CNPV Solar Power SA --

LUXEMBOURG / DONGYING, PR China, May 10, 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 its Audited Consolidated Financial Report for the full year ended December 31, 2010 has been filed with the Alternext of Paris NYSE-Euronext: ALCNP. The Financial Report can be accessed via the investor relations section of the Company's website at http://www.cnpv-power.com

Full Year 2010 Financial and Operating Highlights

PV module production was 165.3 MWp including 158 MWp shipments to clients in 2010. 7 MWp of production was used for the construction of a solar power station in Dongying, China owned and operated by CNPV as part of the National Golden Sun Program. Total production output increased by 377.8% over 2009
Net revenues were Euros 260.2 million, an increase of 42.6% over the first half of 2010 and growing by 258.3% over the prior year
Gross profit was Euros 43.2 million, an increase of 62.5% sequentially and 147.9% year-on-year
Gross margin was 16.6% for the full year growing from 15.4% in the first half, representing an increase of 7.8% sequentially.
Operating income (EBIT) was Euros 29.6 million for the full year growing by 105.1% from Euros 14.4 million in 2009
Net income was Euros19.0 million compared to net income of Euros 11.1 million in 2009, increasing by 72.2% year-on-year.
EPS was Euros 3.73 per share in 2010 up from Euros 2.17 per share on a fully diluted basis, an improvement of 72.3%.
The number of employees grew from 600 in 2009 to 1600 in 2010 globally
The company finished 2010 with customer forecast order backlog of 1.2 GW deliveries from 2011 into 2013.

"We are extremely pleased with our strong performance in the year 2010 to cap a full year of many important significant achievements. We met our full year 2010 objectives for product shipment, revenue and net income," stated jointly Mr. Zhang Shunfu, CNPV's CEO and B. Veerraju Chaudary, CNPV's COO & CTO and Member of the Board.

"Our shipment volumes and revenue more than doubled year-on-year and we continued to increase margins in the second half due largely to relentlessly increasing operating efficiencies and increased production of cells in-house during the second half of 2010. This was a year of industry-wide ASP declines which made PV systems more accessible to an ever growing number of people worldwide."

"Our growth in 2010 demonstrates the successful execution of our strategy to expand sales across distribution segments and geographic end markets beyond Europe in other emerging PV markets such as China, South Asia and Australia/New Zealand. We believe this reflects growing customer acceptance of the superior quality and performance of CNPV solar modules and systems. Our brand recognition continues to permeate new markets globally."

"As we look to 2011 we will continue to focus on break-through points in solar harnessing efficiencies of our PV products while at the same time seizing new market opportunities in India, the US and beyond."

Signed a long term sales agreement with 9REN New Energies Group with deliveries of 13MWp in 2010 and extending until 2012
Receives full approval for its complete range of modules under the UK Microgeneration Certification Scheme (MCS) allowing CNPV to enter the UK market
Enters the Australia/New Zealand market through strategic partnership with MPower for deliveries of 30 MWp from 2010 through 2012
Enters the Bangladesh and Nepal markets forming partnership with Tamrag Power with deliveries of 30 MWp starting during 2010 and extending to 2012
Signed a sales contract for 20 MWp with China-based Linyi Juhuang New Energy Technology
Extends its strategic partnership with Eastern Europe-based Stand-By Europe for additional deliveries of 150 MWp until 2013
Achieved the industry standard UL (US) and C-UL (Canada) certifications for its premium range of crystalline silicon solar photovoltaic modules
Commits to supply AE Photonics of Dresden, German for additional supply of 300 MWp from 2010 to 2013
Enters into a long-term strategic partnership agreement for the supply of 200 MWp with leading German project developer Donauer Solartechnik Vertriebs GmbH.

Inaugurates the first largest utility scale 7MWp solar power project in the Chinese province of Shandong as part of the National Golden Sun Program
Entered into a strategic partnership agreement with JIT Solaire, a leading project developer and installer of solar photovoltaic systems based in Western France for the supply of 20 MWp until 2012
Began a long-term strategic partnership agreement with Sun'R SAS, a leading project developer and IPP of solar photovoltaic projects starting with a commitment for 14 MWp deliveries in 2011, and other volumes through 2013 to be finalized.

Description	2010	2009	% Change Y-o-Y
Revenue	260.2	72.6	258.3%
Gross Profit	43.2	17.4	147.9%
Gross Margin	16.6%	24.0%	-30.8%
Operating Expense	13.4	3.7	262.2%
EBIT/Operating Income	29.6	14.4	105.1%
Operating Margin	11.4%	19.8%	-42.7%
Net Income	19.0	11.1	72.2%
EPS (Fully diluted)	3.74	2.17

72.2%

The 2010 financial statements have been audited by Grant Thornton Lux Audit S.A., a Luxemburg audit firm and a member of the international Grant Thornton audit services network.

Full Year 2010 Results

Net Revenues / Production Output
Net revenues for 2010 were Euros 260.1, million an increase of 258.3% y-o-y. Total production output grew by 377.8% from 2009. While the European market represented the majority of sales for the period, increased shipments to China, South Asia and Australia further diversified the Company’s global market mix.

Gross Profit and Margin
Gross profit for 2010 was Euros 43.2 million, an increase of 147.9% y-o-y. Gross profit grew by 62.5% from H1 to H2 reflecting the seasonality of shipments as well as the company’s ability to command Tier 1 price levels for its High Performance Modules.

Gross margins for the year were 16.6% up from 15.4% in H1. The company attributes this margin improvement largely to continued improvement in operational efficiencies and a greater contribution of in-house produced cells affecting H2 results. In addition, The gross margin increase was also related to decreases in silicon material purchase prices and reductions in non-silicon manufacturing cost per watt in 2010.

Overall Company gross margins declined from 24.0% to 16.6% from FY 2009 to FY 2010 because during 2009 the Company had a strong focus on local project business opportunities as part of the economic stimulus package in China which yielded higher margins than PV module sales.

Operating Expense
Operating expense for 2010 was Euros 13.4 million representing 5.1% of revenue for the year, whereas operating expense as a percent of revenue in 2009 was 5.0%. A significant portion of operating expense was used for marketing during 2010 the Company participated in 17 trade shows globally.

Foreign Currency Exchange
The Company had a loss in foreign currency exchange of Euros 2.1 million during 2010, compared with a loss of Euros 0.8 for the prior year. Sales are heavily weighted in Euros and supply strongly denominated in Chinese Reminbi therefore volatility in these foreign exchange rates exposes the Company to short term currency fluctuations.

Interest Expense
Interest expense for 2010 was Euros 4.1 million compared with Euros 0.9 in 2009, and increase of 350.6% y-o-y. Long term borrowing and short term loans for 2010 and 2009 were, Euros 61.7 million and 26.3 million, respectively, representing an increase of 134.6% for period. The average length of short term loans in 2010 was less than four months. The weighted average interest rate for 2010 and 2009 were 8.82% and 8.97%, respectively.

Net Income and EPS
Net income was Euros 19.0 million in 2010, an increase from Euros 11.1 2009, or 72.2% y-o-y. Net income as a percentage of revenue improved from 3.2% in H1 to 10.2% in H2 for a blended year average of 7.3% of revenue. Earnings per fully-diluted share for 2010 were Euros 3.73, an increase of 72.3% compared to Euro 2.17per fully diluted share for the full year 2009.

Financial Condition

As of December 31, 2010, the Company had Euros 13.4 million. Short-term bank borrowings stood at Euro 53.5 million at year-end. Most of this was use for project trade finance.

Shareholders' equity was Euros 61.1 million as of December 31, 2010, an increase from Euros 37.2 million or 64.4% y-o-y.

2010 Capacity Expansion
Through yield increases achieved from improved cell conversion efficiency rates, improved production efficiencies and manufacturing line enhancements, the Company's PV cell and module production reached approximately 300 MWp of annualized capacity during the fourth quarter of 2010, compared 200 MWp capacity for the same period in 2009.

2011 Capacity Expansion
To meet expected demand for its High Performance PV solar modules, the Company plans to increase PV cell and module production capacity to reach approximately 250 MWp and 500 MWp, respectively, during 2011.

Technology and Product Development Update
The Company is currently improving its Process Technology, including implementation of enhanced anti reflection coated glass, high conductivity ribbon materials, passivation and metallization techniques involved in the photovoltaic manufacturing process value chain technology, with targeted year end cell efficiency goals of up to 18.5% and 17.5% respectively for its Monocrystalline and Multicrystalline product lines. The Company also plans to further enhance its Transparent, BIPV and Roof Tile Module product development. The company intends to develop and offer high density power range premium series modules with the same foot print of industry average power modules to our entire customer base to differentiate from our competitors which will enable us to meet and exceed our customer expectations.

The consolidated financial statements, as well as the Full Year 2010 auditor’s report, are available on the company's website:http://www.cnpv-power.com. ISIN Code: LU0379220212-Alternext stock code: ALCNP

About CNPV
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

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 & Member of the Board
Phone: +86-13656-473355,
E-mail: chaudary@cnpv-power.com

Bill Milewski, VP-Investor Relations,
Phone: +86-546-779-5555
E-mail: ir@cnpv-power.com