Cencorp signs MoU with Chinese manufacturer

The value of the Memorandum of Understanding is expected to be at its minimum ca. EUR 20 million over the course of next three years. The Memorandum of Understanding is non-binding. "Cencorp's new partner, with whom the Memorandum of Understanding has now been signed, has completed the evaluation of Cencorp's production plant in Beijing and of the components produced at the plant", says Iikka Savisalo, Cencorp's CEO. Cencorp is also negotiating with several other major PV module manufacturers. CBS deliveries, based on the Memorandum of Understanding, and relating cash flow is expected to start during the first quarter of 2013. The final terms of an agreement are still under negotiations, thus execution of the agreement is not yet guaranteed. Additionally, the agreement is subject to Cencorp's short and long term financing which is still under negotiation. Thus, Cencorp is not yet able to estimate the agreement's possible execution, effective date neither the agreement's impact in Cencorp nor the risks relating to it.