DONGYING, China, October 26, 2009/PRNewswire-Asia/ -- CNPV, a leading multi product solar company that produces ingots, wafers, cells & solar modules, and has strong presence in the solar photovoltaic space that designs, manufactures and supplies highly efficient and cost effective crystalline solar photovoltaic modules, today announced that it has entered into a long term strategic sales agreement with Solar Energy Trading GmbH (SET), a well known German Project development and distribution company. The agreement was signed in conjunction with the recent 24th EUPVSEC Hamburg Conference and Exhibition, held September 21-25.
Under the terms of this strategic agreement, CNPV will supply SET with a total of 100MWp of PV Modules starting from 2010 to 2012, which includes 20MWp of scheduled delivery during 2010 at fixed prices. However the price will be reviewed mutually on quarterly basis if the market price falls or rises with reference to the fixed prices. The remaining 35MWp and 45MWp scheduled delivery during 2011 and 2012 respectively.
"We are very pleased to announce this strategic partnership with SET, to further strengthen the existing partnership. This new contract will significantly help to grow new projects in Germany, Belgium and other European solar markets," stated Mr. Zhang Shunfu, CNPV’s CEO & Mr. B.Veerraju Chaudary, CNPV’s COO, CTO & Member of the Board. "We look forward to expanding our relationship with one of our loyal strategic partners SET by providing high quality modules, premium service and leading low cost industry platform."
"SET is proud of this new strategic sales agreement with CNPV. We consider this as a continuation of our good relationship with CNPV that supplies SET and its customer base with the best in class solar technology," commented Mr. Helmut Schwarzer, CEO, Mr. Juergen Klaas, GM and Ms.Narjiss Conrads, COO of SET GmbH. "We aim to provide our customers maximum value with our products and services cooperating with top tier partners like CNPV is one of our principal strategies for achieving these goals in order to secure customers on a long-term basis."
China Solar Photovoltaic SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Photovoltaic Power Company Limited, is a leading multi product solar company that produces ingots, wafers, cells & solar modules, and has strong presence in the solar photovoltaic space that designs, manufactures and supplies highly efficient and cost effective terrestrial crystalline solar photovoltaic modules. Reliability & longevity are built into our world-class crystalline solar photovoltaic modules, which undergo rigorous internal tests and external certifications (IEC61215, IEC61730, UL, and CE) to ensure peak performance and safety. For further information, please visit CNPV's website at http://www.cnpv-power.com
About SET GmbH
SET GmbH is active in the solar photovoltaic industry more than 10years. SET is the project developer and Installing Company is resulted from the constantly growing demand of renewable energies. SET offer services of design, project development and installation of PV Systems to the end user using high-quality Photovoltaic Modules from CNPV. SET also sells end-to-end solar installations to companies and private individuals via an extensive dealer network.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements, including but not limited to, CNPV's ability to raise additional capital to finance its activities; the effectiveness, profitability, and marketability of its products; the future trading of the securities of the Company; the ability of the Company to operate as a public company; the period of time for which its current liquidity will enable the Company to fund its operations; the Company's ability to protect its proprietary information; general economic and business conditions; the volatility of the Company's operating results and financial condition; the Company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the Company's filings with the Euronext in Paris. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.
For more information, please contact:
COO, CTO & Member of the Board
Direct Land Line: +86-546-7795053,
Senior Manager- Investor Relations & Financing
Direct Land Line: +86-546-7795078
SOURCE: CNPV Dongying Photovoltaic Power Company Limited