NANJING, China, May 31, 2012 / -- China Sunergy Co., Ltd. (Nasdaq: CSUN) ("China Sunergy" or the "Company"), a specialized solar cell and module manufacturer, today announced that the Company had completed delivery of 5MW in solar modules to Bulgaria for the Yerussalimovo Solar Park. The modules were sold to Mitsubishi International GmbH and are being installed and managed by Helios Power.
Helios Power has been a strategic partner for the Company in Bulgarian market starting from 2010. Since the beginning of 2012, China Sunergy has shipped a total of 22.32 MW to Bulgaria, on top of 18MW sold last year, which accounted for above 30% of the Bulgarian market in 2011.
Bulgaria's solar market has gained pace since the country introduced a preferential feed-in-tariff in December 2006 and entered the European Union in January 2007. The first renewable energy projects were hydro-electric and wind, followed by solar, for which the country's southern part with relatively warmer climate is well-suited. In recent years, Bulgaria's energy grid has experienced some instability as demand sometimes outpaces supply during the daytime. Power generated by solar installations has helped to moderate the supply of electricity to the grid. Solar power industry has experienced rapid growth in Bulgaria, and companies like Mitsubishi and Helios Power have partnered to develop large-scale solar projects.
Yerussalimovo Solar Plant is located in the vicinities of Yerussalimovo Village, Southern Bulgaria. "This Solar Plant is the seventh of a series of PV projects that we plan to develop in the next couple of years. We rely on China Sunergy's efficient products and services to achieve high project performance, and ultimately to guarantee the outcome of investments," said Mr. Ivo Georgiev, Managing Director of Solaren Park Bulgaria EAD, which is a subsidiary of Helios Power.
Mr. Stephen Cai, CEO of China Sunergy commented, "We have built up a very large market share in Bulgaria. Our 18MW in shipments last year comprised nearly 32% of this market, which, according to the latest Solarbuzz report, totaled about 57MW in 2011. The Bulgarian market is forecasted by the same report to increase to 2.7 times last year's level, to 152MW, in 2012. We hope to continue to maintain 30% market share this year, even considering the tripled market size. Bulgaria is a great example of high potential emerging markets for China Sunergy, and we believe we can build on the solid relationships we have there to sell more in the future."
About China Sunergy Co., Ltd.
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.
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