NANJING, China, September 20, 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 shipped 72KW multi-crystalline solar modules early this month to Carillion Construction Ltd. ("Carillion Construction"), a UK-headquartered multinational company dedicated to sustainable and green energy projects.
China Sunergy's solar modules would be installed in a trial project of Emrill, in Dubai, United Arab Emirates. Emrill is one of the leading integrated facilities management companies in the United Arab Emirates, and an affiliate company of Carillion Construction. This project would mark China Sunergy's first shipment into the United Arab Emirates.
With its rich solar irradiation and government support policies, such as incentives to utilities and renewable energy targets, United Arab Emirates is one of the most promising emerging solar markets in the world. In 2011, the Dubai Supreme Council of Energy announced the "Dubai Integrated Energy Strategy 2030," under which Dubai targets to achieve 1% and 5% of energy supplies from renewable energy sources, mostly solar energy by 2020 and 2030, respectively. In January 2012, Dubai also launched a US$3.27 billion solar initiative, for a solar park which will reach a projected total operational capacity of 1GW by 2030. This represents tremendous opportunities considering Dubai is presently almost 100% dependent on natural gas for electricity generation.
Mr. Matt Parr, project manager for Carillion Construction Ltd. noted, "Since the commencement of our business relationship with China Sunergy this year, we have been very satisfied with the quality and high efficiency of China Sunergy's solar modules and impressed by its after-sales service. With business continually expanding in the Dubai solar market, we are confident that both companies will grow together and further explore opportunities in other markets."
Mr. Stephen Cai, CEO of China Sunergy commented, "We are pleased to deepen our partnership with Carillion Construction. Dubai solar market possesses excellent growth potential. Our strategic move into the United Arab Emirates solar market is crucial for China Sunergy amid current macroeconomic and industry uncertainties. This also demonstrates our commitment to continuously diversifying our revenue and growth base with trustworthy partners."
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.
Media Contacts:
China Sunergy Co., Ltd. Elaine Li Phone: +86 25 5276 6696 Email: Elaine.li@chinasunergy.com
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Hong Kong Ginny Wilmerding Phone: + 852 3512 5000 Email: csun@brunswickgroup.com |
Hong Kong Annie Choi Phone: + 852 3512 5000 Email: csun@brunswickgroup.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.
