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SOURCE China Sunergy Co., Ltd.
NANJING, China, Dec. 30, 2013 /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 sale of a solar farm project ("the Project") to Lightsource Renewable Energy Ltd. ("Lightsource"), which is a UK's leading solar energy generator. The Project, located in the southwest of Cornwall in the United Kingdom (UK) was connected to the grid at the end of March of this year and now generates enough local green electricity to power over 1500 households.
The Project was completed on land that has traditionally been farmed with a rotation of cattle and crops. Whilst the area used for energy generation covers only 10% of the farm area, income from the Project will provide the farm owners with funds to make other areas of the farm more productive, including improved machinery, fencing and hedgerows. The agricultural output from the whole farm will remain similar to the pre-development scenario.
At the end of 2012, China Sunergy announced that it had started to invest in two UK solar farms, with an installed capacity of five megawatts-peak (MWp) each. Both solar farms were completed within just 3 months installed with the Company's own high efficiency polycrystalline modules. The large scale application of solar panels (solar farms) is quick and does not harm the ground where it is installed on.
The sale of this first UK project marks a major milestone for the Company in relation to its downstream business, and also strengthens its confidence in investing and developing a project pipeline in other markets. As to the other 5MW project, the Company currently expects to have it accomplished in 2014.
Nick Boyle, CEO of Lightsource commented, "We are delighted to have completed this deal with China Sunergy and believe that this project, like our many others, will once again boost the rural economy in this area as well as allow further biodiversity. We applaud China Sunergy for their hard efforts and look forward to more deals with them in the future."
"The sale of this Project highlights China Sunergy's pioneering spirit, as we are the first Chinese developer to fully complete a downstream project lifecycle, having invested, developed, constructed, operated and now sold a ground-based solar PV project in the UK," Mr. Stephen Cai, CEO of China Sunergy, commented, "The accomplishment underlines our forward-thinking strategy, as well as our customer's confidence in our reliable quality, deep expertise, and execution capabilities. We will work harder to bring out more high quality projects in the future."
About Lightsource Renewable Energy Ltd.
Lightsource is a UK's leading solar energy generator managing over 2,200 acres of farmland which has been diversified with a commercial solar farm installation. The Lightsource operational portfolio currently operates over 300 MWp of large scale solar projects, generating enough green electricity to power over 100,000 UK housesholds. Headquartered in London, Lightsource comprises of over 160 full time staff and is at the forefront of solar farm development and operations in the UK.
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 6666-6694
Asia Bridge Group Limited
Phone: + 86 10 8556 9033
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.
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