ET Solar Group Corp. ("ET Solar"), one of the globally leading solar PV one-stop solution providers, and CECEP Solar Energy Technology Co., Ltd ("CECEP") have indicatively agreed to establish a PV system development venture under the name of New Energy Engineering Technology Gmbh ("Joint Venture") this August.

The joint venture will be set up in Munich and mainly cover project development, investment, financing, engineering, procurement and construction of PV power plants in Europe, Middle East, Australia, Africa and America.

Mr. Dennis She, President and Chief Executive Officer of ET Solar, commented: "ET Solar has been partnering with CECEP since 2010 on PV system business development in Europe, and we are pleased to take the collaboration to the next level through this strategic formation. The initiative offers a unique opportunity for us to combine our respective strengths to further develop the overseas PV markets."

Mr. Huabin Cao, General Manager of CECEP Solar Energy, added: "We are very excited to deepen our partnership with ET Solar in our contribution to the global PV industry growth. In particular, our captioned JV initiative with ET Solar will strongly facilitate our penetration into the world's emerging PV markets and help us achieve greater scalability in the next few years."