QSAR Modules Installed in a Megawatt-level Ground-Mounted System
China Sunergy Co., Ltd. (NASDAQ: CSUN) (“China Sunergy” or “the Company”), a specialized solar cell and module manufacturer, today announced that the Company successfully further expands its market share in Malaysia market with shipment of 1MW QSAR solar modules for the first megawatt-level ground-mounted system (the “System”) of Pekat Solar Sdn Bhd (“Pekat “) a subsidiary company of Pekat Group of Companies, a renowned solar photovoltaic (PV) service and engineering solution provider in Malaysia certified by Ministry of Energy, Green Energy and Water (KeTTHA). The Company has already delivered the shipment and the site installation has been completed.
Pekat ventured into solar industry in 2006 and attained the certification from Malaysia Energy Centre in 2009, which consolidate its position in Malaysia solar market. Given the limited scale of mountable area and higher installation standards, Pekat opted China Sunergy to be the exclusive partner for its first ground-mounted system as the Company’s high-efficient and PID-free QSAR modules appropriately fit. The System, located in the east coast of Malaysia, is anticipated to connect to grid in mid-August 2013.
Mr. Wee Chek Aik, Managing Director of Pekat solar commented, “The first megawatt level ground-mounted system is an important milestone to us, we were really cautious to recommend reliable and reputable PV module to our client for this flagship solar farm project. We noticed that China Sunergy’s QSAR high-efficient modules are deemed right and superiorly fit for this project at the same time can offer stable power output, outstanding space savings, and PID-free benefits. The Company’s high quality PV panels, excellent service and the deliverable capability have been the main reason why we cooperate with China Sunergy, and we look forward to expanding our cooperation to further develop Malaysia’s nascent solar market.”
The feature that Malaysia is adjacent to equator enables it to enjoy the rich solar energy potential. Malaysia witnessed a significant increase in new installation capacity from 2011 to 2012, based on NPD Solarbuzz research report, the new installation in 2012 was forecasted to reach 30MW, compared to only 5MW in 2011. Malaysia government is targeting 1.25 GW of PV installations by 2020. It is expected that Malaysia solar market will continue the ascending trend in 2013.
Mr. Stephen Cai, CEO of China Sunergy, concluded, “We are honored to be exclusive supplier on this project and wish it comes to be a great success. Customer’s confidence in us is the reason we continuously excel, we will continue to provide the premium products for other projects of Pekat in the remainder of 2013. Amid industry turmoil, we strengthen the execution of our geography mix shift strategy, in which, budding markets like Malaysia are our main targets. Benefiting from policy and non-policy drivers, we believe Malaysia has a bright potential for solar energy and our company has already deployed professional sales team since last year to accommodate the imminent growth. We expect to expand further in Malaysia market with the progression of Pekat and other customers, and, into other Southeast Asia markets.”
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.
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 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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