China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed its first solar module contract with Pekat Solar Sdn Bhd, a leading local engineering, procurement and construction company in Malaysia, a subsidiary of Pekat Teknologi Sdn Bhd. The 343KW shipment is anticipated to be completed in February 2013.
Pekat Teknologi Sdn Bhd is a solution provider specializing in the design, supply, distribution and installation of lightning protection, earthing system and surge protection technology. In 2006 Pekat Teknologi Sdn Bhd expanded its horizons and venture into photovoltaic technology and energy LED lighting under the name Pekat Solar Sdn Bhd. The solar modules sold to Pekat Solar Sdn Bhd by the Company will be installed on the rooftop of a real estate property in Kuala Lumpur which was developed by a well-known Malaysian real estate developer.
Mr. Wee Chek Aik, Executive Director of Pekat Teknologi Sdn Bhd noted: "We are honored to establish this solid partnership with China Sunergy. The solar modules will be used for the first PV rooftop project of this Malaysian real estate developer which is also planning to build multi-megawatt rooftop PV system in the near future. We believe this project among others will present more business opportunities for both of us. We can work together to expand our market share in Malaysia."
Malaysia's tropical location enables it to enjoy rich solar energy potential. According to the Solarbuzz research report, buoyed by the nation's Renewable Energy Act 2011, Malaysia's new FIT has generated considerable commercial interest and the country is poised to significantly increase its PV generation over the next few years. Malaysia has set a goal of achieving 10% renewable generation by 2020, with as much as 1GW coming from PV generation.
Mr. Stephen Cai, CEO of China Sunergy concluded, "Currently, our penetration into Southeast Asia markets is not significant enough, with less than 1% in the last quarter coming from Indonesia and Philippines and none before now from Malaysia. We are not only focusing on the traditionally important solar markets. We also endeavor to recognize the business potential in these Southeast Asian countries We will work hard to enlarge customers base in budding markets and reinforce the collaboration with original local partners to grasp more business opportunities there in 2013."