14 February 2011, GCL-Poly Energy Holdings Limited (“GCL-Poly”, the “Company” or the “Group”; stock code: 3800.HK) is pleased to announce that it has signed a long term contract with China Sunergy Co. Ltd., (“China Sunergy”, Nasdaq: CSUN), a specialized solar cell and module manufacturer based in Nanjing, China, to supply wafer and polysilicon products. The Company will provide China Sunergy with a total of 4,400MW of wafer and polysilicon products over the next six years.
Under the supply contract signed between China Sunergy and GCL (Suzhou) Solar Energy Technology Co., Ltd., a subsidiary of the Group, the Group will provide a total of 4,400MW of wafer and polysilicon products from February 2011 to December 2016 subject to receipt of advance deposit. A price adjustment mechanism is included in the contract.
Mr. Shu Hua, the Executive Director and President of GCL-Poly, stated, “We are delighted to partner with China Sunergy, one of China’s leading solar companies. We will provide China Sunergy with high quality services to support their rapid development, and look forward to achieving a win-win situation with China Sunergy in the global solar industry.”
“We are very pleased to establish the long term strategic partnership with GCL-Poly, one of the global leading wafer suppliers,” said Mr. Stephen Zhifang Cai, CEO of China Sunergy. “This agreement strengthens our supply chain and solidifies our competitive cost position in the dynamic solar industry. We believe that the partnership with GCL-Poly will positively contribute to CSUN’s rapid growth in the global solar industry.”