China Sunergy Announces 30MW Solar Module Contract Win in India

Jan 05, 2015, 06:00 ET from China Sunergy Co., Ltd.

NANJING, China, Jan. 5, 2015 /PRNewswire/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that its wholly-owned subsidiary, CEEG (Nanjing) Renewable Energy Co., Ltd., has won a 30 MW contract from Enrich Energy Pvt. Ltd ("Enrich Energy"), an integrated solar energy solutions provider and a pioneer in India focused on developing large scale private solar parks across India.

Enrich Energy will deploy China Sunergy's multi-crystalline modules in a ground-mounted project in India's newly formed Telangana State.  The solar modules will be supplied from the Company's Shanghai plant, and the shipment is expected to be completed by the end of January 2015. Continuing China Sunergy's positive momentum in the fast-growing India market, the final selection by Enrich Energy was based on the Company's successful local market penetration with its diverse and quality product offerings.

Mr. Ankit Kanchal, Director of Enrich Energy said, "We are pleased to deepen our partnership with China Sunergy on this pivotal ground-mounted project in India. This will be the first private solar park in India with a Power Purchase Agreement being signed with the State Utility. Based on our cooperation with China Sunergy over the past few years, we are satisfied with the Company's dedicated team and comprehensive product offerings. We firmly believe in China Sunergy's market presence and proven execution."

Mr. Tingxiu Lu, Chairman and CEO of China Sunergy commented, "We are honored to be reselected by Enrich Energy for another prominent project in India. We appreciate their pioneering model of turnkey solutions for small and large-scale solar investors in India, and we look forward to jointly capturing additional market opportunities in the region. We believe this project win demonstrates our success in India and further validates our proactive commitment to the region in prior years. The Asia market remains our strategic priority, and we are confident to continue growing our business in the region in 2015."

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.

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Investor and Media Contacts:

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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.