China Sunergy & GSL Reach 35-MW Deal

China Sunergy Co. Ltd. has entered into a 35-megawatt (MW) solar photovoltaic products framework agreement, and a 5-MW solar photovoltaic (PV) products sales contract as part of that framework agreement, with Global Service LTM (GSL) of Taiwan.

The framework agreement outlines the potential supply of up to 35 MW of solar photovoltaic products from China Sunergy to GSL from March through until December 2009. GSL will then supply the PV products to customers in Korea.

Sales contracts under the framework agreement will be negotiated and entered into between the two companies to finalize the products to be delivered, and the quantity and price of the products. The first 5 MW sales agreement has been signed, with China Sunergy to provide 5 MW of solar PV products to GSL in the second quarter of 2009, for eventual shipment to Korea.

“Signing this framework agreement represents progress in China Sunergy’s recently discussed strategy of geographically diversifying our customer base. Although this framework agreement is not binding, we are pleased to have signed the first 5 MW sales contract according to the mutual understanding outlined in the framework agreement, an indication of the solid foundations we have set for an ongoing partnership. We seek to continue this momentum through the securing of additional sales agreements for our solar products within key Asian markets including Korea,” said Dr. Allen Wang, CEO of China Sunergy.

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