China Sunergy to Invest RMB1.8 billion in 1GW Solar Cells Production Expansion ProjectBy China Sunergy Co. Ltd., PRNE
Sunday, June 26, 2011
NANJING, China, June 27, 2011 -
China Sunergy Co., Ltd. (NASDAQ: CSUN) (”China Sunergy” or “the
Company”), a specialized solar cell and module manufacturer, is
pleased to announce that its fully owned subsidiaries China Sunergy
(HK) Co., Ltd. and China Sunergy (Nanjing) Co., Ltd. are to
increase China Sunergy’s annual silicon cell production capacity by
co-investing in a 1GW solar cells expansion project in Yangzhou
City situated in Jiangsu Province, China. The first batch of 500MW
solar cells production line is expected to be commercialized in the
first half of 2012.
The investment cost for the fixed assets of the project is
estimated to total RMB1.8 billion. This project will be partially
funded by a RMB500 million three year general corporate loan from
China Electric Equipment Group Corporation Ltd. (”CEEG”). The
interest rate for the loan is comparable to a bank loan over the
same period. The remaining investment costs will be primarily
funded by credit facilities from other local banks.
The project will focus on the production of the newly developed
Quasar cells, pioneered by China Sunergy, which has demonstrated
the highest cell efficiency of 18.85% and an average efficiency of
18.55% from the best batch. The company is confident to reach large
scale Quasar cell production efficiency of over 19% in the batch of
500MW, and then to reach 20% within two years.
The Yi Zheng Economic Development Zone, a county-level city
under Yangzhou City, has shown great interest in the project and is
providing China Sunergy a piece of land with 500 Mu (1 Mu=667
square meters) for industrial use, which includes comprehensive
accessibility to local drainage, water, electricity, heating, gas
supply, telecommunication, traffic as well as providing a power
station of 110KV prior to the construction of the facility.
Dr. Jianhua ZHAO, Chief Technology Officer expressed: “Using the
current equipment and R&D capability, we’re confident to reach
large scale Quasar cell production efficiency of higher than 19%;
and within the next two years, we are further developing new
techniques with the same equipment, to reach 20%. This level of
efficiency, produced at this scale, will reduce costs significantly
for our customers.”
Mr. Stephen Cai, CEO of China Sunergy, commented: “We believe
solar industry has a very promising future. We take this golden
opportunity to expand our production capacity and commercialize on
our leading R&D technologies with the strong support of the Yi
Zheng Development Zone. We are confident that this 1GW production
capabilities and highly efficient Quasar cells will provide us the
scale and technological edge to be better positioned for industry
growth and to become an industry leading player.”
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 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 href="www.chinasunergy.com/">www.chinasunergy.com.
Investor and Media Contacts:
China Sunergy Co., Ltd.
Joseph Chi Lo
Tags: China, China Sunergy Co. Ltd., June 27, Nanjing