China Sunergy: Share Transfer Agreement

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NANJING, China - China Sunergy Co., Ltd. (CSUN), a specialized solar cell and module manufacturer, announced it has entered into a supplemental agreement with China Electric Equipment Group Co., Ltd. ("CEEG") to extend the payment schedule under the share transfer agreement previously entered into by and between both parties (the "Supplemental Agreement") for the sales of one subsidiary of the Company, China Sunergy (Shanghai) Co., Ltd. ("Sunergy Shanghai").

On March 26, 2014, the Company entered into a share transfer agreement with CEEG (the "Original Agreement"), under which the Company agreed to sell and CEEG agreed to purchase, 100% of the equity interest in China Sunergy (Shanghai) Co. Ltd. ("Sunergy Shanghai"), a subsidiary of the Company, for a total consideration of approximately RMB 231.2 million (US$37.7 million) (the "Total Consideration"). China Sunergy expects to receive the cash proceeds of approximately RMB 79.6 million (US$13.0 million) from the Transaction. The remaining consideration will be settled through forgiveness of the amount due from China Sunergy by Sunergy Shanghai. The total cash proceeds shall be paid in three installments as follows: 30% of which shall be paid within one month after the date of the Original Agreement, 40% within three working days after receipt of the written evidence indicating the satisfaction of all closing conditions under the Original Agreement, and the remaining 30% upon the share transfer registration and issuance of the business license by the competent industry and commerce authority.

As of the date of this press release, CEEG has already paid a total amount of RMB 40.0 million to the Company. As such, on August 14, 2014, the Company and CEEG reached the Supplemental Agreement to extend the payment schedule of the outstanding cash proceeds, with the second and third installments to be paid by August 31, 2014 and September 30, 2014, respectively.

The Company will use its best efforts to collect payments from CEEG pursuant to the revised schedule under the Supplemental Agreement.

About China Sunergy Co., Ltd.

China Sunergy Co., Ltd. (CSUN) designs, manufactures and delivers high efficiency solar cells and modules to the world from its production centers based in China and Turkey. China Sunergy also invests in high potential solar projects. Founded in 2004, China Sunergy is well known for its advanced solar cell technology, reliable product quality, and excellent customer service.

For more information, please visit http://www.csun-solar.com.
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