China Sunergy Announced Further Expansion into Malaysia Market
QSAR Modules Installed in a Megawatt-level Ground-Mounted System
NANJING, China, July 22, 2013
NANJING, China, July 22, 2013 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ:
CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module
manufacturer, today announced that the Company successfully further expands
its market share in Malaysia market with shipment of 1MW QSAR solar modules
for the first megawatt-level ground-mounted system (the "System") of Pekat
Solar Sdn Bhd ("Pekat ") a subsidiary company of Pekat Group of Companies, a
renowned solar photovoltaic (PV) service and engineering solution provider in
Malaysia certified by Ministry of Energy, Green Energy and Water (KeTTHA). The
Company has already delivered the shipment and the site installation has been
Pekat ventured into solar industry in 2006 and attained the certification from
Malaysia Energy Centre in 2009, which consolidate its position in Malaysia
solar market. Given the limited scale of mountable area and higher
installation standards, Pekat opted China Sunergy to be the exclusive partner
for its first ground-mounted system as the Company's high-efficient and
PID-free QSAR modules appropriately fit. The System, located in the east coast
of Malaysia, is anticipated to connect to grid in mid-August 2013.
Mr. Wee Chek Aik, Managing Director of Pekat solar commented, "The first
megawatt level ground-mounted system is an important milestone to us, we were
really cautious to recommend reliable and reputable PV module to our client
for this flagship solar farm project. We noticed that China Sunergy's QSAR
high-efficient modules are deemed right and superiorly fit for this project at
the same time can offer stable power output, outstanding space savings, and
PID-free benefits.The Company's high quality PV panels, excellent service and
the deliverable capability have been the main reason why we cooperate with
China Sunergy, and we look forward to expanding our cooperation to further
develop Malaysia's nascent solar market."
The feature that Malaysia is adjacent to equator enables it to enjoy the rich
solar energy potential. Malaysia witnessed a significant increase in new
installation capacity from 2011 to 2012, based on NPD Solarbuzz research
report, the new installation in 2012 was forecasted to reach 30MW, compared to
only 5MW in 2011. Malaysia government is targeting 1.25 GW of PV installations
by 2020. It is expected that Malaysia solar market will continue the
ascending trend in 2013.
Mr. Stephen Cai, CEO of China Sunergy, concluded, "We are honored to be
exclusive supplier on this project and wish it comes to be a great success.
Customer's confidence in us is the reason we continuously excel, we will
continue to provide the premium products for other projects of Pekat in the
remainder of 2013. Amid industry turmoil, we strengthen the execution of our
geography mix shift strategy, in which, budding markets like Malaysia are our
main targets. Benefiting from policy and non-policy drivers, we believe
Malaysia has a bright potential for solar energy and our company has already
deployed professional sales team since last year to accommodate the imminent
growth. We expect to expand further in Malaysia market with the progression of
Pekat and other customers, and, into other Southeast Asia markets."
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ:CSUN) designs, manufactures and delivers high
efficiency solar cells and modules to the world from its production centers
based in China and Turkey. China Sunergy also invests in high potential solar
projects. Founded in 2004, China Sunergy is well known for its advanced solar
cell technology, reliable product quality, and excellent customer service.
For more information, please visit http://www.csun-solar.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Phone: + 86 25 5276 6696
Asia Bridge Group Limited
Phone: + 86 10 8556 9033
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 or renew existing bank borrowings as they become due to
finance the Company's activities; the Company's customers' financial condition
and creditworthiness, and their ability to settle accounts receivables; 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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