China Sunergy Co., Ltd. (NASDAQ: CSUN) ("China Sunergy" or "the Company"), a specialized solar cell and module manufacturer, today announced that the Company has signed a memorandum of understanding ("MOU") with Deniz Finansal Kiralama A.S., ("DenizLeasing"), a subsidiary of DenizBank Financial Services Group ("DenizBank Group"), establishing strategic partnership to finance the solar projects through financial leasing in Turkey.
DenizLeasing was established in 1997 in Istanbul, Turkey, and now carries out financial leasing transactions for various kinds of investment goods. According to the MOU, DenizLeasing will facilitate and provide capital leasing for solar PV projects of up to 100 MW deploying China Sunergy's solar modules and other components.
"We are delighted to partner up with China Sunergy to mutually capitalize on the fast-growing solar market in Turkey," said Kahraman Günaydın, General Manager of DenizLeasing, "Over the past couple of years, China Sunergy has quickly established technology leadership in Turkey with its high efficiency superior quality of products.We believe DenizLeasing's strong brand and network, combined with China Sunergy's proven capability and firm commitment to grow its market presence in Turkey, together represent an exciting growth opportunity for the partnership, as well as, an excellent value proposition to our joint customers."
Mr. Tingxiu Lu, Chairman and CEO of China Sunergy, commented, "We are pleased to kick-off a strategic partnership with DenizLeasing, who, in our view, is a leading financial leasing company in Turkey. This partnership expands our go-to-market capabilities in Turkey, which we believe can greatly accelerate the availability and deployment of our products, enhance our ability to serve our expanding customer base across Turkey and the surrounding markets, as well as extend our overseas financing flexibility. We look forward to a long and mutually-profitable partnership with DenizLeasing, one that we hope will be a springboard for broader collaborations and relationships with other members of the DenizBank Group."
