China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that it had agreed to supply 50MW in multi-crystalline PV modules to its Bulgarian partner V2M and its affiliates, for projects in Romania and Macedonia, in the third and fourth quarters of 2012. V2M Ltd, a Bulgarian solar system developer and EPC contractor established in 2010 by Valeri Yankov and MAT Ltd., recently completed its 2.2 MW Orlova Mogila solarpark project near Dobritsch on Bulgaria's Black Sea coast, with modules supplied by China Sunergy.
Together with its partners including V2M, China Sunergy has made solid progress in expanding its market share in Eastern Europe. China Sunergy held market share of more than 11% and 32%, respectively, in Bulgaria and Czech Republic for the year ending December 31, 2011. So far this year, China Sunergy has shipped a cumulative total of 24.38MW in PV modules to Bulgaria for solar parks and rooftop systems.
With regard to the 50MW projects in Romania and Macedonia, V2M is to be responsible for the project development and EPC contracting. V2M has secured project and bridge financing from Japanese-Bulgarian Tokuda Bank.
Valeri Yankov, Managing Director of V2M Ltd., commented on its relationship with China Sunergy, "We are delighted by the level of professional support provided by China Sunergy and by the high quality of CSUN photovoltaic modules. The modules installed in our Orlova Mogila solar park project are already performing above expectations in the first few days after installation."
Stephen Cai, CEO of China Sunergy, emphasized his commitment to the region: "CSUN is determined to further enhance its position in Eastern Europe with strong partners like V2M. We are ready to provide our high efficiency PV products and extensive technical and project support to these up and coming markets."
About China Sunergy Co., Ltd. (CSUN)
China Sunergy Co., Ltd. is a specialized manufacturer of solar cell and module products in China. China Sunergy manufactures solar cells from silicon wafers, which utilizes crystalline silicon solar cell technology to convert sunlight directly into electricity through a process known as photovoltaic effect, and assembles solar cells into solar modules. China Sunergy sells these solar products to Chinese and overseas module manufacturers, system integrators and solar power systems for use in China and many other markets.
For additional information, please visit http://www.chinasunergy.com.