NANJING, China, Nov. 3, 2010 -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company") a leading solar cell and module manufacturer based in Nanjing, China, today announced that it has completed the acquisition of 100% of the equity interest of CEEG (Shanghai) Solar Science & Technology Co., Ltd and CEEG (Nan Jing) New Energy Co., Ltd. The two module manufacturers were previously affiliated with the Company before the acquisition.
Through the acquisition, China Sunergy acquired a total annual module capacity of 480 MW, which is higher than stated in the previous announcement. These two acquired companies have a strong sales network within the United States, Germany, Spain, Italy, the Czech Republic and Southeast Asia.
"The acquisition will enhance China Sunergy's ability to further expand its manufacturing operations as well as enlarge its customer base," commented Mr. Stephen Zhifang Cai, CEO of China Sunergy. "We believe the acquisition will enhance China Sunergy's position in the downstream photovoltaic market and advance our commitment to becoming a complete, vertically-integrated manufacturer."
China Sunergy reiterates that the Company has a strong balance sheet and is fully capable of funding the acquisition, which has a revised total consideration of approximately US$46 million.
About China Sunergy Co., Ltd.:
China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy") is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets.
For more information please visit www.chinasunergy.com.
SOURCE China Sunergy Co., Ltd.
For further information contact:
Helen Jing Zhu
Phone: + (86) 10-8591-1958
Web Site: www.chinasunergy.com