China Sunergy Invests in its First 10MW Solar Parks in UK
NANJING, China, and FRANKFURT, Germany, Nov. 6, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that it has completed the transactions to procure its first two solar park projects in the United Kingdom (UK). The two solar parks with a size of about 5 MW each are located in the southwest of Cornwall region. China Sunergy will arrange the construction of the projects, and then own and operate these two solar parks itself.
Thanks to the high irradiation of above 1,000 kWh(1) per square meters a year at the site locations in the southwest of Cornwall region, the two solar parks will be able to produce high energy output levels to effectively increase the economic return. The construction of the two solar parks will commence in the forthcoming weeks and is expected to be connected to the grid before April 1, 2013 to be entitled to Renewables Obligation Certificate (ROC) level of 2.0 per MWh. These two projects will be equipped with China Sunergy's high efficiency polycrystalline modules.
The latest figures from the U.K. Department of Energy and Climate Change (DECC) show a total installed capacity of about 1.3GW of PV nationally at the end of September 2012. With a firm belief in the UK market's promising potential, China Sunergy will further cooperate with local partners and seek opportunities to increase its investments in solar projects in the coming future.
Mr. Stephen Cai, CEO of China Sunergy, explained, "We will continue our downstream strategy, which is to increase the investment into solar projects globally. These two solar parks in the UK are just starting points for us and we look to expanding across Europe, including France, Germany, Romania, and Spain, etc., where we can achieve a healthy return rate on our projects."
Stephen also added, "We are confident that our investment into these two solar projects in the UK will be a great success, based on China Sunergy's capability to construct and operate solar projects with high returns. This investment not only marks our first official step into the downstream solar business, but also shows that China Sunergy always stays true to its commitment to bringing more clean energy to the world. We possess a solid pipeline of over 50MW by April, 2013 for our downstream project business with sufficient project financing in place, demonstrating China Sunergy's strategic shift in resource allocation amid current industry turmoil."
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.
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.
(1) According to the "Irradiation Studies" conducted by OST Energy, a world known independent engineering consultancy specializing in technical advisory work for the renewable energy market.
SOURCE China Sunergy Co., Ltd.