Canadian Solar has entered into various purchase agreements with China Sunergy for a total volume of 25MW of solar cells.
Under the agreements, China Sunergy will supply approximately 12MW and 13MW of solar cells to Canadian Solar (CSI) in the first and second half of 2008, respectively. The agreements will be denominated in both Chinese yuan and US dollars, with approximately 24% of the volume being based on fixed pricing terms and the remainder being determined on a quarterly basis.
Shawn Qu, CEO of CSI, said: We are pleased to have added China Sunergy to our list of partners, thus continuing to demonstrate the ability of CSI to establish win-win relationships with companies in the solar value chain. This announcement provides further visibility to the supply contracts we already had in place in support of our 2008 business plan.
Commenting further, Allen Wang, CEO of China Sunergy, said: Following on from this and the recent agreement with aleo solar of Germany, I am very pleased with our ability to expand sales both domestically and abroad. This latest agreement signifies a substantial development in our relationship with CSI, one of the leading China-based module manufacturing companies, and is a positive example of how we are developing our high quality global customer base while further enhancing our brand recognition within the industry.