aleo solar AG has entered into a supply agreement with Chinese solar cell manufacturer China Sunergy Co. Ltd. (Nasdaq: CSUN) for at least 30 megawatts (with an option for 10 further megawatts) by 2008.
The price for the first 10 megawatts to be delivered in the first half of 2008 has already been agreed. The price for the second delivery of 20 megawatts in the second half of 2008 will be decided by March 2008. The agreement also includes an option for a further 10 megawatts. Negotiations on this option will be completed by the end of June 2008. aleo solar will craft the solar cells into high-performance solar modules. aleo solar has already purchased a significant number of solar cells from China Sunergy in 2007 that have met aleo solar’s high quality standards.
Jakobus Smit, CEO of aleo solar AG, is extremely pleased with the supply agreement. "We are pleased to have won a focused solar cell manufacturer in the shape of China Sunergy as our supplier. Our solar modules are premium modules that were awarded top rating by the German product testing foundation Stiftung Warentest last year. Quality is the standard by which we also measure our suppliers. After the in-depth evaluation of China Sunergy’s solar cells in 2006, we have now decided to enter into a supply agreement that represents a further element in our strategy for organic growth."
In addition to the supply agreement, both companies are aiming for a long-term business relationship. Negotiations on this will be completed by June 2008.
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