NANJING, China, Oct. 15, 2012 /PRNewswire/ -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that it signed a sales contract of 1.65MW of solar modules with INFiNi Group ("INFiNi"), a well-known conglomerate headquartered in Osaka, Japan. China Sunergy's solar modules will be shipped by the end of October 2012 and installed in Okayama First Solar Plant in Japan, the first ground-mounted solar project of INFiNi.
INFiNi Group is operating and expanding globally in many industries, including PV power plant investment and management. Mr. Tomoyuki Oyakama, CEO of INFiNi, noted, "This solar project is a significant milestone of INFiNi, and demonstrates our devotion to expanding our solar business with a focus on project investments. China Sunergy has been a reliable partner of INFiNi since October 2010, and we are pleased that the two companies have made solid progress together in the Japan market."
Based on Solarbuzz research report, Japan's annual photovoltaic installations reached 1.24 GW in 2011, an increase of 29% compared to 2010, which drove the cumulative installation capacity up to 4.8 GW by the end of 2011, predominantly on residences. Nowadays, Japan has become one of the most promising solar markets for global vendors with attractive IRR, especially after the new solar incentive scheme announced in June this year. The consensus expects the annual installation in Japan could exceed 2GW in 2012, according to Photon Magazine.
Mr. Stephen Cai, CEO of China Sunergy, commented, " China Sunergy has already built firm and trustworthy partnership with INFiNi in residential segment, and this time, we are truly delighted to supply our high quality solar modules to INFiNi for its first ground-mounted solar plant. Japan, strategically, is one of the most important markets to China Sunergy, and we will continue to enlarge and diversify customer base there step by step. So far this year, China Sunergy has shipped more than 6.7MW of solar modules to Japan and we expect this to continue increasing over the remainder of 2012."
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.
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.
SOURCE China Sunergy Co., Ltd.