China Sunergy Kicks off Supply Partnership with Netherlands' Leading PV
Integrator OSPS in an up to 7 MW Deal
NANJING, China, Nov. 15, 2012
NANJING, China, Nov. 15, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq:
CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module
manufacturer, today announced that the Company had signed a supply contract
for residential roof-top projects in the Netherlands with Oskomera Solar Power
Solutions B.V. (OSPS), one of the leading PV-system integrator for large scale
photovoltaic (PV) projects, wholesales and high volume realization of
residential systems in Europe.
OSPS focuses on large scale PV projects distribution of PV products, high
volume of small scale residential projects and operations, and maintenance of
solar power plants. China Sunergy was contracted to deliver up to 7MW of high
efficiency polycrystalline solar modules to OSPS for the roof-top projects
covering 2,500 Dutch households, as part of a project won by OSPS through a
competitive bid process run by the Dutch Association of House Owners
(Vereniging Eigen Huis, "VEH") in the Netherlands.
The Netherlands solar market has been growing steadily, with accelerating
growth rates in annual new installations, since prices for solar systems can
compete with the retail prices for electricity. As one of Europe's first
markets, grid parity has become reality. The Dutch market will grow even
faster due to a new governmental incentive published by NL Agency for house
owners, providing a 15% buy down subsidy for solar photovoltaic equipment
Based on data released by Statistics Netherlands (Central Bureau of
Statistics, "CBS"), solar installation in 2011 has reached 40MW. The market is
expected to be with huge growth potential this year.
Dennis Gieselaar, CEO of OSPS noted: "End user satisfaction is vital to us and
is driving us to cautiously select reliable suppliers to meet different
requirements and maximize investment returns. We are really impressed by the
performance of China Sunergy's solar modules during the VEH Project.
Construction commenced in October, and we are looking forward to further
collaborating with China Sunergy in many other projects and in new markets."
Mr. Stephen Cai, CEO of China Sunergy commented, "We are delighted that OSPS,
this important player in the European solar market, has chosen to partner with
China Sunergy, which marks our successful expansion in European budding
markets. Amid the current macro-environment turmoil, China Sunergy is glad to
build long-lasting relationships with strong customers like OSPS. We will
continue to devote our efforts to bringing clean and cost-effective
electricity to end-users, not only in the Netherlands, but all over the
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. Elaine Li Phone: +86
25 5276 6696 Email: Elaine.firstname.lastname@example.org
Hong Kong Hong Kong
Ginny Wilmerding Annie Choi
Phone: + 852 3512 5000 Phone: + 852 3512 5000
Email: email@example.com Email: firstname.lastname@example.org
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, demand for and selling prices of
the Company's products, execution of our strategy to expand into downstream
solar power businesses, general economic and business conditions; 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. 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.
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