NANJING, China, Nov. 14, 2014 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed a memorandum of understanding ("MOU") with Deniz Finansal Kiralama A.S., ("DenizLeasing"), a subsidiary of DenizBank Financial Services Group ("DenizBank Group"), establishing strategic partnership to finance the solar projects through financial leasing in Turkey.
DenizLeasing was established in 1997 in Istanbul, Turkey, and now carries out financial leasing transactions for various kinds of investment goods. According to the MOU, DenizLeasing will facilitate and provide capital leasing for solar PV projects of up to 100 MW deploying China Sunergy's solar modules and other components.
"We are delighted to partner up with China Sunergy to mutually capitalize on the fast-growing solar market in Turkey," said Kahraman Günaydın, General Manager of DenizLeasing, "Over the past couple of years, China Sunergy has quickly established technology leadership in Turkey with its high efficiency superior quality of products.We believe DenizLeasing's strong brand and network, combined with China Sunergy's proven capability and firm commitment to grow its market presence in Turkey, together represent an exciting growth opportunity for the partnership, as well as, an excellent value proposition to our joint customers."
Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are pleased to kick-off a strategic partnership with DenizLeasing, who, in our view, is a leading financial leasing company in Turkey. This partnership expands our go-to-market capabilities in Turkey, which we believe can greatly accelerate the availability and deployment of our products, enhance our ability to serve our expanding customer base across Turkey and the surrounding markets, as well as extend our overseas financing flexibility. We look forward to a long and mutually-profitable partnership with DenizLeasing, one that we hope will be a springboard for broader collaborations and relationships with other members of the DenizBank Group."
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: + 86-25-5276-6666
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Safe Harbor Statement
This announcement may contain 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 failure to maintain its listing qualification due to, among other things, volatility in the Company's ADS price; 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.