IRVINE, Calif., March 13, 2012 /PRNewswire/ -- PowerGuard Specialty Insurance Services announced today that China Sunergy Co. Ltd. (China Sunergy), a specialized solar cell and module manufacturer, has joined the growing number of solar energy providers globally to adopt PowerGuard's unique PowerClip extended warranty protection.
China Sunergy manufactures and delivers high performance solar cell and module products globally. As one of the earliest solar cell manufacturers in China, China Sunergy began operations in August 2004 and was publicly listed on the NASDAQ exchange in 2007. Known for leading-edge technology in the photo-voltaic (PV) industry, China Sunergy has grown rapidly over the past several years. Their products have been extensively applied in the communication and urban construction fields around the world.
A specialty renewable energy program manager based in the United States, PowerGuard provides an innovative 25-year, non-cancellable quality and performance guarantee solution to back up a manufacturer's own warranty terms.
The insurance solution, conceived and managed by PowerGuard, offers back-to-back coverage for a 10-year materials and workmanship warranty. Additionally, it offers a linear power performance guarantee over a 25-year period for panels sold by China Sunergy and covered by the warranty.
Guaranteeing warranty terms through the use of insurance provides the certainty manufacturers and their customers seek, as well as long-term stability for the industry.
Mr. Stephen Cai, CEO of China Sunergy, said, "Adoption of this warranty insurance solution showcases our dedication to providing customers more security and confidence in our products' reliable quality and high performance. This will further strengthen our brand advantage and help enlarge China Sunergy's customer base."
"PowerGuard is very proud that our innovative PowerClip warranty solution has become the 'gold standard' for leading solar energy producers around the world," said Mike McMullen, Managing Principal of PowerGuard. "PowerGuard will continue to support the development and success of the global renewable energy industry with unique, industry-leading products and services."
The PowerGuard solution provides certainty and security and its warranty terms are non-cancellable and will survive even insolvency and bankruptcy. Also offered are third-party rights to the policy in case the original solar manufacturer goes out of business. These rights are backed by the capital strength of the insurance market.
About PowerGuard Specialty Insurance Services
PowerGuard is a specialty renewable energy program manager specializing in the design and underwriting of unique insurance and risk management solutions for wind, solar and other alternative energy companies.
PowerGuard's PowerClip warranty product is the most comprehensive contractual liability coverage available to renewable energy manufactures, project developers, power generation operators and the financial institutions who invest in them.
PowerGuard's PowerWrap Solar Project Guarantee Policy is a simple and straightforward insurance policy that guarantees the performance of the entire solar energy system - written on investment grade paper with an insurance company holding an AA- rating from Standard & Poor's. For more information please visit www.powerguardins.com
About China Sunergy
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 utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the 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 various markets. For more information, please visit our website at http://www.chinasunergy.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Phone: + 86 25 5276 6696
Phone: + 852 3512 5000
Xiaoxiao Nina Zhan
Phone: + 852 3512 5000
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SOURCE PowerGuard Specialty Insurance Services