August 28, 2009

Nanjing, China: China Sunergy Renegotiates Ingot/Wafer Supply Agreement

China Sunergy, a specialized solar cell manufacturer based in Nanjing, China, has entered into the renegotiation of a supply agreement signed with REC SiTech AS.

On June 25, 2008, China Sunergy entered into a Standard Agreement for the Supply of Monocrystalline Silicon Ingots and/or Wafers with the European wafer provider REC SiTech for the supply of monocrystalline 156- millimeter wafers for seven years from 2009 through 2015.

As the polysilicon supply market has changed dramatically since the fourth quarter of 2008, key raw material suppliers such as REC have indicated the renegotiation of supply agreements with their respective customers and against this background, China Sunergy has entered into the renegotiation with its counterparty in respect to the overall arrangement of the supply agreement, with the good faith to reach a mutually beneficial agreement between both parties.

Further details about: China Sunergy