NANJING, China and DUBAI, UAE — China Sunergy announced an agreement to form a joint venture to market and sell the full range of CSUN’s solar products and provide high value-added PV solutions in the Middle Eastern and African markets. Under the terms of the agreement, the joint venture, CSUN Solar MEA FZC, will be owned 60% by China Sunergy, and 40% by Z-One Holding.
“Middle East and Africa are both fast-growing markets for photovoltaic, or PV applications. This joint venture will be a useful opportunity to offer our PV products and solutions in the two markets while working with Z-One Holding who has an extensive distribution network and profound photovoltaic expertise,” said Mr. Tingxiu Lu, chief executive officer of CSUN. “Our track records of working with a variety of well-known enterprises located in both upstream and downstream of the PV industry has positioned us well as Z-One Holding’s partner and we look forward to capturing the lucrative opportunities together.”
About Z-One Holding
Z-One Holding is a stakeholder in eight companies representing the whole PV value-chain from equipment manufacturing, products distribution, consultancy, engineering, purchasing and construction services and project development. Based in the UAE, the Company has extensive distribution network covering Middle East and Africa.
About China Sunergy Co., Ltd.
China Sunergy Co., Ltd. (NASDAQ: CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.