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China Sunergy Co., Ltd. (CSUN: Summary, Messages, Articles), a manufacturer of monocrystalline solar cells in China, announced this morning that it has signed a seven year sales contract with Wuxi Guofei Green Energy Source Co., Ltd., a Chinese solar energy company. Under terms of the agreement, China Sunergy will supply Wuxi Guofei with 10 MW of solar cells each year from 2009 through 2015, and China Sunergy will receive an advance payment before the initial shipment.

“This represents a significant domestic sales agreement for China Sunergy and secures a long-term demand for our monocrystalline cells,” commented Dr. Ruennsheng Allen Wang, Director and CEO of China Sunergy. “The payment terms of the agreement also provides China Sunergy with additional capital for investment in the continued development of our highly efficient solar cells, helping to ensure our company remains an industry leader in the solar energy sector in the future.”

Shares of CSUN closed at $8.77 yesterday and have traded in a range of $6.38 to $19.23 during the past year. CSUN has a market cap of $350 million, shareholders’ equity of $199 million, a P/S of 1.1, and a forward P/E of 8.9.

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