China Sunergy said that it has entered into a pair of agreements with a U.S.-based photovoltaic products firm, one for purchasing wafers, the other for selling solar cells.
The Nanjing-based company said it will use the multicrystalline-silicon wafers bought from the U.S. firm to produce multicrystalline-silicon solar cells, which will then be sold back to the same firm for incorporation into its downstream solar products. Based on the forecast provided by the manufacturer, 20-25 MW of solar cells will be supplied by China Sunergy throughout 2009.
The companies said that the agreements may be replaced by an OEM tolling agreement between China Sunergy and the manufacturer, which is expected to come into force in April 2009. The parties expect that the OEM tolling agreement would not alter the basis of the purchasing and sales terms outlined in the existing contracts.
The financial terms of the agreement nor the name of the U.S. partner were not disclosed.
”The securing of this year-long agreement with our U.S. partner, especially during a period of instability within the solar sector, demonstrates that China Sunergy is able to execute on our strategy of signing financially profitable, mutually beneficial agreements with a diverse set of customers,” commented Ruennsheng Allen Wang, China Sunergy’s CEO. “We will continue to seek out additional suitable partners for our advanced solar products across a wide spectrum of geographies and industry segments.”
China Sunergy will announce its fourth-quarter and full-year 2008 financial results on March 19.