China Sunergy & REC Sign Wafer Deal

China Sunergy Co. Ltd. announced that it has entered into a supply agreement with REC Wafer for the supply of 156-millimeter monocrystalline wafers for the seven years from 2009 through 2015.

Shipments are expected to begin in early 2009 and be completed at the end of 2015. Both amount and price are fixed according to the thickness of wafer and the year of shipment, with some flexibility on amounts within certain limits. Total purchases of wafers by China Sunergy from REC Wafer are expected to exceed US $400 million over the life of the agreement.

China Sunergy said that, by partnering with its new supplier, it is reducing its reliance on the spot market, and it believes that the cost savings involved will ease the pressure it has recently seen on its margins.

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