LUXEMBOURG, PARIS and DONGYING, China, March 3, 2011 /PRNewswire-Asia/ -- CNPV Solar Power SA, a public limited liability company organized under the laws of the Grand Duchy of Luxembourg and a leading integrated manufacturer of solar photovoltaic products, today announced that it has entered into a long-term strategic partnership agreement with Sun'R SAS, a leading project developer and IPP of solar photovoltaic projects.
The three year partnership ensures that CNPV are the supplier to meet the total contracted and anticipated demand for Sun'R's consumption of PV modules. The initial consumption is 14MWp in 2011, with a potential to supply a further 4MWp during the same period. Additionally, 2012 and 2013 volumes are not yet finalized, relying heavily on market development conditions, but are anticipated to be significantly in excess of 2011. Sun'R's engineering, procurement and construction approach, together with CNPV's financially driven solutions, add weight to the belief that the coming years performance will be superlative.
"Performance and quality of modules are key for us, considering our long term investment business," said Mr Antoine Nogier, CEO of Sun'R SAS. "It allows us to fulfill our goal of being an accelerator of the introduction of solar photovoltaic energy within France. Working with CNPV during 2010 allowed us to demonstrate outstanding performance in both of these areas. It therefore made strategic sense for us to align together to achieve our mutual goals. We are delighted to have found a Company who can provide us with the solutions we require and whose business objective and ethics so closely match our own. Moreover, we feel confident that CNPV will become a major player in the following years in the PV industry, technically speaking as well as financially speaking."
B. Veerraju Chaudary, COO, CTO & Member of the Board of CNPV: "Assuring decision makers that their capital investment is safe, and will outperform alternate investment opportunities is part of our daily activities and strategy for success. With Sun'R SAS, we found a Company that is achieving this goal from its qualified and experienced team, their well earned market credibility, and their 'total ownership and accountability' strategy. It is a great honor to be selected by such an esteemed and respected Company, particularly when they are professing the same understanding of, and delivering to, the customers 'real needs'. We are extremely excited about the enhanced prospects with Sun'R in the coming years."
From Left: Mr.B. Veerraju Chaudary (COO, CTO and Member of the Board, CNPV), Ms.Emeline Etienne (Director Operations, SunR) and Mr. Antoine Nogier (CEO, SunR)
CNPV Solar Power SA (NYSE Euronext: ALCNP), through its wholly-owned subsidiary, CNPV Dongying Solar 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
Generating clean, renewable energy closer to the consumer, Sun'R is France's leading 100% Photovoltaic IPP (Independent Power Producer). Providing design, development and financing, as well as O&M, they deliver upon their ethical and financial strategy of hastening the introduction of renewable energy to the benefit of consumers and investors. For further information please visit Sun'R's website at http://www.sunr.fr.
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:
CNPV Solar Power SA
B. Veerraju Chaudary, COO, CTO and Member of the Board
Bill Milewski, VP-Investor Relations,
Emeline Etienne, Director Operations
7 rue de Clichy, 75009 Paris, France
SOURCE: CNPV Solar Power SA and Sun'R SAS