LUXEMBOURG/DONGYING, PR China, May 31, 2010 /PRNewswire-Asia/-- CNPV Solar Power SA, a leading integrated manufacturer of solar photovoltaic products, today announced that it has entered into a long term general supply agreement with Enel Green Power SpA, Italy's largest power company, listed on the Milan Stock Exchange.
Under the terms of this agreement, CNPV will supply Enel Green Power with a total of 8MWp of high performance PV Modules from June to September 2010 at fixed prices with an option to purchase additional significant volumes during this year and coming years.
"This agreement with Enel is in-line with our strategy to establish mutually beneficial, long-term relationships with companies that are well positioned to service the growing demand for solar energy," jointly stated Mr. Zhang Shunfu, CNPV's CEO and Mr. B. Veerraju Chaudary, CNPV's COO, CTO & Member of the Board. Enel, which has a strong marketing and sales network in Italy and worldwide based on a franchise installer network, is an ideal partner for CNPV and we look forward to building our relationship with Enel as we further enhance our sales and brand recognition in the Italian market by providing high quality modules, premium service and a low cost industry leading platform.
Commenting on the growing demand for solar in Italy and the rest of the world, B. Veerraju Chaudary added, "Italy's current regulations and PV installations confirm it as one of the most attractive growth markets in the solar PV industry."
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Photovoltaic Power Company Limited, is a leading integrated manufacturer of solar photovoltaic products from the production of ingots, wafers and cells to the assembly of PV modules that designs, manufactures and supplies highly efficient and cost effective 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 Enel Green Power SpA
Enel is Italy's largest power company, and Europe's second listed utility by installed capacity. It produces, distributes and sells electricity and gas across Europe, North and Latin America. Further to the acquisition of the Spanish utility Endesa, Enel has now a presence in 21 countries with 80,000MW of generating capacity and serves more than 50 million power and gas customers. Listed on the Milan stock exchange since 1999, Enel has the largest number of shareholders of any Italian company, at some 1.7 million retail and institutional investors. Enel Green Power S.p.A. operates as a subsidiary of Enel S.p.A. has a strong marketing and sales network in Italy based on a franchising installers network. For further information, please visit Enel's website at: http://www.enel.com
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
CNPV Solar Power SA
Direct Land Line: +86-546-7795053,
Jane Liu, Director-Investor Relations & Financing
CNPV Solar Power SA
Direct Land Line: +86-546-7795078
SOURCE: CNPV Solar Power SA