China Sunergy, Z-One to set up solar JV in UAE
The new entity, called CSUN Solar MEA FZC, will market and sell the full range of China Sunergy's solar products in the Middle Eastern and African markets
Solar cell and module maker China Sunergy Co Ltd (NASDAQ:CSUN) has said it will establish a joint venture (JV) in the United Arab Emirates (UAE) with domestic photovoltaics (PV) specialist Z-One Holding.
The new entity, called CSUN Solar MEA FZC, will market and sell the full range of China Sunergy's solar products in the Middle Eastern and African markets, reported SeeNews.
It will also provide high value-added PV solutions to its customers, according to the press release. Under the terms of the agreement, the Chinese solar equipment producer will hold a 60% equity stake in the JV.
“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,” CEO Tingxiu Lu noted.
In another statement last week, China Sunergy announced the resignation of two of its directors - Jianhua Zhao and Xiaoqian Zhou. The move is not due to any disagreement with the firm or any matter relating to its operations, policies or practices.