China Sunergy Co., Ltd. reported a large year-over-year increase in sales for the third quarter of 2011, as the company benefited from higher customer demand for solar cells and modules.
China Sunergy reported sales of $145.8 million for the quarter ending 9/30/2011. This level of sales represented a 16% increase over the same quarter in 2010, and a 1% sequential increase from the second quarter of 2011.
China Sunergy also saw a 30% sequential increase in solar module shipments in the most recent quarter, with the company shipping 116.2 megawatts. This was the highest quarterly level of shipments in the company’s history.
This growth in module shipments was offset by a sharp decline in average selling prices (ASP), which fell to $1.26 per watt during the quarter. This ASP was 23% lower than the previous quarter.
China Sunergy secured financing of $160 million during the quarter from the China Development Bank for working capital purposes and to fund capital investments needed to generate growth for the company.
China Sunergy entered into a raw materials purchase agreement with a local supplier to secure a reliable long term wafer supply. The agreement has a three year term and requires the company to make a payment of $23.6 million before the end of 2011.
For more information on the company, go to www.chinasunergy.com
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