expressed in these forward looking
statements are reasonable, it cannot assure you that its expectations will
turn out to be correct, and investors are cautioned that actual results may
differ materially from the anticipated results.
SOURCE China Sunergy Co., Ltd.
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