Document:

ex4-7.htm

     

    
      
        
          	*
      Confidential treatment has been requested for certain portions omitted
      from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act
      of 1934, as amended. Confidential portions of this Exhibit have been
      separately filed with the Securities and Exchange
      Commission.

        

         

      

    

    
      Exhibit
4.7

      

      

      

      M.
SETEK and JA SOLAR POLYSILICON SUPPLY AGREEMENT

      

      

      

       

      

      May
14, 2009

      

      

      CONFIDENTIAL

      

      

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

      

      M.
SETEK Co. Ltd., a Japanese company with its principal place of business at
3-6-16 YANAKA TAITO-KU, TOKYO, 110-0001 JAPAN (“Seller”) and
JingAo  Solar Co. Ltd., a Cayman company has its principal place of
business at Jinglong Street, Jinglong Group Industrial Park, Ningjin,
 055550 China (“Buyer”) hereby enter into this poly slicon supply agreement
(the “Agreement”) effective as of the date of Supplier’s execution of this
Agreement (the “Effective Date”).

      

      WHEREAS,
Seller agrees to sell desires to purchase Products (herein defined) pursuant to
the terms and conditions of this Agreement. NOW, THERFORE, the parties agree as
follows:

      

      
        
          	
                  1.)

                	
                  Price
      of Poly Silicon.

                
	 	 

        

      

      
        	
                 
      

              	
                (i)

              	
                2009
      to 2011: US$***/kilogram.

              

      

      
        	
                 
      

              	
                (ii)

              	
                In
      the case the market price of poly silicon falls below US***/kilogram, both
      parties shall negotiate about the price, on the basis that Seller shall
      give best price to Buyer.

              

      

      

      
        
          	
                  2.)

                	
                  Delivery
      Quantity.

                
	 	 

        

      

      
        	
                 
      

              	
                (i)

              	
                ***,
      ***, *** of 2009: Minimum
***MT/month.

              

      

      
        	
                 
      

              	
                (ii)

              	
                From
      *** of 2009 till the end of the agreement: Minimum ***
      MT/month.

              

      

      
        	
                 
      

              	
                (iii)

              	
                Both
      parties shall have meetings every three months to negotiate about the
      added quantity Seller can provide based on Seller’s production
      increase.

              

      

      

      
        
          	
                  3.)

                	
                  Prepayment
      deduction.

                
	 	 

        

      

      
        
          	
                   
      

                	
                  (i)

                	
                  Buyer
      will deduct ***% of the price of poly silicon delivered by Seller under
      the agreement as prepayment offset against the Amount Owed. As such, in
      2009, Buyer will have prepayment deduction of ***% x ***/kg, or *** per
      kilogram of poly silicon, with cash payment of *** per kilogram of poly
      silicon.  The total payment amount to be deducted from the
      Amount Owed will be calculated as follows:  (quantity of poly
      silicon) x (relevant price per kilogram based on year) x (***% prepayment
      deduction); with the other ***% to be paid by Buyer by cash in accordance
      to paragraph 4 below.

                
	 	 	 

        

      

      
        	
                 
      

              	
                (ii)

              	
                If
      by December 31, 2011, which is the end of the long-term supply agreement,
      there is still a portion of the Amount Owed outstanding, Seller will
      either refund the residual Amount Owed in cash to Buyer, or will provide
      sufficient poly silicon, to Buyer to cover such remaining Amount Owed, the
      price shall be decided by

              

      

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      
        
          	
                   
      

                	
                   

                	
                  negotiation
      of both parties. It shall be Buyer’s choice to make to decide whether to
      have cash refund or continue polysilicon
supply.

                

        

      

       

      
        
          	
                  4.)

                	
                  Payment
      Term

                
	 	 
	 	Buyer’s
      payment for any poly silicon shipped under the agreement shall be in the
      form of letters of credit payable within *** days after
  shipment.

        

      

       

      

      
        	
                5.)

              	
                If
      Seller is unable to deliver the relevant amounts of poly silicon to Buyer
      due to production stop by serious accident, Seller shall: (i) notify Buyer
      within *** hours by phone calls after the accident happens, and (ii) send
      photos and documents to Buyer within *** week, and (iii) guarantee that
      any undelivered amounts of poly silicon shall be delivered within ***
      months, with average quantity to deliver for each
  month.

              

      

      

      
        
          	
                  6.)

                	
                   Any
      failure by Seller to comply with the delivery schedule set forth in this
      agreement  shall be considered a material breach of the
      agreement, which shall entitle Buyer to, at its sole
      discretion:

                
	 	 

        

      

      
        
          	
                   
      

                	
                  (i)

                	
                  seek
      recovery for the undelivered amounts by purchasing them from another
      party. If Buyer’s purchasing price exceeds the agreement price, Seller
      shall be liable to pay damage to Buyer equal to the difference between
      Buyer’s purchasing price and the agreement price and/or

                
	 	 	 

        

      

      
        	
                 
      

              	
                (ii)

              	
                terminate
      the agreement, recover the entire Amount Owed (as adjusted for any
      additional amounts paid by Buyer to any third party Seller as a result of
      SELLER’s failure to deliver) and seek all damages and remedies available
      under applicable law.

              

      

      

      
        
          	
                  7.)

                	
                  Any
      dispute arising under the agreement shall be resolved by arbitration at
      the China International Economic and Trade Arbitration Center (CIETAC) in
      Beijing in accordance with the laws of the People of Republic of
      China.

                
	 	 
	8.) 	Appendix
      I is specifications and guarantee
term.

        

      

       

      
        	
                9.)

              	
                The
      agreement is made in Chinese and English. In the event of any discrepancy,
      the English version shall prevail. The contract shall become effective
      according to paragraph one set forth in Appendix
  I.

              

      

      

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

      

      

      

      
        	
                Seller:

              	
                Buyer:

              
	
                M.
      SETEK, Co., LTD

              	
                JingAo
      Solar Co. Ltd.

              
	 
      	 
      
	 
      	 
      
	 
      	 
      
	
                By
      :___________________________

              	
                By
      :__________________________

              
	
                Print
      Name:  Hiroyuki Saito

              	
                Print
      Name:  Elmer M. Hsu

              
	
                Title:
      Director

              	
                Title: Chief Operating
      Officer

              
	
                Date:

              	
                Date:

              

      

      

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      Appendix
I Specifications and Guarantee Term

      

      
        
          	
                  1.)

                	
                  All
      poly silicon shall be tested by pulling into mono crystalline ingot in
      Hebei Ningjin M.SETEK Semiconductor Co., Ltd., which shall meet the specs
      set forth as below: (all data is from the sliced wafer on the bottom of
      the mono-crystalline ingot)

                
	 	 

        

      

      
        	
                 
      

              	
                i.

              	
                Lifetime:
      ≥20 us

              

      

      
        	
                 
      

              	
                ii.

              	
                Carbon
      content: ≤5x1016
      atoms/cm3

              

      

      
        
          	
                   
      

                	
                  iii.

                	
                  Resistivity:

                

           

          	 	 	
                  Buyer’s
      requirement is P: ≥100
      Ω.cm, Seller’s specs is P: ≥10 Ω.cm. Both parties here agree as below:
      Seller will provide ***kg samples of poly silicon to Buyer, valued
      at ***/kg, Buyer will send to Hebei Ningjin M.SETEK Semiconductor
      Co., Ltd. for testing. 

                  If
      the quality is confirmed by Buyer, the result shall become reference specs
      for future deliveries and this agreement will become effective; If the
      result is not confirmed by Buyer, Seller shall deliver polysilicon using
      Buyer requirement, P: ≥100
      Ω.cm, and the agreement become effective; or the agreement will not
      become effective.

                  ***kg
      samples’ poly silicon payment will be totally deducted from the *** of
      prepayment still
outstanding.

                

        

      

      

      
        
          	
                  2.)

                	
                  Seller
      shall assist Buyer on cell quality improving, to have all cells produced
      by Seller’s poly silicon meet the specs as below:

                
	 	 
	 	Under
      800w/cm2
      light, LID test for 8 hours: <2.5%

        

      

       

      
        	
                3.)

              	
                All
      poly silicon to be supplied by Seller shall be shipped with the actual
      certificate(s) of analysis of mono crystalline ingot pulled by this batch
      of poly silicon.

              

      

      

      
        	
                4.)

              	
                All
      poly silicon supplied by Seller to Buyer and its affiliates shall be in
      clean, ready-to-use chunks, requiring no further treatment (e.g.,
      including, but not limited to, chemical washing or etching before
      feeding).

              

      

      

      
        
          	
                  5.)

                	
                  For
      a period of *** months from the date of Buyer’s acceptance of delivery of
      the relevant poly silicon from Seller, Seller shall guarantee the quality
      of all such poly silicon delivered by Seller to Buyer will meet or exceed
      specs as set forth in this Appendix.  Any and all poly silicon
      that Buyer finds, in its sole discretion, to be inadequate, of
      unacceptable quality or

                
	 	 

        

         

        
          
            
            

          

          
            5

            
              

            

          

          
            
            

          

        

         

         

        
          	 	defective
      shall be replaced by Seller within *** days of Buyer’s notification of
      such defect(s). Seller shall afford all fees related to poly silicon
      exchange.

        

         

         

         

        6ex4-8.htm

     

    
      
        
          	*
      Confidential treatment has been requested for certain portions omitted
      from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act
      of 1934, as amended. Confidential portions of this Exhibit have been
      separately filed with the Securities and Exchange
      Commission.

        

        
          

        

        

        English
translation for reference purpose only

        Exhibit
4.8

         

        
          Supplemental
Agreement

          

          Buyer:
JingAo Solar Co., Ltd

          Address:
JingLong Industrial Park, JingLong Street, NingJin, Hebei, China

          

          Seller:
Zhejiang Yuhui Solar Energy Source Co. Ltd

          Address:
No. 8 Baoqun Road, Yao Zhuang Town Industrial Park, Jiashan,
Zhejiang

          

          The
parties entered into a Sales and Purchase Contract as of August 10, 2007,
(Contract No.: YGX0708100001, the “YGX0708100001 Contract”), which sets out the
sales and purchase of monocrystalline silicon wafers for the year of 2008, 2009,
and 2010; the parties entered into a Sales and Purchase Contract as of December
13, 2007, (Contract No.: YGX0711150001-122, the “YGX0711150001-122 Contract”),
which sets out the sales and purchase of mono-crystalline silicon wafers from
2008 to 2013. With respect to the quantity and price, etc. of supply for the
third and fourth quarters of 2008 under the above two contracts, the parties,
based on negotiations, hereby agree as follows:

          

          
            	
                    1.

                  	
                    The
      parties adjust the quantity and price of supply for the third and fourth
      quarters of 2008 under YGX0708100001 Contract and YGX0711150001-122
      Contract as follows:

                  

          

           

          
            	
                    Contract
      No.

                  	
                    Amount
      of Prepayment

                    RMB

                  	
                    165mm,
      125*125 mono-crystalline

                  	
                    150mm,
      125*125 mono-crystalline

                  
	
                    Price(RMB)

                  	
                    Monthly
      Supply amount(thousand
      pieces)

                  	
                    Price(RMB)

                  	
                    Monthly
      Supply amount(thousand
      pieces)

                  
	
                    YGX0708100001

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  
	
                    YGX0711150001-122

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  	
                    ***

                  
	 
      	 
      	
                    Total

                  	
                    ***
      pieces/month

                  	
                    Total

                  	
                    ***
      pieces/month

                  

          

          Below
is clarification for the content in the table:

           

          
            
              	
                      1)

                    	
                      Price.

                    
	 	 
	 	The
      unit price for 150, 125*125 mono-crystalline silicon wafers is *** (tax
      included), while the unit price for 165mm, 125*125 mono-crystalline
      silicon wafers is *** (tax
included).

            

          

           

          
            
              	
                      2)

                    	
                      Quantity:

                    
	 	 
	 	Under
      the YGX0708100001Contract, the monthly supply amount of 150mm, 125*125
      mono-crystalline silicon wafers is *** pieces, while the monthly supply
      amount of 165mm, 

              
                 

                
                  
                    	
                            No.
      36, Jiang Chang San Rd., Zhabei, Shanghai China 200436

                          
	
                            TEL:
      (86 21)60955859

                          	
                            FAX(86
      21)60955855

                          	
                            WEBSITE:
      www.jasolar.com

                          

                  

                

                 

              

              
                
                  
                  

                

                
                  
                  

                  
                    

                  

                

                
                  
                  

                

                
                   

                  
                    
                      
                        	*
      Confidential treatment has been requested for certain portions omitted
      from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act
      of 1934, as amended. Confidential portions of this Exhibit have been
      separately filed with the Securities and Exchange
      Commission.

                      

                      
                        

                      

                    

                  

                

                 

              

              	
                       

                       

                    	125*125
      mono-crystalline silicon wafers is *** pieces, the amount of which shall
      be supplied evenly. Under the YGX0711150001-122 Contract, the monthly
      supply amount of 150mm, 125*125 mono-crystalline silicon wafers is ***
      pieces, while the monthly supply amount of 165mm, 125*125 mono-crystalline
      silicon wafers is *** pieces, the amount of which shall be supplied
      evenly. In total, the aggregate supply amount of 165mm, 125*125
      mono-crystalline silicon wafers and 150mm, 125*125 mono-crystalline
      silicon wafers shall be *** and *** pieces,
  respectively.

            

          

           

          
            
              	
                      3)

                    	
                      Deposit
      and Prepayment:

                    
	 	 
	 	The
      parties hereby acknowledges that, as of the date hereof, the balance of
      deposit paid by Buyer to Seller under the YGX070810001 Contract and the
      YGX0711150001-122 Contract are *** and ***, respectively.
	 	 
	
                      4)

                    	In
      the event that the parties, through negotiation, reach an agreement to
      adjust the purchase amount of mono-crystalline silicon wafers between the
      two specifications, the conversion ratio of amount and price of 150mm,
      125*125 mono-crystalline silicon wafers to 165mm, 125*125 mono-crystalline
      silicon wafers shall be ***.

            

          

           

          
            	
                    2.

                  	
                    In
      the event of price fluctuation exceeding ***% of the price of silicon
      wafers under this Supplemental Agreement during the term hereof, either
      party shall have the right to request the other party in writing to
      conduct a negotiation on adjustment of price in the next month upon its
      full performance of the quantity for the current month. The parties shall
      agree on an adjusted price within *** business days and enter into a
      supplemental agreement in writing as an attachment
  hereto.

                  

          

          

          
            	
                    3.

                  	
                    The
      thickness of silicon wafers provided in the YGX0708100001 Contract and the
      YGX0711150001-122 Contract are 200+/-20μm
      and 200+/-25μm,
      respectively. Upon negotiation and agreement by the parties, thickness of
      silicon wafers under the above two contracts shall be adjusted to
      180+/-20μm,
      which shall be applicable to the supply for the third and fourth quarters
      of 2008 and supply of other terms under the two
  contracts.

                  

          

          

          
            	
                    4.

                  	
                    Matters
      not provided herein shall be subject to provisions of the YGX0708100001
      Contract and the YGX0711150001-122 Contract, while matters specified
      herein shall be subject to this Supplemental
  Agreement.

                  

          

          

          
            	
                    5.

                  	
                    This
      Supplemental Agreement constitutes an integral part of the YGX0708100001
      Contract and the YGX0711150001-122 Contract, and has the same legal effect
      therewith.

                  

          

          

          
            	
                    6.

                  	
                    This
      Supplemental Agreement shall come into effect upon signature by the
      parties in two counterparts, each of which shall be held by each
      party.

                  

          

          

          
            
              
                	
                        Buyer

                      	
                        JingAo
      Solar Co., Ltd

                      	
                        Seller

                      	
                        Zhejiang
      Yuhui Solar Energy Source Co. Ltd

                      
	 	 	 	 
	
                        Signature

                      	 
      	
                        Signature

                      	 
      

                
                   

                  
                    
                      	
                              No.
      36, Jiang Chang San Rd., Zhabei, Shanghai China 200436

                            
	
                              TEL:
      (86 21)60955859

                            	
                              FAX(86
      21)60955855

                            	
                              WEBSITE:
      www.jasolar.com

                            

                    

                  

                   

                

                
                  
                    
                    

                  

                  
                    
                    

                    
                      

                    

                  

                  
                    
                    

                  

                

                
                   

                  
                    
                      
                        	*
      Confidential treatment has been requested for certain portions omitted
      from this exhibit pursuant to Rule 24b-2 under the Securities Exchange Act
      of 1934, as amended. Confidential portions of this Exhibit have been
      separately filed with the Securities and Exchange
      Commission.

                      

                      
                        

                      

                    

                  

                

                 

                	 	 	 	 
	
                        Date

                      	 
      	
                        Date

                      	 
      

              

            

          

          

        

         

        
          
            	
                    No.
      36, Jiang Chang San Rd., Zhabei, Shanghai China 200436

                  
	
                    TEL:
      (86 21)60955859

                  	
                    FAX(86
      21)60955855

                  	
                    WEBSITE:
      www.jasolar.com

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