China Sunergy (CSUN) Signs 53MW Sales Framework Agreement, 3MW Sales Contract with Renergies Italia
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China Sunergy Co., Ltd. (Nasdaq: CSUN) today announced that it has entered into a 6 year, 53MW sales framework agreement and a 3MW sales contract with Renergies Italia S.p.A, a manufacturer of solar modules based in Urbisaglia(MC), Italy.
Based on the terms of the non-binding framework agreement, a total of 53MW of solar cells manufactured by China Sunergy may be sold to Renergies Italia between 2009 and 2014. Given the non-specific nature of the agreement, each actual sale of solar cells will be based on definitive contracts which will be negotiated between China Sunergy and Renergies Italia.
Pursuant to this framework agreement, the parties entered into a 3MW contract of solar cells to be supplied from China Sunergy to Renergies Italia during 2009. The remaining potential delivery volume of 50MW solar cells may be provided by China Sunergy to Renergies Italia between 2010 to 2014, with 5-15MW of solar cells sold per year.
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