China Sunergy Signs 10 Year Solar Cell Sales Framework Agreement With asola

NANJING, China, March 17 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN), a specialized solar cell manufacturer based in Nanjing, China, today announced that it has entered into a ten year Sales Framework Agreement with asola Advanced and Automotive Solar Systems GmbH ("asola"), a module producer based in Erfurt, Germany. This non-binding framework agreement outlines the potential delivery of up to 480MW of solar cells manufactured by China Sunergy from 2009 to 2018.

Under the Framework Agreement, which remains valid from 2009 until 2018, China Sunergy may supply asola a total of 30MW of silicon cells in 2009, with 50MW thereafter for each remaining year of the 10-year agreement. Specific terms and conditions of the supply will be set forth in definitive sales agreements to be further negotiated between China Sunergy and asola. Although the framework agreement is not binding, as each sales agreement will be separately negotiated, this agreement effectively helps to strengthen the relationship between these two companies and facilitates the signing of future sales agreements.

Commenting on the agreement, Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy, said: "The signing of this long-term framework agreement with asola further builds upon our relationship with an important customer. We look forward to working with asola during the course of this agreement to secure ongoing sales agreements, as we work to diversify our sales revenue across key geographies including Germany."

Reinhard Wecker, CEO of asola, noted, "China Sunergy has been a valuable partner in the past, and we believe that over the next decade the high quality solar cell products from China Sunergy will continue to be of strategic benefit as we further develop our advanced solar modules."