0001144204-11-038714.txt : 20110701 0001144204-11-038714.hdr.sgml : 20110701 20110701113439 ACCESSION NUMBER: 0001144204-11-038714 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20110701 FILED AS OF DATE: 20110701 DATE AS OF CHANGE: 20110701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: China Sunergy Co., Ltd. CENTRAL INDEX KEY: 0001396247 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33433 FILM NUMBER: 11944999 BUSINESS ADDRESS: STREET 1: NO.123 FOCHENG WEST ROAD CITY: NANJING STATE: F4 ZIP: 211100 BUSINESS PHONE: (8625)5276 6890 MAIL ADDRESS: STREET 1: NO.123 FOCHENG WEST ROAD CITY: NANJING STATE: F4 ZIP: 211100 6-K 1 v227678_6k.htm Unassociated Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934

For the month of July 2011
--------------

Commission File Number: 001-33433
----------

CHINA SUNERGY CO., LTD.

No. 123 Focheng West Road
Jiangning Economic & Technical Development Zone
Nanjing, Jiangsu 211100, People’s Republic of China
(86 25) 5276 6688
(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F     ___X____          Form 40-F     _________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ________                                                                     No   ___X____
 
 
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

82-  ____N/A____
 
 
1

 
 
SIGNATURE

           Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
  China Sunergy Co., Ltd.  
       
 
By:
/s/ Stephen Zhifang Cai  
  Name:  Stephen Zhifang Cai   
  Title:  Chief Executive Officer  
       
Date: July 1, 2011
 
 
2

 
 
Exhibit Index

                                                                                           
 
Page
   
Exhibit 99.1 – Press Release
4
Exhibit 99.2 – Loan Agreement
6
 
 
3

 
EX-99.1 2 v227678_ex99-1.htm Unassociated Document
Exhibit 99.1


 
 
China Sunergy to Invest RMB1.8 billion in 1GW Solar Cells Production Expansion Project

NANJING, China, July 1, 2011 /PRNewswire-Asia/ -- China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, is pleased to announce that its fully owned subsidiaries China Sunergy (HK) Co., Ltd. and China Sunergy (Nanjing) Co., Ltd. are to increase China Sunergy's annual silicon cell production capacity by co-investing in a 1GW solar cells expansion project in Yangzhou City situated in Jiangsu Province, China. The first batch of 500MW solar cells production line is expected to be commercialized in the first half of 2012.

The investment cost for the fixed assets of the project is estimated to total RMB1.8 billion. This project will be partially funded by a RMB500 million three year general corporate loan from China Electric Equipment Group Corporation Ltd. ("CEEG"). The interest rate for the loan is comparable to a bank loan over the same period. The remaining investment costs will be primarily funded by credit facilities from other local banks.

The project will focus on the production of the newly developed Quasar cells, pioneered by China Sunergy, which has demonstrated the highest cell efficiency of 18.85% and an average efficiency of 18.55% from the best batch. The company is confident to reach large scale Quasar cell production efficiency of over 19% in the batch of 500MW, and then to reach 20% within two years.

The Yi Zheng Economic Development Zone, a county-level city under Yangzhou City, has shown great interest in the project and is providing China Sunergy a piece of land with 500 Mu (1 Mu=667 square meters) for industrial use, which includes comprehensive accessibility to local drainage, water, electricity, heating, gas supply, telecommunication, traffic as well as providing a power station of 110KV prior to the construction of the facility.

Dr. Jianhua ZHAO, Chief Technology Officer expressed: "Using the current equipment and R&D capability, we're confident to reach large scale Quasar cell production efficiency of higher than 19%; and within the next two years, we are further developing new techniques with the same equipment, to reach 20%. This level of efficiency, produced at this scale, will reduce costs significantly for our customers."

Mr. Stephen Cai, CEO of China Sunergy, commented: "We believe solar industry has a very promising future. We take this golden opportunity to expand our production capacity and commercialize on our leading R&D technologies with the strong support of the Yi Zheng Development Zone. We are confident that this 1GW production capabilities and highly efficient Quasar cells will provide us the scale and technological edge to be better positioned for industry growth and to become an industry leading player."
 
 
4

 
 
About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilize crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as the photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators, and solar power systems for use in various markets. For more information, please visit our website at http://www.chinasunergy.com.

Investor and Media Contacts:

China Sunergy Co., Ltd.

Elaine Li
Phone: + 86 25 5276 6696
Email: Elaine.li@chinasunergy.com

Brunswick Group

Hong Kong
Joseph Chi Lo
Phone: + 852 3512 5000
Email: csun@brunswickgroup.com
Hong Kong
Xiaoxiao Nina Zhan
Phone: + 852 3512 5000
Email: csun@brunswickgroup.com

 
5

 

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Exhibit 99.2
 
Loan Agreement
 
Party A (the “Borrower”): China Sunergy (Nanjing) Co., Ltd
Party B (the “Lender”): China Electric Equipment Group Corporation

As Party A intends to borrow loan from Party B for its production and business activities, in order to specify the rights and obligations of each Party, Party A and Party B hereby enter into this loan agreement for mutual compliance:
 
1.  
The amount of the loan is RMB 500,000,000.00 (in words: RMB Five Hundred Million Only).
 
2.  
Purpose of the loan: the loan shall be specifically used for the investment of Solar Cells Project in Yizheng, Jiangsu and may not used for any other purpose.
 
3.  
Granting date of the loan: Party B shall remit all amount of the loan to the bank account designated by Party A on June 27, 2011.
 
4.  
Term of the loan: 3 years in total, commencing from June 27, 2011 until June 28, 2014.
 
5.  
Interest of the loan: interest of the loan shall accrue from the day next to the granting date of loan and shall be calculated at the interest rate of bank loan over the same period, taking into consideration of actual amount being used by Party A and the actual period of the loan. Party A shall pay the loan interest per quarter.
 
6.  
Refund ahead of schedule: Party A may refund the loan ahead of schedule according to its use and requirement of fund.
 
7.  
Dispute resolution: in case there is any dispute arising from the performance of this Agreement, both Parties shall resolve it through negotiation. In case any dispute can not be resolved through negotiation, either Party may submit a suit to the competent People’s Count where Party B is located.
 
 
6

 
 
 
8.  
This Agreement shall become effective upon being signed and sealed by both Parties.  In case there is any matter not covered herein, the Parties shall resolve it through supplementary agreement. The supplementary agreement shall have the same legal effect as this Agreement.
 
9.  
This Agreement is made in two and identical copies with each Party keeping one copy.


Party A: China Sunergy (Nanjing) Co., Ltd
[seal: China Sunergy (Nanjing) Co., Ltd]
Date:  June 27, 2011
 
 
Party B (the Lender): China Electric Equipment Group Corporation
[seal: China Electric Equipment Group Corporation]
DateJune 27, 2011

 
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