LUXEMBOURG/DONGYING, PR China, July 14, 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 sales agreement with 9REN, a leading photovoltaic project development, installation and distribution company in Europe.
Under the terms of this agreement, CNPV will supply 9REN with a total of 10MWp of high performance PV Modules during H22010 at fixed prices with an option to have additional 3MWp during this year. The agreement foresees additional larger volumes for delivery in 2011 and 2012 respectively.
"We are excited to announce this long term sales agreement with 9REN, a partner that shares our commitment to superior value, and customer satisfaction," said B.Veerraju Chaudary, CNPV's COO, CTO & Member of the Board. This agreement will bring CNPV's high performing modules to the promising Italian market while enhancing CNPV's brand and presence in the region. This reflects the continued strong demand and representation for our best-in-class solar products in major solar markets worldwide."
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. CNPV 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
9REN Group has been established by First Reserve Corporation in 2008 as a consequence of the acquisition of Gamesa Solar, a leading solar contractor in Spain, and of Ener3, a renewable energy project developer in Italy. 9REN has three distinct lines of business, all focused exclusively on renewable energy: the supply of turnkey solar projects, with over 100MWp of photovoltaic references; the operations, maintenance and upgrade service, with long term agreements for 568 third party photovoltaic power plants worth over 71MWp of rated power; and the development and investment of renewable energy projects with 23MWp in operation, 40MWp currently under construction and 500MWp of pipeline under development. For further information, please visit 9Ren Cyprus Limited website at: http://www.9ren.org
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,
Kpr&Key, Marketing and Communication
00186 Roma, Via Catalana 1A
Director-Investor Relations & Financing
CNPV Solar Power SA
Direct Land Line: +86-546-7795078,
SOURCE: CNPV Solar Power SA and 9REN Cyprus Limited