China Sunergy says its has signed a seven-year sales deal to supply silicon solar cells to Wuxi Guofei Green Energy Source for the production of photovoltaic modules. Under the terms of the contract, China Sunergy will provide Wuxi Guofei with 10 MW of monocrystalline cells each year, starting in 2009 and running through 2015. The Nanjing-based cell manufacturer will receive an advance payment after the signing of the agreement.
“This represents a significant domestic sales agreement for China Sunergy and secures a long-term demand for our monocrystalline cells,” said Ruennsheng Allen Wang, director/CEO of China Sunergy. “The payment terms of the agreement also provides China Sunergy with additional capital for investment in the continued development of our highly efficient solar cells, helping to ensure our company remains an industry leader in the solar energy sector in the future.”
Terms of the deal were not disclosed.
In its most recent financial report, China Sunergy said it produced 32.8 MW of solar cells in the second quarter of this year and shipped 35 MW of cells. The company expects to have four new production lines ramped for volume production by the end of 2008, bringing its cell-making capacity to 320 MW.
China Sunergy also signed a seven-year, $400-million-plus wafer deal with REC in June, for the supply of 156-mm monocrystalline wafers.
The Chinese cell manufacturer claims average conversion efficiencies in the 16.7% to 17.2% range, depending on the product.
— Tom Cheyney