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China Sunergy Signs Sales Agreement With German Module Manufacturer Aleo Solar AG

Posted on: Thursday, 18 October 2007, 03:00 CDT

Under the Terms China Sunergy Will Supply at Least 30 MW of Solar Cells in 2008

NANJING, China, Oct. 18 /Xinhua-PRNewswire/ -- China Sunergy Co. Ltd. , a specialized solar cell manufacturer based in Nanjing, China, announced today that it has signed a solar cell supply agreement (the ''Agreement'') with aleo solar AG (''aleo''), a leading German solar module manufacturer, to supply at least 30 MW of high quality silicon solar cells in 2008.

China Sunergy will supply 10 MW of solar cells to aleo during the first half of 2008, and deliver the additional 20 MW during the second half of the year. aleo also owns an option to buy an additional 10 MW from China Sunergy in 2008. The negotiations regarding this option will be finalized before June 1st, 2008. The price for the first half of 2008 is fixed and both parties agree to fix the price for the second half of 2008 before March 30th, 2008.

In addition to the supply agreement in 2008, both parties have agreed to explore a longer-term business relationship extending into 2009. Details of this longer-term relationship will be negotiated by June next year.

The average conversion efficiency of the solar cells China Sunergy will supply should be no less than 16%, according to the terms of the Agreement.

Commenting on the Agreement, Allen Wang, CEO of China Sunergy, said: ''One of my key objectives has been to enlarge and diversify our customer base and this new agreement is another important step in that direction. Even though this Agreement and the recent wafer and polysilicon supply contracts are very positive developments as we look into 2008, I remain cautious about the outlook for the remainder of the year given the continued tight wafer supply and rise in wafer pricing that we have experienced so far in the second half of 2007.''

About China Sunergy Co., Ltd.:

China Sunergy Co., Ltd. ("China Sunergy") is a leading manufacturer of solar cell products in China as measured by production capacity. China Sunergy manufactures solar cells from silicon wafers utilizing crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect. China Sunergy sells solar cell products to Chinese and overseas module manufacturers and system integrators, who assemble solar cells into solar modules and solar power systems for use in various markets. For more information please visit http://www.chinasunergy.com/ .

Safe Harbor Statement

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as ''believes,'' ''expects,'' ''anticipates,'' ''intends,'' ''estimates,'' the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and the marketability of the company's products; the ability of the company to operate as a public company; the period of time for which its current liquidity will enable the company to fund its operations; future shortage or availability of the supply of raw materials; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results.

For further information contact: China Sunergy Fischer Chen Email: fischer.chen@chinasunergy.com Financial Dynamics Julian Wilson Tel: +86-10-5811-1902 Email: julian.wilson@fd.com Peter Schmidt Tel: +1-212-850-5654 Email: peter.schmidt@fd.com

China Sunergy Co., Ltd.

CONTACT: Fischer Chen of China Sunergy, fischer.chen@chinasunergy.com; orJulian Wilson, +86-10-5811-1902, or julian.wilson@fd.com, or Peter Schmidt,+1-212-850-5654, or peter.schmidt@fd.com, both of Financial Dynamics, for CSUN

Web Site: http://www.chinasunergy.com/

Source: PRNewswire

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