China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, announced today that it had signed a 7.8MW solar module sales contract with Urban Group Energy, the energy arm of Urban Group Australia, one of the top conglomerate companies in Australia. Delivery of the solar modules was scheduled to be completed by the end of August 2012.
Urban Group Energy's services include the wholesaling and distribution of solar PV panels and grid tied inverters throughout Australia.
With its high solar irradiation and government support policies, the Australian solar market is one of the most promising markets in the world. Australia has always been an important market for China Sunergy and accounted for 18% of its total shipments in the first quarter of 2012. In 2011, China Sunergy's shipments to Australia ranked No.4 among Chinese solar panel suppliers, according to the export data of solar modules from China Customs. In the first half 2012, China Sunergy has shipped about 28MW to Australia and aims to ship more in the second half of the year.
Mr. Adam Pearse, Executive Director and CEO of Urban Group Australia said, "We have had a business relationship with China Sunergy since 2010 and the company has consistently provided us with high quality and efficient solar modules. The Australia solar market is growing and ripe with opportunity. The nation's total solar installation reached around 753MW in 2011 according to Solarbuzz data, and we are expecting to grow that number this year with more power purchase agreements (PPAs), projects and large scale power plants. By cooperating with China Sunergy, we believe we can both expand market share in this promising market, resulting in a win-win situation for both of us."
Mr. Stephen Cai, CEO of China Sunergy commented, "We are happy to work with Urban Group Australia again and we value this long-term partnership. Australia is undoubtedly a very important market for us, where we commenced our solar business in 2008. The small residential segment dominates more than 90% of the Australia solar market, where clients are seeking higher efficiency products. We are confident that our high efficiency solar modules and all-around after-sale service will help customers achieve higher investment returns. We like working with distributors such as Urban Group Australia to reach out to as many customers as possible."